Wow it has been a while since I’ve updated the blog.

After Christmas vacation and the excitement of buying a new condo, we got swept up in the madness of getting our old condo ready for Open Houses (which continue to happen every weekend). It was hard to coordinate because for every Open House in the beginning because we had to take our cat Zoey out of the house. She gets incredibly anxious around strangers, so it was a choice between the stress of moving her out the house for a few hours each time, or leaving her to hide and be scared. We chose to take her, and I think it was the right choice.

This meant we didn’t have a free weekend in over two months, but now that we’re in our new place, that stress is gone. 🙂 We’re pretty settled in right now, and in a few months we’ll do a small renovation to create a walk-in closet and laundry room!

Let’s talk numbers

For those interested in the financials, the new condo was $585,000 and because our old condo is still up for sale, we had to scrape together a down payment by emptying out our TFSAs. This was not ideal, but I do realize how fortunate we were to even be able to find another 20% down payment so we could avoid CMHC fees.

We’ve had three offers on our old condo so far, including one accepted, but it fell through. And once it does sell, after all associated fees are accounted for, we should walk away with around $200,000.

We discussed our mortgage options with our Mortgage Broker, and decided to go with a 1-year mortgage on the new place. This means we’ll only have higher mortgage payments for one year before we could dump the proceeds of our old condo onto our new mortgage and lower our payments. This would lower our mortgage payments from $2,150 currently down to $1,650, and help us stay on track with our goal of early retirement.

To rent or sell

Financially, we were approved to carry both condos without renting the old one out, so we are fine financially. We aren’t pinching pennies by any means, but we are saving less than we’d like to, so there’s that to consider. There’s a lot of interest in our condo, so I feel like it’s only a matter of time before it sells. BUT, we’ve decided that if it doesn’t sell by the end of May, we’ll pull it off the market and rent it out for a while. The rent we’d get from it will more than cover all associated costs, so it makes sense. But of course, our preference is to not have so much of our money invested in real estate.

Work!

I have finally passed probation at work, and recently received a small bonus. 🙂 It’s been quite challenging moving into a new role at a small firm. It’s a huge learning experience, and I’m grateful for it because I’m working on a lot of things that I normally would not be involved in. The work is harder, and it’s a lot more stressful, but I’m happy and still feel incredibly lucky for the opportunity.

Travel

RD and I have booked our flights to Mongolia! We aren’t leaving for another 5 months, but I can’t help but get a little excited now that we have a confirmed departure. We spent $2,590 on two round-trip tickets, and I immediately put $800 worth of travel rewards towards the flight, and applied for a small adventure bonus through my work, which should help offset the cost of the flights.

The post A long overdue update appeared first on Give Me Back My Five Bucks.



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