New Financial Circumstances
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New Financial Circumstances
Many of you know my father recently passed away. Quick summary of the new financial circumstances since.
- Ownership of a single family home I just sold for 1.375 million (downsizing to a townhouse)
- Half of his cash and mutual funds (mostly dividend paying stocks) totalling maybe $250,000 after taxes
My current plan is to spend just over half of the proceeds of the house sale towards a townhouse, and pocket the balance. That remaining cash will then be invested (in a gyro portfolio of course).
I am going house hunting today! One of the units I'm looking at is this one in the city of Langley. It's about 20 minutes from my current home.
The pictures aren't high quality, it appears they were taken on a simple cell phone camera without staging or anything. Putting that aside and trying to be more objective, it appears to be a nice unit.
- Ownership of a single family home I just sold for 1.375 million (downsizing to a townhouse)
- Half of his cash and mutual funds (mostly dividend paying stocks) totalling maybe $250,000 after taxes
My current plan is to spend just over half of the proceeds of the house sale towards a townhouse, and pocket the balance. That remaining cash will then be invested (in a gyro portfolio of course).
I am going house hunting today! One of the units I'm looking at is this one in the city of Langley. It's about 20 minutes from my current home.
The pictures aren't high quality, it appears they were taken on a simple cell phone camera without staging or anything. Putting that aside and trying to be more objective, it appears to be a nice unit.
MB
Ruby on Rails rules all
www.allterraininvesting.com
Ruby on Rails rules all
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Re: New Financial Circumstances
I know that the public train goes out as far as Surrey. Does that extend to anywhere in Langley? I imagine you've factored in car ownership/dependence? Good luck with your search!
Re: New Financial Circumstances
Yeah! I currently have a paid off 2014 Toyota Yaris!
Still, distance to Vancouver proper is a concern, as you mentioned. The trade off is the lower real estate prices in Langley.
A few of the units I’m looking at are closer to the train in Surrey. Given the price differential I’m almost indifferent.
MB
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www.allterraininvesting.com
Ruby on Rails rules all
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Re: New Financial Circumstances
A new Skytrain extension to Langley has planned completion of 2028.
Seems far away, but each year seems to be passing by faster and faster!
Seems far away, but each year seems to be passing by faster and faster!
MB
Ruby on Rails rules all
www.allterraininvesting.com
Ruby on Rails rules all
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Re: New Financial Circumstances
Good that you have the car piece of the puzzle figured out. When I moved away from an area with good public transit (NYC to CT), I never dreamed that I'd be spending so much on cars. But we drive a lot for work so the expenses add up.
How do property taxes in Langley compare with other areas? That's been another killer here in CT. It looks like a monthly maintenance fee of $318 and annual property taxes of $1,800. Is that correct? Just make sure you are taking those ongoing expense into account. Of course, you have those no matter where you live but it's nice if they are not too high.
How do property taxes in Langley compare with other areas? That's been another killer here in CT. It looks like a monthly maintenance fee of $318 and annual property taxes of $1,800. Is that correct? Just make sure you are taking those ongoing expense into account. Of course, you have those no matter where you live but it's nice if they are not too high.
Re: New Financial Circumstances
The property taxes out there are a bit lower than in Surrey. Not a huge difference though. Maybe a couple hundred bucks.barrett wrote: ↑Mon Jan 03, 2022 1:00 pm Good that you have the car piece of the puzzle figured out. When I moved away from an area with good public transit (NYC to CT), I never dreamed that I'd be spending so much on cars. But we drive a lot for work so the expenses add up.
How do property taxes in Langley compare with other areas? That's been another killer here in CT. It looks like a monthly maintenance fee of $318 and annual property taxes of $1,800. Is that correct? Just make sure you are taking those ongoing expense into account. Of course, you have those no matter where you live but it's nice if they are not too high.
I have to admit (and I'm kind of ashamed), despite my current proximity to the trains and busses around here, I mostly just drive out of convenience.
Are you happy ovreall with your decision to move to CT?
MB
Ruby on Rails rules all
www.allterraininvesting.com
Ruby on Rails rules all
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Re: New Financial Circumstances
For the most part, yes. The parallel between my situation at age 59 (when I sold my place in NYC) and you at a much younger age, is that I had way too much of my net worth in residential real estate. I never really had thought in terms a home being a consumption item. That only dawned on me much later. And we are still close enough to NYC that we can drive there for a show or whatever.
Freeing up that money to invest and spend was huge.
- dualstow
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Re: New Financial Circumstances
Are those windfall figures in US$ or CAD, Smith?
Either way, congrats on the house sale.
Either way, congrats on the house sale.
Re: New Financial Circumstances
Canadian!
So that’s like 5 bucks American.
MB
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Ruby on Rails rules all
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Re: New Financial Circumstances
This property that we looked at today was very enticing.
MB
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- dualstow
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Re: New Financial Circumstances
Hmm, sounds like segregation.separate entrance to your own Black Yard.
- Kriegsspiel
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Re: New Financial Circumstances
Has Ryan Long taken the torch from Simpsons did it? Time will tell, but it's looking promising so far.
You there, Ephialtes. May you live forever.
Re: New Financial Circumstances
Yeah, I want to see that Black Yard. Or, in real estate parlance, BLACK YARD!!!!!
Do you happen to know if the green space is protected from future development? And any idea of the demographic out that way? Any other young people? Don't know if/where you work at the moment but how does the commute or potential commute look? Could be a good idea to drive that section both ways during peak traffic time (which, if I remember correctly on the Trans Canada Highway, is quite significant).
I find it hard to believe that it is literally "seconds from shopping" unless it comes with its own wormhole. Wormhole Townhouses & Suites. Seconds from Fort Nelson and the Queen Charlottes!
Do you happen to know if the green space is protected from future development? And any idea of the demographic out that way? Any other young people? Don't know if/where you work at the moment but how does the commute or potential commute look? Could be a good idea to drive that section both ways during peak traffic time (which, if I remember correctly on the Trans Canada Highway, is quite significant).
I find it hard to believe that it is literally "seconds from shopping" unless it comes with its own wormhole. Wormhole Townhouses & Suites. Seconds from Fort Nelson and the Queen Charlottes!
Re: New Financial Circumstances
We decided to pass on the Langley property. We read the strata documents: there's a $55,000 special levie being, well, levied on all units for new rain siding etc. Booooo.barrett wrote: ↑Tue Jan 04, 2022 6:35 am Yeah, I want to see that Black Yard. Or, in real estate parlance, BLACK YARD!!!!!
Do you happen to know if the green space is protected from future development? And any idea of the demographic out that way? Any other young people? Don't know if/where you work at the moment but how does the commute or potential commute look? Could be a good idea to drive that section both ways during peak traffic time (which, if I remember correctly on the Trans Canada Highway, is quite significant).
I find it hard to believe that it is literally "seconds from shopping" unless it comes with its own wormhole. Wormhole Townhouses & Suites. Seconds from Fort Nelson and the Queen Charlottes!
Oh well, back to hunting!
EDIT: The townhouse listed for 799 is still on the table though!
MB
Ruby on Rails rules all
www.allterraininvesting.com
Ruby on Rails rules all
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Re: New Financial Circumstances
Who is "we"? And, congratulations on your windfall. I know it was "expensive" in other ways, though.Smith1776 wrote: ↑Tue Jan 04, 2022 11:27 amWe decided to pass on the Langley property. We read the strata documents: there's a $55,000 special levie being, well, levied on all units for new rain siding etc. Booooo.barrett wrote: ↑Tue Jan 04, 2022 6:35 am Yeah, I want to see that Black Yard. Or, in real estate parlance, BLACK YARD!!!!!
Do you happen to know if the green space is protected from future development? And any idea of the demographic out that way? Any other young people? Don't know if/where you work at the moment but how does the commute or potential commute look? Could be a good idea to drive that section both ways during peak traffic time (which, if I remember correctly on the Trans Canada Highway, is quite significant).
I find it hard to believe that it is literally "seconds from shopping" unless it comes with its own wormhole. Wormhole Townhouses & Suites. Seconds from Fort Nelson and the Queen Charlottes!
Oh well, back to hunting!
EDIT: The townhouse listed for 799 is still on the table though!
- dualstow
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Re: New Financial Circumstances
Unicycle business!Kriegsspiel wrote: ↑Tue Jan 04, 2022 6:22 am
Has Ryan Long taken the torch from Simpsons did it? Time will tell, but it's looking promising so far.
Gotta be Mom Smithers
Re: New Financial Circumstances
Definitely momma Smithers.
Unfortunately she is financially unable to support herself. So living together is where it’s at for at least another while.
Unfortunately she is financially unable to support herself. So living together is where it’s at for at least another while.
MB
Ruby on Rails rules all
www.allterraininvesting.com
Ruby on Rails rules all
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Re: New Financial Circumstances
Speaking of a $55,00 special levies, one of the things that I always struggled to understand when I lived in a co-op building in NYC was the overall financial health of the building. Co-ops are kind of a northeast US thing but, for this discussion, think of them as being similar to condos or any other arrangement where there are multiple owners paying common fees. In our building there were constant discussions about the health of the reserve fund. A smaller reserve in a building in need of few repairs in the next five years might be in much better shape than a building with a large reserve fund that needed a new elevator, boiler and parapet wall.
With a stand-alone home its just easier to understand and estimate what lumpy expenses one might have going forward.
With a stand-alone home its just easier to understand and estimate what lumpy expenses one might have going forward.
Re: New Financial Circumstances
It's much less extreme than sharing a residential building, but this kind of thing happens with HOAs too. An HOA-owned wall might be in bad shape or the pool might need resurfacing, etc.barrett wrote: ↑Wed Jan 05, 2022 8:17 am Speaking of a $55,00 special levies, one of the things that I always struggled to understand when I lived in a co-op building in NYC was the overall financial health of the building. Co-ops are kind of a northeast US thing but, for this discussion, think of them as being similar to condos or any other arrangement where there are multiple owners paying common fees. In our building there were constant discussions about the health of the reserve fund. A smaller reserve in a building in need of few repairs in the next five years might be in much better shape than a building with a large reserve fund that needed a new elevator, boiler and parapet wall.
With a stand-alone home its just easier to understand and estimate what lumpy expenses one might have going forward.
Re: New Financial Circumstances
Checking out this property today. Reasonable price, good location, enough space.
Hopefully this one is the ticket!
(address removed for your protection. Kriegs is so right)
- DS
Hopefully this one is the ticket!
(address removed for your protection. Kriegs is so right)
- DS
MB
Ruby on Rails rules all
www.allterraininvesting.com
Ruby on Rails rules all
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- Kriegsspiel
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Re: New Financial Circumstances
Hey bud, no need to put your future address on the internet. We'll trust you that it's nice.
You there, Ephialtes. May you live forever.
Re: New Financial Circumstances
True. Thanks for looking out for me, guys!
MB
Ruby on Rails rules all
www.allterraininvesting.com
Ruby on Rails rules all
www.allterraininvesting.com
Re: New Financial Circumstances
We just got an accepted offer on a home!
MB
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Ruby on Rails rules all
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- dualstow
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Re: New Financial Circumstances
Congratulations!