So I went with Option #2 and we'll be getting possession next month! Financially it might not be the "best" decision as relocation costs aren't covered now but it reduces stress of unknown and potentially not finding the house we want during the 1 week house hunting trip. The house is livable as-is but we'll be doing extensive renovations (gut and replace kitchen, all flooring, all bathrooms, all fixtures) before we move in or shortly after. We were happy to find a house that hadn't already gone through updates since this means we can customize what we want rather than having to live with new stuff someone else already picked to put in.happyflower25 wrote: ↑May 9th, 2018 4:42 pmWe're most likely relocating to Ottawa (from SK) in summer 2019 and hearing about how it's become such a seller's market there is making me quite concerned! I know that no one can predict what next year will bring, but what are your general thoughts on if you think the market will be better or worse for a buyer next year?
What would you do if you were in my position? (Criteria is <$1M (if good as is, less if renos are needed), detached, 4bed above grade, no pool, good schools, thinking Beacon Hill North/ Hiawartha area, picky about layout but ok with renos)
1. Don't panic. Wait until next spring to sell existing home, buy whatever is on the market during a 1 week house hunting trip (work relocation process).
2. Contact a Realtor and start looking now. If something perfect comes up then take HELOC on existing home to top up down payment for Ottawa one and mortgage the rest. Risky and means paying interest+taxes+insurance for an entire year. But locks in price in case there are huge increases (would offset some of these payments) and guarantees a house we like.
3. Buy a new build now so that it's ready next year (eg. Waterridge Villiage). Downside is won't be an established neighbourhood, remaining lots don't look that big, need to landscape.
To help offset the carrying cost until we're ready to move to Ottawa ourselves (which will most likely be summer 2019 but remote chance 2020) we'd like to rent it out. I'm aware that property management companies typically charge one month rent for tenant placement plus I read something about having to pay the tenant one month rent for when we want to move in ourselves. That being said, I think it's still preferable to rent it out rather than leave it vacant...
Unfortunately I will need a property management company since interviewing tenants, showing the property or stopping by to fix things for them isn't something I can do from here. Any recommendations on who I should contact and who should be avoided?