- 2 years ago
- Wedding: October 2013
Sorry in advance if this is kind of long, but I’m having a tough time trying to figure out where to go from here and could really use some guidance.
My husband and I are soon-to-be 27 and have been living together in a 1-bedroom apartment in Toronto for almost 5 years. Our rent is great (allows for lots of savings) and we’ve managed to put away a good chunk of savings to the tune of $40,000+ over the last 2 years. This past year, we’ve been trying to figure out if we should be renting versus buying since we’d really like to start TTC in the next 3-6 months. We finally decided to continue renting, given that we can definitely not afford anything in Toronto (think $275,000+ for a 1 bedroom condo, this is seriously the cheapest anywhere near Toronto) and we’d like to move back to our home town in the next 2-5 years and buy at that time. Plus we do like the financial security of having so much money in savings while I;d be on mat leave.
So we’ve been looking for spacious, clean and affordable 2 bedroom apartments in good neighbourhoods for about 3 months now. We’ve seen many units but dismissed them (too far from work, too small, too old/grimey). We finally had a viewing at one today that seems awesome. It’s a 2 bedroom plus den in a bungalow in a very safe and child-friendly neighbourhood. The owner is a very nice and reasonable-sounding woman. It has all of my ‘needs’ re: dishwasher, storage space, new flooring, washer/dryer, parking, utilities inc., etc. Like, by the far the best we’ve seen and at a very reasonable price that will allow our savings to continue growing (even if one of us becomes unemployed).
The problem? The landlady is in the end-stages of finalizing her divorce and her husband wants to sell the rental property. She’s a young realtor by profession and told us there was a “90% chance” that we will be able to live there for 1-3 years (which is what we want) because she will either refuse to sell the property or buy him out. She told us the final decision regarding whether or not he’ll be content to keep co-owning with her, selling, or being bought out by her will hopefully be made in the next couple weeks. The projected move-in date is July 15th. If they were to sell, the house would likely go up for sale in November/December.
My husband and I love this property very much and haven’t found anything nearly as good. We’d love to move in but we’re so scared that she’ll sell on us in just a couple months and we’ll be back to square one (or even worse off, since we don’t have a huge sense of urgency now). However, the reality is that any place we rent could spontaneously be sold and we could be in the same position. It’s just the constant risk of renting.
We’ve discussed several options and just can’t reconcile what we want with what makes the most sense. The scenarios we’ve come up with are:
1. Continue to live in our 1-bedroom, looking for that perfect 2-bedroom and not TTC until we find it
2. Move into the 2-bedroom knowing nothing is certain, start TTC in late summer and risk having to move at 2-3 months preggo
3. Move into the 2-bedroom, wait to TTC until after November/December when the landlady’s situation will have hopefully finalized and take any further selling problems in stride