Looks like this will be a Vancouver blog for a while yet, at least.
Here’s what happened:
PH’s company said they couldn’t afford the full transition package (guaranteeing our house, covering realtor and legal fees, providing supplemental money for my having to quit work, us having to buy new groceries, etc etc etc) but offered us 10,000 bucks towards such costs.
PH worked it out and found that it would cost us between 16,000 and 25,000 in moving expenses, legal fees, taxes, travel costs etc etc etc.
He decided that we could probably do it for the minimum amount if we agreed to take on some of the travel expenses and realtor fees and such, if we got a realtor who took a low cut, like 1 or 2%, if we bought a house in the neighbouring county without land transfer taxes, etc etc.
So he emailed the company back and said if they offered us 6,000 more dollars, we could swing it.
But then we heard back from the realtor.
Now, we knew we’d be taking a loss on the house. This house was a speculation when we purchased it: It was selling for $50,000 less than similar units in nearby complexes due to maintenance and legal issues. So, once assessments and such are paid, and the outstanding issues are fixed, we should be able to come out ahead.
That hasn’t happened yet. Or at least, it’s started, but won’t be complete for three more years. Also, the people who couldn’t afford the assessment have foreclosed, which means that there have been a lot of court-ordered sales in our complex.
The upshot, according to the realtor, is that if we wanted to try and sell now, we could expect to make maybe $160,000 on our house.
We paid $215,000.
So… that’s that.
It seems ironic that we wouldn’t be able to afford a $100,000 house in Nova Scotia if we sold our current property for $160,000. However, it would mean that we would need a mortgage of $150,000 or so on a house that was worth only $100,000.
And no bank is that stupid.
We told ourselves that we would go if we could afford it, but wouldn’t if we couldn’t.
If we tried to sell now, we’d end up with nowhere to live on the other end, and an outstanding debt of $50-60,000 bucks.
Yeah, the saving on daycare wouldn’t be THAT good.
So here we stay.
I hope that an opportunity like that comes up again some day, when our house values have recovered.
In the meantime… we should buy Anton’s and celebrate getting to stay here with all of our friends.
…I’ll try not to think of the picture of working from home and saying goodbye to my job.
And hope to GAWD that our housing values improve… eventually.