Well, that certainly was a process. |
As many a cruiser knows, selling one's shoreside home is a big step and not one casually taken. But it is frequently done, as the idea of remote landlording in order to keep rent covering the costs of sail repairs and rum-based beverages is a sort of anathema to many for whom the more-or-less literal cutting of the docklines symbolizes freedom from dirt-based woes.
As I remember, this book was eccentric but insightful, and had a lot of interesting ideas that may have influenced me. |
Toronto housing has become ridiculously expensive. As the house taxes are linked to the appraised value (as is the insurance), it costs about $12,000 a year to starve to death in place here. I am a freelancer and my wife works for a charity. When we parted with our last set of tenants, we parted with $21,000 a year in rental income, although to be honest, it would have been impossible to sell the house from a display point of view with the upper two floors occupied by twenty-somethings with an incontient chihuahua.
I will pee, shiver, whine and then pee again. |
Something like this, which we've all seen a thousand times, but cheaper. |
Our bathroom is slightly nicer. Photo (c) bluegnomeemporium.blogspot.ca |
Every potential buyer brought to the house was either a landlord, a renovator/house flipper or someone looking to develop the land beneath the house. Or a combo of all three. No one ever mentioned the price we were asking, which was a lot firmer than most because we had done our homework.
The homework consisted of me watching the 20 or so surrounding houses change hands like a hawk and, using a website called mongohouse.com, plus bluntly asking people what they got, I thought to make what discretion describes as "a certain price"...I'm willing to describe methodology, not the house's cut. Our agent levelled up to Certain Price plus $50K to give us a way to back off "as a gesture" and I did not waver from that number, convinced that it was what the market, at least the more selective market I was attempting to attract, would bear. We sold it for very close to Certain Price Plus, meaning we've made a little bit more than we'd hoped for and that money will cover our agent fees, which were less than those of a typical MLS listing, and the costs of moving to a condo until the boat itself is in liveaboard condition.
Because we have no car and need to dispose or dispense with a lot of our possessions, the house close is September 4th (the first day of Cabin Boy's Grade 12). We need that time to get this season's launch done and get the mast (with the new radar) in and several other boat-related jobs come before and after: I am obliged by our insurance company to have an insurance survey done for March 30 and it's headless chicken time.
The long close, which I was grateful to get, particularly given the workload of the next five weeks before launch, will allow us to view our possessions with extreme prejudice and Kijiji, Craigslist, curb or garage sale them out of our existence. Some things, mainly a few books, keepsakes and tools I want to keep for the next house, we will put in storage. Others, like my ridiculous cache of boat spares, I will flog to other boaters.
We both will still have to work our jobs until we actually close this deal in September, and the line of credit we've been paying down will likely go in the wrong direction for a few months due to the expenses of moving and related costs associated with this place, like having it cleaned up and renting a dumpster for those things not wanted on the voyage, etc. Obviously, once paid out, we will be debt-free the next day, although we will keep the line of credit at zero dollars should we need an emergency fund. We only had the line of credit in the first place, because we converted our relatively paltry remaining mortgage to it 15 months ago. We've paid off this house twice in 19 years, and mostly via tenant rents. Our bank loves us, pets us and calls us George. But the key to pulling this off on our comparatively miserable incomes has been to spend as little as possible. The reward is going sailing for a few years.
We will be renting a condo nearby until we are ready to move aboard Alchemy. We hope to head down the St. Lawrence in June, 2019 after Cabin Boy wraps high school. We will, at that point and assuming he graduates, call him Cabin Man. We are looking for something local so that we can have him continue to walk to school, as he has his entire school life, and which is the same distance or less to the boat. We will probably try to rent for July or August 1 to give us time to move in gradually. Because I have plenty to do as it is. But this is another major step in getting off the dock and achieving the cruising life.