The Property Hunt Begins

I went to see my first properties today and I am seriously thinking of buying….

Oh boy, what am I getting myself into?

Prices are SO high compared to the market 16 years ago when I bought my place. It is a major shock but I need to take calculated risks to set myself up for the future.

I have been playing it safe for way too long.

Of course, since I recently made the decision to accept an extension on my contract for a rate significantly higher than what I was making previously, I feel like I am in a better position to take more chances. This is more psychological than anything else but I have to run with that feeling.

We started off at a resale that seemed to make sense on paper so we were curious to check it out.

The fact that there were police officers at what looked like a domestic dispute on the way to the property did not bode well.

We got to the street and it started to pour.

The place was rundown- busted driveway, broken windows. More importantly though was the fact that the neighbourhood is sketchy and seemed on the decline. I don’t have a problem with a fixer-upper but I don’t want to spend money that cannot be recouped when I sell. There is such a thing as over-spending for an area and I knew I would never be able to make my money back on this place.

Next was a condo complex in the Corktown area. I wasn’t lucky enough to get in on the friends and family rate but there were still suites left in the first phase so we took a chance.

I looked at a few layouts for one bedrooms plus dens and decided to take a look at two bedrooms for comparison. My gut tells me a two bedroom will offer much more flexibility and more options- time will see if this holds.

One layout made total sense. I would live there and that is my litmus test. Given that the place would not be ready until 2013, who knows, I may just end up living there- depending on what happens with my house.

So now, my friend/real estate agent has to make some calls, get some paper work, put me in touch with a mortgage broker and a lawyer. I also need to talk to an accountant to set up a company through which I can build up my real estate portfolio….

It sounds like I am woefully unprepared- at least I can cover the down payment.

I am excited and scared but I think that is a good thing. I don’t know if this sale will go through- a lot has to happen before it is a done deal- but I am glad the process has started.

I have a grand master plan and this is a very important next step.

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~ by angryegg on August 21, 2010.

One Response to “The Property Hunt Begins”

  1. Hmm, 2 bedroom ready in 2013 if you don’t live there perhaps you’d be my land lady. 🙂

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