Divorce | Newlyweds | Real Estate and Mortgage | Relationships

5 Reasons Why Your Real Estate Goals Might Change

real estate Canada

There’s More To Buying And Selling A House Than A Signature

Real estate goals can change in an instant depending on what is happening in your life and the economy.

When you become a homeowner there are situations to think about whether you are dating, married or single. 

Don’t ever think it won’t happen to you either and yes men cry too. 

You can lose your job, asked for a divorce or perhaps you have too much debt and can’t afford life. 

Often I find that either the wife is spending too much money or the husband is the big spender. 

This is why talking about finances is SO important before getting married. 

Real Estate Goals For Our First Home

One of the real estate goals that we had when we bought our current house is that we did it with one income. 

The other was that we didn’t want the basement to be finished so we could renovate it the way we wanted.

That and we wanted to make sure no one slapped up shady work that we’ll end up paying for. 

This is why we stayed renting in the “hole” for 2 years to save as much money as we could. 

We were also thinking about the possible change that could put us in a dark financial place that no one wants to go to.

Guess what?

The worst happened as Mrs. CBB lost her job 3 months after owning this house.

Relationship and Marriage And Our New Real Estate Goals 

Getting Married

Personally, I went through a relationship breakdown almost a year before I got married and moved to Canada. 

Coincidentally, Mrs. CBB had gone through a marriage breakdown and already finished the divorce paperwork. 

Neither one of us knew each other before our stressful situation and we both handled them differently. 

One reason was to get the hell out of the house and the other to earn more money with small fixes. 

Can you guess who is who above? 

Fixer-Upper vs The New Build Home

Mansion

I think it’s obvious however I can tell you that my UK house was older and what you would call a townhouse in Canada. 

Luckily I had an end unit with a bigger driveway to fit 2-3 small cars where Mrs. CBB was in a new build.

Honestly, when I flew to Canada and went to her house I thought it was massive at near 3000sqft. 

I’d never been in a basement before and I learned a bit about Canadian housing from the experience.

The lady who purchased my 600 sq ft 2-story home in the UK tried to sell it once but was going to lose money.

She’s still in the house perhaps because her real estate goals have changed for a million different reasons. 

  • She’s fallen in love with it
  • Paid off the mortgage
  • She’s not ready to sell again
  • Can’t afford to put the house on the real estate market
  • New Relationship
  • Accepted a new job in the city or village where the house is
  • Got married or is dating someone and they want to stay put. 

You see based on current situations which include your finances and the economy some homeowners can’t sell. 

A friend of ours who also went through a marriage breakdown and has a lovely home can’t afford to move. 

She does however have a legal apartment in the basement she rents out that pays the cost of her mortgage. 

First Time Home Buyers- Real Estate Goals

After 5 years of living in a beat-up apartment building in the city, Mrs. CBB said it was time to upgrade.

They found their starter home that was about 5 times the size of my UK house, negotiated, and bought it. 

Here’s the interesting part, my house in the UK costs more money than Mrs. CBB’s ex-house. 

Nevertheless, the house of Mrs. CBB cost $265,000 and after their downpayment around $180,000

A mere 14 years later and the house they sold for $290,000 is worth over 1 million dollars. 

Real Estate Goals And Emotions

Ikea Kitchen

Source: LennoxTartandesign for Ikea

Looking back, Mrs. CBB wishes she was able to keep the home without the emotions she felt at that moment. 

We all do things we don’t want to do in the midst of tragedy whether someone dies, divorce, or devastating news. 

I conversely went through a tough patch but then I slapped myself across the face a couple of times.

There was minimal work to be done such as put in a white Ikea kitchen, painting, new awning, and new bathroom. 

The IKEA kitchen above is similar to the one I installed but on a smaller scale and my dryer and refrigerator were to the left of the sink. 

I also did not have a big island like the one showing but the cost for the new kitchen was minimal compared to the return I got from it. 

Fortunately for me, the house sold fast because it looked fresh and the property size and end-unit. 

This is how I made more money to save before I moved to Canada.

Relocating To Canada 

relocating

I also started a new job in the UK while I was waiting for my permanent residence (PR) card application to go through. 

While Mrs. CBB was visiting and we were at my mum and dad’s ironically the PR card and acceptance into Canada arrived. 

It took just over 100 days to have the application sent in and completed however we sent in everything including flight tickets to excursions we went on. 

Our families and friends wrote letters for them to read about our relationship. It just went on and on as we didn’t want to mess anything up.

At the time it was taking up to 2 years for some applications to get through the system. 

It was a day to celebrate. We also had a laugh that our very first kiss happened in Canada the day her divorce was final.

We both still see the yellow envelope held in the air and the joy on our faces. (Yes, we both got yellow envelopes, ha).

Those were the toughest two years of our lives picking up the pieces and starting over financially, dating, marriage, and moving to Canada. 

So, then I sold my house and relocated to Canada to be with my wife as we had planned our wedding.

Even though we got married in Canada I decided to go back to the UK so I could spend my time working to earn more money for us.

Real Estate Goals In Canada

After my PR came in and I moved to Canada for good we were living in a basement. 

We hated it but it was cheap until the rent went up and the housing market crashed in 2009. 

That’s when our real estate goals had changed and we paid the truck of which wasn’t much $5,000 or $35,000. 

We knew we could get a good deal on a house so we kept our realtor busy showing us house after house. 

The things we saw and learned about buying a house together was shocking but certainly an eye-opener. 

Finding Our New Home

Finally, we found the home we currently live in and bought it for $5,000 less than asking so $265,000

After our down payment, we had around $170,000 to pay and we paid that off in just 5 years. 

We were the frugal people in the family because we knew that our real estate goals might change again. 

For example, if our son gets a driver’s licence we can move to the outskirts but not too far. 

To apply for a driver’s licence in Ontario, you need to:

  • be at least 16 years old (that gives me 10 years to finish the renovations, lol)
  • pass an eye test
  • pass a written test about the rules of the road and traffic signs

Once you pass these tests, you get a G1 licence. You are considered a beginner driver and need to practice driving and gain experience over time.

For now, we’re staying in our home as it’s in a somewhat hidden part of our city and close to work and school. 

5 Reasons Why Your Real Estate Goals Might Change

Big Mortgage

However, as we age we talk about not upsizing any longer because we don’t want a big home, just a bigger property. 

Who knows where we will be in the future but for now we are debt and mortgage-free and are ok with that. 

One thing we are not interested in is luxury real estate which we could afford but have no inclination to buy.

Being mortgage-free is really just the best thing in the world so our next home will have to be the same.

It’s hard to let go of the options and freedom of saying, I paid for this house before I was 40 years old

1. Relationship Break-up

  • You’re getting divorced
  • Your partner moved on 
  • The love is gone
  • Your partner packed up and left 
  • You’ve been kicked out by your partner 
  • Abusive or toxic Relationship
  • Family and Relative Issues

2. Downsizing

  • House is too big
  • Need a bungalow 
  • The mortgage is too much to manage
  • Job Loss 
  • Health Reasons 
  • Clearing out for a simple retirement 

3. First Time Home Buyer 

  • You have saved for a downpayment 
  • Apartment living is a nightmare 
  • The landlord is selling their rental home
  • A bad relationship with the landlord or other tenants
  • It’s time to set off from the nest

4. Relocating 

  • Your employer is moving 
  • You’ve just been offered a new position in another city or country 
  • Need to be closer to your parents as they age
  • You feel alone in a city with no friends or family 
  • More house and land for less 
  • Renovating and flipping houses

5. Upgrading

  • House is too small 
  • Building a new home
  • You’ve saved up for a bigger downpayment to go bigger
  • You are now the CEO of a booming company or given a large wage increase
  • Your needs have changed since buying your home
  • You may want a new build compared to your current home
  • To show off to your friends and family how well you are doing, but you’re not. 

Finding The Right Realtor

real estate agent near you

Not all realtors are just out for the money and probably the worst realtor is someone you know. 

There are so many real estate companies in Canada and in each city that you have plenty of realtors to choose from.

We’ve been through a family situation where the realtor friend said the house would be listed for $300,000

We were shocked but even more shocked to find out whether he was playing a game of getting it cheap and flip it.

Since we all questioned it we were introduced to a second realtor in his 30’s that was motivated and couldn’t believe what we had told him. 

Now, we recommend him any time one of our friends needs to sell their home and wants an excellent realtor. 

Well, believe it or not, it took just over a month and he sold the house for $225,000 more than the other realtor projected. 

So friend or not always do your due diligence and make sure you are putting your house for sale at a comparable price.

If you don’t care for a realtor and your real estate goals have changed you can sell the house yourself.

That’s for sale by the owner (FSBO)which is fine as long as you have the time and knowledge.

There are a few great companies such as Property Guys who are FSBO with many successful endings. 

Real Estate Goals Come And Go

As noted above there are many reasons why your real estate goals might change. 

I think it’s important to consider what would happen if a situation arose just so you are educated. 

This is one of those sticky situations you can be in especially when there are kids involved.

However, your story ends let it play out with the right realtor who will give you honest advice. 

It also doesn’t hurt to ask your real estate agent for references. 

Discussion: Have any of the real estate goals I listed above happened to you? What was your situation and how did you handle it? Do you have any other experiences if you live in Canada that might fit the scenarios above? 

Help your CBB Friends.

Leave me your comments below and I’ll be sure to respond. 

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