Author Topic: Tired of my current set up, but need to stay the course a while longer.  (Read 1151 times)

pudding

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Hi folks, rambling on a bit here. So if no one gets to the end of this post and replies it's OK.

I own a house in Vancouver B.C. my setup for the last 2 years has been to live on the middle floor, rent out some rooms upstairs to 3 international students, and rent out separate basement suite to 3 more.

Generally speaking the students are not much bother, occasionally something will get irritating, but on a scale of 1 to 10 it's a 3 or a 4, so not too bad.

The rents I get from them cover my mortgage and other expenses, and so I live here for no money out of pocket and my mortgage is paid down each month.

I've owned the house (had a mortgage) for 11 years.

Lived in the house for about half that time, lived in a rented place down by the beach for the other half. 

I lived down by the beach before I bought this house ... when I bought this house I realised just how boring I find the area the house is in compared to down at English Bay and all the interesting things to see there. (kind of a rookie mistake)

I almost sold the house about 7 years back, glad I didn't as the house prices shot up dramatically since then (up about half a million +!)

My house is on a busy street and over time it's become more and more likely that the allowed density will increase here, busy arterial streets being favoured first by the city.

But it's also become clear that it's not that easy to get the neighbours together to agree on selling and assembling together in order to get big bucks, so much so that I tried and abandoned the idea.

The city of Vancouver are now working on a new city wide plan and will announce this new plan sometime over the spring.

 It's called the 'making room plan' and the idea is to change what can be built on a single family lot in order to accomodate all the people that are moving here (about 25 thousand new households being formed each year) and also to allow more to be built on the expensive land here in order to make homes more affordable.

There's talk of allowing a 3 or 4 plex to be built on what is currently a single family lot. ( that's what I have) And that way there'd be no need to try to assemble with my neighbours which has proved to be difficult (one side is an older guy who's in no hurry to move,  other side recently spent a lot! on totally renovating)

Here's my thing, in the summer of 2018 I went back to the U.K. which is where I'm originally from, I had a really good time and I'd really like to spend some more time there. I'd also like to spend some time in Toronto where my kid lives. And I'm totally done with living in the area my house is! Also I'd like to be able to travel a bit in winter.

So now for me would be a time to change my living circumstances, but... the markets flat and to sell now would miss out on whatever rezoning may (or may not) be announced by the city this year.

Of course this waiting around for the governments to do things can be frustrating and take forever, but it does seem like there's a definite timeline that they are on with and urgency behind it as it's considered a housing crisis.

I'm wondering how to get some enthusiasm built up so as to stay the course for a year or two more, but not just be mildly miserable for next couple of years.

If no one else lived in my house it would be easier to get away, but it's an old timer and with 6 other people living in here, none of whom can honestly change a light bulb, it's challenging.

And it ends up being that the thought of going away gets over ruled by the thought of what might happen while I'm away. So I tend not to, which is another reason I'm ready to sell!





waltworks

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Re: Tired of my current set up, but need to stay the course a while longer.
« Reply #1 on: February 22, 2019, 11:04:36 AM »
 I will tell you my secret if you wish. It is this: I never buy at the bottom and I always sell too soon. Baron Rothschild.

If you have a cool half million in gains, take the money and run. Rezoning might make your house worth more, or it might not. Market might crash, market might skyrocket, but you already won big here. Take your money off the table and move where you want to live.

-W

daverobev

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Re: Tired of my current set up, but need to stay the course a while longer.
« Reply #2 on: February 22, 2019, 01:17:10 PM »
A bird in the hand is worth two in the bush, and you aren't going to live forever.

Now, the title says "need" - but what is the "need" here? Are you FIRE, or not?

Kayad

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This anticipation of a rezoning that will leave developers willing to pay a premium for your particular property seems like a pretty thin reed on which to forestall your happiness.  Sell, bank your gains, and enjoy.


pudding

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Hi guys, I think this kind of thing depends on the city house is in and what's likely to happen.

Agreed to forstall happiness for a long time is foolish. But with mine the city will lay out what will be the new plan quite soon, sometime in spring.

The possible 'windfall' from rezoning is unknown but could be huge. A letter came off a realtor the other day saying that my house is assessed at 1.27 million and that he can get me 1.8 to 2 million if I can get 3 or 4 of my neighbours to join me.

Another thing is the other day I was doing some renovations for a guy who's friend had bought a house in an area where up zoning was coming... known as the 'Cambie corridor' where the city up-zoned from bungalows to towers.   The guy made a 3 million dollar tax free profit!   

I can live in my house comfortably, and i don't really need to zoom off anywhere. I'm working on making things a pleasant life and when city make their announcement in spring I'll post here and update. 

Thanks for reading!

Schwatt

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A rule of thumb to selling near the top of the market: If you are downsizing or relocating, take the money and run.

If you have to find alternate living of similar size in the same area, it's not a huge benefit, because you will be buying near the top as well.

getting there pnw

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Need more info. Specifically, about the zone-up proposal. Is that real? A real estate agent trolling for leads may be just "selling." I'd keep asking around and/or read the local papers on the subject. If that prospect is real, then totally wait for it. Also, sound like you're not too bummed about the living situation. A house hack that causes a little discomfort - that's terrible. :)

pudding

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Need more info. Specifically, about the zone-up proposal. Is that real? A real estate agent trolling for leads may be just "selling." I'd keep asking around and/or read the local papers on the subject. If that prospect is real, then totally wait for it. Also, sound like you're not too bummed about the living situation. A house hack that causes a little discomfort - that's terrible. :)

Yep, I suppose it is a quality problem to have  :)

The zoning I should know about before end of March as thats the date the city say they'll unveil the outline for this new city plan they've been working on.
We had a written offer for 2 1/4 million. But it had to be that everyone on the block agreed to sell, a couple of people wouldn't so the developer walked.
It's surprised me how people are all over the map when offered that amount of money. Some like my neighbour next door said not ready to sell as he's an old guy who's lived there for ages.