Selling two properties to buy a house? Bad idea?
My rental is a 2 bed room. Only fetches around 2700 rent since I never raised rent in a few years due to the tenants being really good. Was originally purchased 8 years ago for 650k. Currently realtor believes I can fetch close to 1.1. I still owe the banks 220k.
My primary is a townhouse that I love in. I purchased this in 2011 presale with the intention of starting a family in 2014. Purchase price was 505k...currently can probably fetch 700k. It is 1100sq ft. I currently owe 350k on it.
My dilemma is I actually never thought about moving to a larger space, since I never thought that was possible... But with the current Condo market... It might be if I move a bit further away. I am currently looking into south surrey.
I think selling to move into a large home further from the city isn't a great financial move, but I have two kids now, and 1100 sq ft is tight. It's doable... But for somone who was born in Canada... I just feel it's too small to raise children (yes yes we all know in hk it's normal for a family to live in a 500sq ft).
My other issue also is that housing prices in south surrey is nuts... I'm not too familiar with other suburbs so I haven't looked yet (I am only begging to look).
If I had to move on anything today. I'd try to list both properties, and wait until winter to move on a house.
What are the financial and real estate guru's take on this?
I think I am really lucky I can even think of doing this... Just can't believe the market at the moment.