New Financial Circumstances

[Smith1776]

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.

[barrett]

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!

[Smith1776]

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!

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.

[Smith1776]

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!

[barrett]

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.

[Smith1776]

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.

The property taxes out there are a bit lower than in Surrey. Not a huge difference though. Maybe a couple hundred bucks.

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?

[barrett]

Are you happy overall with your decision to move to CT?

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]

Are those windfall figures in US$ or CAD, Smith?
Either way, congrats on the house sale.

[Smith1776]

Are those windfall figures in US$ or CAD, Smith?
Either way, congrats on the house sale.

Canadian!

So that’s like 5 bucks American.

[Smith1776]

This property that we looked at today was very enticing.

[dualstow]

separate entrance to your own Black Yard.

Hmm, sounds like segregation.

[Smith1776]

separate entrance to your own Black Yard.

Hmm, sounds like segregation.

LMAO.

[Kriegsspiel]

separate entrance to your own Black Yard.

Hmm, sounds like segregation.

Has Ryan Long taken the torch from Simpsons did it? Time will tell, but it's looking promising so far.

[barrett]

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!

[Smith1776]

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!

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.

Oh well, back to hunting!

EDIT: The townhouse listed for 799 is still on the table though!

[Xan]

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!

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.

Oh well, back to hunting!

EDIT: The townhouse listed for 799 is still on the table though!

Who is "we"? And, congratulations on your windfall. I know it was "expensive" in other ways, though.

[dualstow]

Has Ryan Long taken the torch from Simpsons did it? Time will tell, but it's looking promising so far.

Unicycle business!

Who is "we"? And, congratulations on your windfall. I know it was "expensive" in other ways, though.

Gotta be Mom Smithers

[Smith1776]

Definitely momma Smithers.

Unfortunately she is financially unable to support herself. So living together is where it’s at for at least another while.

[barrett]

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.

[Xan]

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.

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.

[Smith1776]

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

[Kriegsspiel]

Hey bud, no need to put your future address on the internet. We'll trust you that it's nice.

[Smith1776]

True. Thanks for looking out for me, guys!

[Smith1776]

We just got an accepted offer on a home!

[dualstow]

Congratulations!