tag:blogger.com,1999:blog-37422580.post2529225779172911449..comments2023-04-04T03:43:44.728-06:00Comments on Canadian Dream: Free at 45: Reader Question #7Tim Stobbshttp://www.blogger.com/profile/02029234099545136789noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-37422580.post-65915056094126860642007-07-28T08:10:00.000-06:002007-07-28T08:10:00.000-06:00Gents,Thanks for the additional feedback. CDGents,<BR/><BR/>Thanks for the additional feedback. <BR/><BR/>CDTim Stobbshttps://www.blogger.com/profile/02029234099545136789noreply@blogger.comtag:blogger.com,1999:blog-37422580.post-74756259955897754032007-07-28T04:42:00.000-06:002007-07-28T04:42:00.000-06:00I tend to recommend to keep the condo and keep ren...I tend to recommend to keep the condo and keep renting your apartment if you like where you live. It does not cost a penny to own this condo, it actually increases your cash flow while your asset is increasing in value.<BR/><BR/>If you move into your condo, would you not be paying the $800 mortgage + condo fees? Therefore, you cost of living would increase from $450 to $800... not sure it is a good deal!<BR/><BR/>However, CD suggestion of selling the condo is pretty interesting as well as you could easily double your monthly income from your investment. As Mr. Cheap says, you will surely hit by capital gain and pay about 20% of your profit in taxes...<BR/><BR/>Cheers, <BR/>FB.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-37422580.post-59769202360379938762007-07-27T07:54:00.000-06:002007-07-27T07:54:00.000-06:00I struggled with a similar issue when I bought my ...I struggled with a similar issue when I bought my condo then continued to rent. Part of me felt weird being a landlord and a tenant at the same time. The best way to look at it is to compare what you're earning vs what you're paying. My situation was like yours, I was getting a lot more rent for my condo then I was paying in rent, so it was a good deal.<BR/><BR/>In terms of keeping the condo rented out or selling it, I think CD makes a good point but there are a couple of things to keep in mind:<BR/><BR/>1) If property prices stay high, it should drive up rents (in which case after a year or two the rental income might be looking better then whatever investment returns you're getting from the 100K sale profit)<BR/><BR/>2) There will be capital gains taxes you'll have to pay on the sale, and you'll be losing a bunch of deductions. Make sure to factor that into your decision of what to do.Mr. Cheaphttps://www.blogger.com/profile/13287348812555636777noreply@blogger.com