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11-05-2020, 02:54 PM
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#16601 | | OMGWTFBBQ is a common word I say everyday
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Hey guys, I am thinking of selling my 2BR/2BA apartment and finding a larger townhome-type of dwelling, as my wife and I are thinking of starting a family within the next year or two. What do you think would be better - to hold and sell next year, or try to sell this year?
We would like to sell the apartment to use my equity in it as the downpayment for the next place, which we hope will be between 800k-1m. Currently the other apartments in the area (Marine Gateway) are around 800k, give or take 50k either way, and I expect to have about half of that as equity out of my apartment after fees and taxes and everything else is subtracted.
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Originally Posted by PeanutButter  Damn, not only is yours veiny AF, yours is thick AF too. Yours is twice as thick as mine.. That looks like a 2" or maybe even 3"? | | 
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11-05-2020, 02:56 PM
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#16602 | | I subscribe to the Fight Club ONLY
Join Date: Aug 2007 Location: Paradise, BC
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You're already in a legally binding contract. There is absolutely zero benefit to you for signing the consent form. Why are you even considering it?
If the buyer backs out for whatever reason, he backs out of the transaction. At least you'd get to keep his deposit to mitigate your lost opportunity.
I'd just stay the course and wait it out until the deal closes. Quote:
Originally Posted by chinook79 I have a RE deal that's closing in just over a month and half. all subjects have been removed, and it's undeveloped land. Buyer is requesting us to sign consent form for city so that he can start working on getting permits to develop the land. The property was sold heavily discounted at more than 30% below assessed value. I have no legal obligation to sign the form other than good-will to help buyer get started working on the property.
The risk I can think of by signing consent form is that since buyer hasn't paid full price, there could be issue rising if he finds anything that may impact value of the land. There is no reason to believe that there is any issue with land, but since it has never been developed, it's not an impossible scenario.
Buyer already demanded lowering price once after offer has been accepted on the ground of extra work required than expected prior to removing their subject, and the deal almost broke off.
Would you be signing consent form in my case? | | 
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11-05-2020, 03:01 PM
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#16603 | | I subscribe to the Fight Club ONLY
Join Date: Aug 2007 Location: Paradise, BC
Posts: 7,046
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Originally Posted by roastpuff Hey guys, I am thinking of selling my 2BR/2BA apartment and finding a larger townhome-type of dwelling, as my wife and I are thinking of starting a family within the next year or two. What do you think would be better - to hold and sell next year, or try to sell this year?
We would like to sell the apartment to use my equity in it as the downpayment for the next place, which we hope will be between 800k-1m. Currently the other apartments in the area (Marine Gateway) are around 800k, give or take 50k either way, and I expect to have about half of that as equity out of my apartment after fees and taxes and everything else is subtracted. | From the practicality point of view alone, I'd just get the selling and buying over with right now instead of waiting until next year. Once le wifey becomes preggers, everything can run the risk of becoming a lot more complicated and troublesome, and I am not even talking about the uncommon stuff.
Life isn't always 100% about money, and I'd say in your case, this would be one of those times to just get the housing stuff done and over with before moving on to the baby making stage.
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11-05-2020, 04:22 PM
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#16604 | | RS has made me the bitter person i am today!
Join Date: Apr 2014 Location: Van
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^^ I agree too, get your shit straight, I know of people who had kids that went from one bed to two bed, then now they have to sell their two bed to get detached or semi detached. You lose so much just on realtor fees. Do it one time and do it right. Plus the stress of buying and selling, this is all within the last 3 years too, they just sold their 2 bed and took a loss. Just so they can close on their new place
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11-05-2020, 04:51 PM
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#16605 | | RS has made me the bitter person i am today!
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I like how people can casually hop from a 1 br into a 2br. Decide that isn't going to work and get a detached haha.
Everyone is so wealthy here.
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2022 Velo N
2005 S2000
2007 CSX Type-S [Sold]
2002 RSX-S [T-Boned]
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11-05-2020, 05:06 PM
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#16606 | | in the butt
Join Date: Aug 2016
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Its all an illusion gerbs
Like instagramnz
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Clothes come off and my car is permeated with the smell of fillet-o-fish and canned tuna.
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11-05-2020, 05:08 PM
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#16607 | | Rs has made me the woman i am today!
Join Date: Mar 2006 Location: Vancouver
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Originally Posted by Gerbs I like how people can casually hop from a 1 br into a 2br. Decide that isn't going to work and get a detached haha.
Everyone is so wealthy here. | One can just take on more debt, debt is cheap(not that I recommend that). Let's say you have a two bed in Vancouver, you can probably go to a detached in Langley for a just bit more debt if you haven't maxed out.
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11-05-2020, 05:31 PM
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#16608 | | Need to Seek Professional Help
Join Date: Jan 2005 Location: Van
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The Killarney TH has sold for 882k.
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11-05-2020, 05:49 PM
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#16609 | | I have named my kids VIC and VLS
Join Date: Oct 2001
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The one I went to?
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Dank memes cant melt steel beams
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11-05-2020, 06:05 PM
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#16610 | | Need to Seek Professional Help
Join Date: Jan 2005 Location: Van
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Originally Posted by Hondaracer The one I went to? | Yup!
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11-05-2020, 07:20 PM
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#16611 | | I have named my kids VIC and VLS
Join Date: Oct 2001
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Dank memes cant melt steel beams
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11-06-2020, 01:15 AM
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#16612 | | OMGWTFBBQ is a common word I say everyday
Join Date: Jul 2006 Location: Vancouver
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Originally Posted by Traum From the practicality point of view alone, I'd just get the selling and buying over with right now instead of waiting until next year. Once le wifey becomes preggers, everything can run the risk of becoming a lot more complicated and troublesome, and I am not even talking about the uncommon stuff.
Life isn't always 100% about money, and I'd say in your case, this would be one of those times to just get the housing stuff done and over with before moving on to the baby making stage. | Thanks! For sure, I'd like to avoid moving again when the bun goes in the oven. We will move and settle in first! Luckily I can stay with my parents for now so it will be easier to stage and sell the apartment, I just hate moving. Quote:
Originally Posted by JDMDreams ^^ I agree too, get your shit straight, I know of people who had kids that went from one bed to two bed, then now they have to sell their two bed to get detached or semi detached. You lose so much just on realtor fees. Do it one time and do it right. Plus the stress of buying and selling, this is all within the last 3 years too, they just sold their 2 bed and took a loss. Just so they can close on their new place | Thank goodness I'm already in the 2BR side of things - now looking to go 3+den or 4 bed. I'm lucky enough that I have a place to stay while selling and looking so no pressure to sell to close on another place.
__________________ Quote:
Originally Posted by PeanutButter Damn, not only is yours veiny AF, yours is thick AF too. Yours is twice as thick as mine.. That looks like a 2" or maybe even 3"? | | |
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11-06-2020, 07:45 AM
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#16613 | | RS has made me the bitter person i am today!
Join Date: Apr 2014 Location: Van
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^^ I looked into 3 or more bed apartments, basically it's not worth it as you're looking to buy the most expensive units. Strata is the highest as you have the largest unit, property tax is high, and you still only get one parking space and storage. More if you're real lucky. If you're looking for more than two beds just look into townhouses. Strata is half the cost, more space and property tax is similar and you get more private space
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11-06-2020, 07:47 AM
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#16614 | | RS has made me the bitter person i am today!
Join Date: Apr 2014 Location: Van
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O and you don't have to deal with bs condo insurance rates, the townhouse insurance is like half the cost of a one bed condo
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11-06-2020, 08:07 AM
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#16615 | | linguistic ninja
Join Date: Aug 2001 Location: Vancouver, BC
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Originally Posted by Gerbs I like how people can casually hop from a 1 br into a 2br. Decide that isn't going to work and get a detached haha.
Everyone is so wealthy here. | And with a baby on the way and presumably (one income earner losing a chunk of income), daycare expenses. I mean WTF, does everyone get an automatic raise when they announce they're pregnant?
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11-06-2020, 09:38 AM
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#16616 | | RS has made me the bitter person i am today!
Join Date: Apr 2014 Location: Van
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^^ once you get your mortgage granted no one cares how you pay it. Given that mortgages are only granted up to about 40% of your combined income, even if half drops to zero. You should still be able to pay your mortgage. Once you have a kid you get more free money from the government plus mat leave pay. Unless you work at like mcdonald's, but then you wouldn't even be buying a one bed apartment if you worked min wage.
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11-06-2020, 10:15 AM
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#16617 | | OMGWTFBBQ is a common word I say everyday
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Originally Posted by JDMDreams ^^ once you get your mortgage granted no one cares how you pay it. Given that mortgages are only granted up to about 40% of your combined income, even if half drops to zero. You should still be able to pay your mortgage. Once you have a kid you get more free money from the government plus mat leave pay. Unless you work at like mcdonald's, but then you wouldn't even be buying a one bed apartment if you worked min wage. | The Child Care Benefit sorta helps and a small portion of daycare fees can be tax deductible. However, the child care benefit is scaled to income, so most households buying $1M+ homes aren't really going to benefit from it much because the payments are small once income earners hit the 80K income level.
At the end of the day, one of the big reasons to pay daycare fees is to maintain/ increase your household income so that you can move up the property ladder.
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11-06-2020, 10:16 AM
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#16618 | | I have named my kids VIC and VLS
Join Date: Oct 2001
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Lol..that is a pretty tight wire to be walking..
I’m sure many people are in those situations but to me that would be stressful af
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11-06-2020, 10:24 AM
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#16619 | | RS has made me the bitter person i am today!
Join Date: Apr 2014 Location: Van
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I've actually seen a few female co workers do this, have a kid, go on mat leave, their position and pay is protected. Come back work for few months, have another kid, mat leave pay again. So it's not like they are going broke. And most Asians have free home childcare by grandparents.
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11-06-2020, 11:07 AM
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#16620 | | Willing to sell body for a few minutes on RS
Join Date: Jul 2001 Location: Cloverdale
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Originally Posted by JDMDreams I've actually seen a few female co workers do this, have a kid, go on mat leave, their position and pay is protected. Come back work for few months, have another kid, mat leave pay again. So it's not like they are going broke. And most Asians have free home childcare by grandparents. | That's a big one, I wish I had that when my son was that age I probably would have had a second kid for sure. Getting my parents to babysit on a weekend night so my and I could go on a date kid free twice a year was like pulling teeth. At least he's old enough where we could leave him now.
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The world ain't all sunshine and rainbows. It's a very mean and nasty place... and I donīt care how tough you are, it will beat you to your knees and keep you there permanently, if you let it. You, me or nobody, is gonna hit as hard as life. But ain't about how hard you hit... It's about how hard you can get hit, and keep moving forward... how much you can take, and keep moving forward. Thatīs how winning is done. Now, if you know what you worth, go out and get what you worth. - Rocky Balboa | |
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11-06-2020, 11:40 AM
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#16621 | | RS.net, helping ugly ppl have sex since 2001
Join Date: Apr 2004 Location: Vansterdam
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Originally Posted by Gerbs I like how people can casually hop from a 1 br into a 2br. Decide that isn't going to work and get a detached haha.
Everyone is so wealthy here. | We almost fell into the trap of going the let's buy a starter place then upgrade later. At the time we had 1 kid and had plans on having a 2nd down the road but not soon. Looked at 2 bedroom condos as a starter place but after months and months of looking decided to stretch the budget and go all in on a 3 bed townhome. Thank god we did, we have 2 now and everyone has their own room and we have enough space in theory to last us for some years to come.
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"back at the line to Babych.... LONG SHOT....Potvin had trouble with it....ADAM SHOOTS SCORES!!!!
GREG ADAMS!! GREG ADAMS!!"
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11-06-2020, 11:56 AM
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#16622 | | RS has made me the bitter person i am today!
Join Date: Nov 2010 Location: /
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Originally Posted by EvoFire One can just take on more debt, debt is cheap(not that I recommend that). Let's say you have a two bed in Vancouver, you can probably go to a detached in Langley for a just bit more debt if you haven't maxed out. | My friends that just bought had to max out + put 20 - 35% downpayment, their mortgages are around $400-500k. They felt like there's nothing they can do about it if they wanted to buy at the moment within Van and Burnaby. They're also buying 2010+ condos, nor looking for the best value.
Means I gotta keep finding ways to increase income and make more money 
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2022 Velo N
2005 S2000
2007 CSX Type-S [Sold]
2002 RSX-S [T-Boned]
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11-06-2020, 12:06 PM
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#16623 | | RS has made me the bitter person i am today!
Join Date: Nov 2010 Location: /
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I withdrew most of my money from ETFs at the end of 2019 because I planned to buy a 1br condo sometime in the next 3 years.
Recently, I don't know if that's the best idea. Two bedrooms have a better $/sqft value. Maybe I should just keep saving away for a 2br? I plan to live in a condo for another 8 years at least. Since I don't plan to have kids till I'm like 32+
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2022 Velo N
2005 S2000
2007 CSX Type-S [Sold]
2002 RSX-S [T-Boned]
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11-06-2020, 12:11 PM
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#16624 | | Wunder? Wonder?? Wander???
Join Date: Jan 2012 Location: gvrd
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3 years! Nothing should surprise me anymore but is it sitting in a .5% savings account waiting? Could you not left it 'invested' until you purchase?
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11-06-2020, 12:23 PM
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#16625 | | RS Veteran
Join Date: Dec 2001 Location: GTA
Posts: 29,939
Thanked 11,635 Times in 4,760 Posts
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I think his S2000 is doing better than his ETFs 
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Originally Posted by BIC_BAWS I literally do not plan on buying another vehicle in my lifetime, assuming it doesn't get written off. | Quote:
Originally Posted by EvoFire But fuck that exterior is like dating integra girl | | |
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