One more weight gone.
I suppose this is a major change, so it's worthy of an actual post.
I sold my Toronto condo.
It was difficult being an "international landlord" even with a management company taking care of most of the local things. Also, dealing with the condo corporation remotely was trying.
I put it on the market. It hit the various realtor sites on a Saturday.
By Sunday I had an offer. It was a good offer actually. Higher than I expected a first offer to be and not far off what I was asking.
So I signed back with a little bump to recoup some of the extra agent fees (I had an agent that agreed to work at a reduced commission, with an additional 1% if they weren't the selling agent).
They accepted.
As of about 2 weeks ago I no longer own the property.
It was my best performing investment of the last 6 or so years, appreciating (after commissions but before taxes) about 34% or so. (40% if you take the before commission before tax amount)
When you're talking about something with the number of digits in the cost of a downtown Toronto condo, that's decent change.
It still remains to be seen how much of that return the guv'ment will take away from me, as living abroad and renting it out means some (all?) of that value is taxable as capital gains...
I sold my Toronto condo.
It was difficult being an "international landlord" even with a management company taking care of most of the local things. Also, dealing with the condo corporation remotely was trying.
I put it on the market. It hit the various realtor sites on a Saturday.
By Sunday I had an offer. It was a good offer actually. Higher than I expected a first offer to be and not far off what I was asking.
So I signed back with a little bump to recoup some of the extra agent fees (I had an agent that agreed to work at a reduced commission, with an additional 1% if they weren't the selling agent).
They accepted.
As of about 2 weeks ago I no longer own the property.
It was my best performing investment of the last 6 or so years, appreciating (after commissions but before taxes) about 34% or so. (40% if you take the before commission before tax amount)
When you're talking about something with the number of digits in the cost of a downtown Toronto condo, that's decent change.
It still remains to be seen how much of that return the guv'ment will take away from me, as living abroad and renting it out means some (all?) of that value is taxable as capital gains...