About Me

January 8, 2016

Becoming Landlords.

For years, whenever we talked about building our new home, our conversation always included selling our previous home in order to finance the build. As we got closer to this dream, we realized we really didn't want to have to move twice and we also knew with two pups, it would be hard to find a rental house to accomodate us. Because our previous home was paid off, we had enough equity to create a really nice financing plan. The ideal outcome would be that we would live in our previous home while building, putting it up for sale just a month or so before we would move to the new house. At that time, we would then pay off the building financial plan and then put a small mortgage into place for the new house. All was going really well, until we were about half way through the process and the economy in our oil rich province tanked. Yes, we were hit with an unexpected recession. Both my dh and I are fortunate to work in careers that have not been impacted by the decline in the economy. However, it did create a diversion to our original plan. As house prices have dropped, we had to make a very difficult decision: do we sell our previous house at a lower rate or do we hang on to it and become landlords and rent it out? I'm sure by my title today that you've guessed which path we chose. Yes, we are becoming landlords! The benefit to this plan that we hadn't originally factored into the big picture is that our oldest daughter has approached us and asked if she could buy the house in a few years, once she's down university and has paid down her student loan. As we were always sad about selling our long term, beloved home, our kids childhood abode, it was such a gift to learn that with our daughter's offer, the house will "stay in the family"!! Things could change but for now, we've committed ourselves to this new path. And the work on our previous home began this past week. We placed on ad on a local forum for rental properties and dug out the painting tools. This week, I tackled taking down the baseboards, window and door trim, patching holes, sanding, prepping and finally, painting. Here's the progress on our new income property so far:

Our youngest daughter's room is quite bright with light
but the walls looked very dark with this shade of purple.

Before painting, it was almost depressing
it was so dark. Couldn't wait to paint this!

What a difference even just the first coat of
light cream has made on the walls.

Just the first coat.

Light and bright! This coming week, I'll do the second 
coat on her old bedroom and our master bedroom. 

Then I have two more bedrooms, the hallways, the front foyer and the dining room. Lots to do! Our contractor will come in the following week to redo the trim work through the house and create a new pantry for the kitchen. Then we have to contract a carpet layer to come in to lay carpet on the stairs and trim out the floors. The last item will be having someone come in and do a big clean so the new family can move in to a fresh, clean and newly painted home. We've got our fingers crossed we find just the right family who will love this home as much as we loved it! Wish us good luck. We're truly going to need the support!!


Cheapchick said...

Check references and you should be fine - still a very strong rental market there :)

Chy said...

It's quite strong and we hope that we'll have an easy time finding a great family!

Penny said...

It might just be for the very best! Wonderful if your daughter can buy it, and in the meantime you will be the nicest Landlords imaginable to your tenants! X

Chy said...

We may have found just the right family Penny so now I'm a bit excited!