This morning we officially removed conditions on the house we are buying.
In my blog post from May 20th, I talked about buying a house. The title of that blog post was ‘motion’, and I talked about the importance of creating it. At the time, we were looking at either the house we were renting or the house right next door. I detailed it two months later in another blog post, this one titled “Pros and Cons’.
We decided to go with the fix-er-upper’, the one we’ve been renting.
We love it. We’ve been living here now for nine months, and it’s been great. There is something satisfying in the having a park right next door, and also satisfying in restoring and fixing the house. Simple things like under-the-cupboard lighting, locks, staining the fence, etc. It’s got character. I suppose the same could be said for a person -> healing, getting stronger, bringing out lost potential.
And we scored 20% down, avoiding CMHC fees, and an interest rate of 1.89%. Right away, we save about $350 a month from what we’ve been paying in rent. Beauty. I think most of that and more will get swallowed up in renovations, but that’s ok. I consider that a bit of a ‘forced savings’ account, if done correctly, meaning we’ll see it on the selling side, if we ever do. We also have a large margin there, as you might have read from previous posts, in that I was approved with just my salary (not including my wife’s) for approximately $100,000 more than what we paid for this place.
That said – I’m going back to the jet! If you haven’t learned, I’m a pilot, and I think everyone knows COVID was pretty hard on the aviation sector. So I got bumped out of my jet position onto a prop position, and now as things start to recover (hopefully?) they’ve reaclled me back. And I’m back in a part-time position, otherwise known as a reduced-block pilot position. So that means instead of upwards of 16 days a month of work, I’ll be capped at 8, and I’ll get about 2/3rds the pay.
Yes, yet another pros-and-cons list.
But in this instance, living in a margin has helped! We’ll likely see how the first couple paycheques shake out and see how much of that margin has evaporated.
At least it was there to begin with! And now I can enjoy some time with Baby 1 and Baby 2.