My tenant has moved out and I am now renovating the condo for the next tenant. My plan still remains to rent out the condo for the next two years to give us some time to stock up on cash before the family moves in. Financially speaking, I should really keep renting out the place as long as the market rental holds up, for the sake of the $1000 monthly difference in my pockets. However, every time I visit the condo, I fall a little bit more in love with the place. I really, really want to move there.
I met the rental agent two weeks ago and she says she has already received enquiries on the place. I was told that I could expect rental rates around $3800 which is much higher than I anticipated, so I am very excited to get the renovation completed and start renting the place out.
Anyway, the condo renovation has been ongoing for about two weeks, and there have already been a few headaches. I hate this part of the property ownership. I wish I had a wand to wave and everything will simply become new and good, but alas, this is not to be. I managed to solve most of the problems but there is still one big one staring me in the face. My upstairs neighbour has leaky toilets and they are leaking into my place. He has agreed to do the repair work and pay for it, but he is taking his own sweet time. Meanwhile I have a ticking clock; that’s $127 I lose in rental income for every day he delays past the completion of my renovation work. God, I hate having to rely on others to do their part!!!
Anyway, I realised that most people do not believe that I purchased the condo without help from my parents. Every time my housing agent needs to do anything about the condo, she would call my Dad, even though I were the one who had been liaising with her on all the condo all this time. Every time I arrange a meeting with her, she would call my Dad back to confirm the timing, arrangements etc, even if I was the one to make the call originally. She obviously thinks my Dad is the “real” owner. My contractor thought the same, and even after we clarified, asked me if my parents were paying for the renovation.
I wonder if I should feel insulted or complimented. Insulted because I don’t like to be thought of as a parent moocher. Complimented because it is obviously uncommon for single persons of my age to have the means to make such a large quantum purchase, and I did it.
I have also been tracking the market value of my place since I purchased it. The last transaction for an identical apartment was for $1.62 million, so that is about a $100K increase in market value for my place. Someone else actually listed another identical apartment for a cool $2 mil! I think that person is mad, but I sincerely hope he/she manages to offload the place at that price, which will push the valuation of my place up significantly.
I leave you with a photo of the loveliness of the grounds: