So the rumours you might have heard are true. I have finally bit the bullet and purchased a place to call my own. Well it’s actually owned by a financial institution that was dumb enough to give me a big mortgage, but there is a document out there registered with the city that says it’s my place, so let’s just stick to that story.
Two and a half years ago I first started looking for a condo. I ended up purchasing one 2 years ago, but I rescinded the deal within my 10 day cool off period. Instead I ended up purchasing a house with a friend. Although it was a great experience and I learned a lot from it, it’s always hard to own a house with a friend. Especially a World War 2 era house that constantly needs renovating. We were in different financial situations, different work schedules, and different ideas of what we wanted to do with the house. I was also very busy at work, and had very little time to help with the renovations, and my friend had much more experience with renovations than I did.
After a year of owning the house together, we both knew it was time to go our own ways, so he bought my half of the house. It worked out well for both of us because it gave him the freedom to do whatever he wanted with the house, and it gave me the opportunity to get my finances in order, have some fun, and figure out what I want my next big investment to be.
So after a year of pondering Toronto condos, I have finally made my purchase. One of my biggest concerns about buying a condo in Toronto is the saturation of the condo market. They are building condos everywhere. They all seem to be selling, but who knows what’s going to happen after all the condos are built and people start selling them to try to make money on their investment. So when I discussed this with my real estate agent, we decided that instead of buying a typical condo like everybody else, it would be a smarter investment to buy something trendy and unique. It’s a “contemporary 2 level urban loft” in King West village. (I took that from the MLS listing). It has a 17′ high ceiling in the living room with the 2 bedrooms on the second floor overlooking the living room. Since I’m on the first level I have a large front fenced in terrace with a barbeque right on King Street West. The building has a gym, pool tables, golf simulation room, theatre and party room. Since my living room is an open concept, my bar is going to fit in there very nicely. I get possession on February 17th, and I’ll be moving in at the end of Februrary.
Since I’m writing this entry on a Saturday night instead of going out, it’s obvious that I’m already in “mortgage mode” where I need to watch my money closely.
I plan to have a housewarming party in March after Tom and I get settled in, so expect an email.
Here’s my funny video for the day: The Family guy – Beach Homos