Monday, May 16, 2011

Moving contemplation


This is his look when I say, "Do you wanna.....?" He knows cookie, go for a walk and go to the park so he cocks his head waiting for those words. He sings too. Serge wants to get him to sing, "I wanna ________" but just how can you do that?

Yesterday we went and looked at some condos in a big shiny new tower on the South Shore. (This is just on the other side of the St. Lawrence river.) See, with the crazy real estate prices up here, we're now in a position where we could sell the fiveplex we're in and have enough to pretty much buy a condo outright. And since we've got to refinance in a few months because our mortgage was a five year fixed on a 25 year amortization, it would be possible to sell without any penalties. I liked the corner unit with lots of windows and a view right on the river, and the Montreal skyline behind. Also, a front row seat for the summer fireworks shows. We loved the idea of being 10 seconds from the metro station, the inside garage with direct access to the building and of course the granite counters and shiny stainless steel appliances that are included. Oh and it's a ten minute walk from the college where I work.

Then we talked ourselves out of it. See, smart investors know that maximum leverage is the key to building wealth. If we cash out now, the building wealth part will slow. The smart thing for us to be contemplating is to sell this block and buy a bigger block, such as an eightplex and building equity and appreciation there. We talked ourselves out of that too though because it's a lot of work and it's better to appreciate what you have than go jumping into the unknown. There's some big expenses coming up here in the next few years, some masonry work, the roof and a little basement leakage problem that isn't bad yet, but surely will worsen. I'd love to avoid those, but similar expenses are inherent in any building. The shiny new condo with no tenants and no repairs to be made sure sounds great, but in the end, I think we are making the adult choice.

Of course that could change. The day before yesterday we were talking about cashing everything out and buying a Tim Horton's franchise.

11 comments:

A Lewis said...

Mason is the same way....all I have to say is "Mason, would you like......" and the head tilts, the looks start, he glances at the door, his tail wags and his ear twitches. Cutie pies, the little ones....

Roxrocks said...

My son in law says "Roo roo roo" to his dog and it sings. It's annoying, but I don't think it's the dog, I think it's him. :)

We talk out different scenarios all the time about how best to maximize our investment in our house. When I'm outside appreciating it, I say "Keep it, we'll retire here!" And then some days when I'm up to my ass in yardwork, I say "Let's move to a rental!"

GayProf said...

Owning a donut joint would not be good for the waistline.

Snooze said...

I'm so impressed at how you built up your finances. We should all be so savvy.

Jim said...

Must say that the condo sounds good! But I guess you have made the right decision for right now. Besides, what would Georgie do in a condo.

Maurice said...

I concur with what Snooze said. I have to admit that condo sounds great -- location especially. But I think you're right about making the "adult choice" and staying put.

Anonymous, too said...

Just wait til Georgie's vocabulary grows to include:

"...go for a ride in the car?"
"...have some pizza/poutine/cheeseburger?"
"...go to Grandmama's?"

or the never-popular "...have a bath?"

Lightning Bug's Butt said...

Good choice -- although that condo sounds tempting as hell. And after all, nobody lives forever. When is it time to downsize and relax?

Mark My Words said...

Very sensible. I like that.

Patricia said...

Ohhhh that condo sounds so lovely. I have been having those thoughts for a long time but I think it's mainly because we (and most of the state of Michigan) are upside down in our house and so I feel trapped. Ugh.

That's a very dapper collar that Georgie is sporting.

CJ/Rick said...

Aren't you a couple of level headed guys.
Georgie is looking so fine. I enjoy all the pics you post of him.