Investment Success: Condo Sale Pays Big

January 18, 2010 5

Like many engaged women I will shortly be leaving my apartment to move in with my fiancé. The whole thing is very exciting, but even better because the recent sale of my condo turned out to be a big win.

I bought my condo in 2007, and it was a major achievement for me. It was a dream that I’d had in my back pocket for so long, but it just seemed so hard to scrape together a down payment, and then the monthly payments that seemed to last forever were also extremely intimidating.

But, despite it all, my dream came true. In August 2007 I bought my first place.

the messy kitchen that I bought

the messy kitchen that I bought

the messy sleeping area pre-renovation

the messy sleeping area pre-renovation

When I bought it I looked at it like an investment, a necessary step to get me to the next place in my investment goals. I planned on living in my place for 2.5 or 3 years, and then I would sell it – and hopefully make a big, fat profit – or I would rent it out while it continued to increase in value.

making improvements to the apt

making improvements to the apt

Two and a half years later I decided I would list it, and prey for the best.

So, in the beginning of December I put my place on the market. While the real estate market may be suffering in most of North America, things are not so bad in Toronto. Actually they are pretty good. I wanted to make sure that I didn’t miss out this opportunity to make money off the sale of my apartment. What if things fell sharply in the Spring? What if the new buildings in my neighbourhood – set for construction to be completed in Spring 2010 – were more appealing than my 3 year old condo? What if the economy slipped into more of a recession and nobody was buying?

I didn’t feel comfortable with waiting it out until the Spring market, so I listed it.

Thank my lucky stars it sold in one week!!!

At the end of January I will be closing the sale of my condo and moving into my fiancé’s place.

And, I have to say, buying my condo was THE BEST INVESTMENT I’ve ever made.

I made 275% return on my initial investment!

I think I might just try this again…

There are 5 comments

  • […] think, and can often reap some hefty rewards. If you’re not convinced check out this story here. It’s true that there is some risk associated, and there are no guarantees, but like any risk […]

  • Nelia says:

    That’s awesome- congrats. Was it wasy letting go? I’ll be listing mine early spring but am soooo going to miss it. I guess the blow won’t be so bad if I rake it in like you.

    • admin says:

      Hi Nelia,
      It was easier letting go than I thought it would be! But also, when I bought it I always looked at it from an investment persepctive. That makes it much easier to move to the next step.
      Thanks for the comment!

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