In the saga of selling or renting our old condo, we ended up accepting an offer at the very end of March (for full asking price, our Realtor is amazing), and earlier this month we finally closed on the sale. YAY! We expected to walk away with about $200k, and I was super pleased with my calculations because the final cheque ended up being $199,400.:)
But having that amount of money sit in our bank account was a bit short-lived, because we immediately put $70,000 towards our new mortgage (max annual contribution), and then replenished our sad savings accounts (since we had to raid most of our cash to come up with another 20% down payment). The remaining amount is earmarked for a small renovation to our new place, a new hybrid car within the next year (maybe), and to put towards our mortgage when we go to renew next spring.
I was surprised how emotional I was when we locked the door on the condo for the last time. I may have shed a tear or two. 🙂 It was our first property together! And it was a great space … we’d still be there if we hadn’t randomly decided to drop into an Open House back in October. I hope the new owner is super happy in the space.
And even though life is a lot less stressful now that we don’t have two mortgage payments to take care of, part of me is a little bit sad that I didn’t get to try out becoming a landlord! We’ve had lots of discussions about having a rental as part of our retirement strategy though, so all hope isn’t lost. 🙂
Author: Krystal Yee
I’m a personal finance blogger and marketing professional based in Vancouver. I’m a former Toronto Star (Moneyville) columnist, author of The Beginner’s Guide to Saving and Investing, and co-founder of the Canadian Personal Finance Conference. When I’m not working, you can usually find me running, climbing, playing field hockey, or plotting my next adventure.