Don't fret, we are still moving, oh yes, we have bought a new home. We signed the papers today and wrote a big fat cheque to start building a new house. I am beyond excited, it has almost everything we want in our dream home. The possession date looks like it'll be in the beginning of October so when the offer came in all I could think of was "where the hell are we going to live till October?" The offer was way quicker then we ever thought it would. This helped sway us to take it off for now. So for the time being, Blair and I are now proud owners of a rental unit, yikes. We were approved to carry both mortgages on friday, this was a relief as well as a huge achievement. Not a lot of people can be approved to carry both, you need to have 40% debt ratio or less (including both property's) and good credit in order to be approved and it turns out we do and that we rock! We just could not turn down this opportunity to diversify our financial portfolio with some real estate. We are taking a huge risk, something that we never ever do but I think it will be worth it. *fingers crossed, knock on wood and nail a horse shoe above our door*
But where did we get our down payment for the new home you ask? Well the good old fashion way of saving up. We have been saving our asses off for this new home, every spare penny went towards our savings. We have sacrificed trips, shopping sprees and just every day luxuries in order to make our dream a reality, we have been planning for this day for 4 years.
Our back up plan was ALWAYS to rent this town house out if we couldn't sell it, now it has been bumped up to plan A and selling as plan B. At least we know we could sell if we wanted to, an offer after 1 month on the market no matter how low, is better then none at all.