Sunday, 17 January 2016

How I paid off my Mortgage (Post #3)

Here we go again!

In 2010 we sold our house in Edmonton for about $60,000 more than we originally paid for it but the real shock was that a new home close to work was going to cost us at least double of what we sold the last house for. That's right I said double! We bought a 2400 sq ft home in a great neighbourhood just north of Toronto. The location was amazing, it was only 20 mins from work had lots of amenities near by and had a great school zone as well. It also had a large amount of green space nearby, but as mentioned before the price was the problem. We were now in the most debt we had ever been in our lives. The purchase price for our new home was $735,000 and even though we had always concentrated on paying down our mortgage this put our new mortgage at over $400,000!

On top of this our second child was born right after we moved in.

If you build it...

Not willing to let a little financial insecurity get in our way we got back at it. The sweat equity was again put in. The back yard was a blank slate when we bought the home so we turned it into something more comfortable. The house had a lot of pink berber carpet that we replaced with a nice hardwood floor. We also completely gutted the en-suite bathroom for a major update adding a beautiful vanity, a new jet tub and a larger shower stall.

On the road again!

In 2012 we moved to the Barrie area and this is where the dream became a reality. We put our house on the market and sold it for $828,000. After only 2 years in one of the hottest housing markets in Canada we made $93,000 on our property. The next step is the most drastic as it involves us paying off our primary residence mortgage as well as buying a rental property almost at the same time.

See How I paid off my Mortgage (Post #4) for more or look back at how we made it this far with How I paid off my Mortgage post 1.

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