And now the silence

It's been a flurry of activity in the past month -- and it is exactly a month; it was Sunday night, four weeks ago right about now, that Larry brought up his plans to move out that prompted me to get serious about looking for a place to buy. Look at all that's happened since then.

• I started looking at listings.
• I contacted an agent.
• I met the agent.
• I got a mortgage broker.
• I got mortgage pre-approval.
• I got a real estate lawyer.
• I arranged to be shown, and actually viewed, four different places.
• I made a decision based on location, amenities, utilities, transit, and price.
• I made an offer on the place of my choice, and signed off on a counter-offer.
• I withdrew $25,000 from my RRSP and handed over a $5,000 deposit.
• I signed for a mortgage.

Now that is a powerful list when I consider that a month ago, I'd never done any of those things (aside from looking at listings now and then), and now I've actually done all that. And in under a month. Two months from today, if it all goes to plan, I'll be handed the key.

Two months. That's the problem. There's been all this activity. Scores of daily emails. Now, it's largely down to a couple of routine chores for the lawyer (title search, title insurance), and a long wait. If the closing were now, it would seem real. But there's no tangible result for me. I've done all this, and now... nothing. Silence. My pros are off doing other things, at least for now, and I sit here looking around, trying to think what I have to throw out, and how long before I really need to get serious about doing that. But otherwise, it's just business as usual. Despite all that.

Of course, once mid-May rolls around and there are all those last-minute things to do involving the closing, that'll change. And then there'll be June where I'm living here, owning there, and hauling the small stuff over on my own a little at a time each evening after work, and getting the feel of the place before my friends help me move the big stuff, and I say good-bye to this place after eleven years that have taken me from a young man to a middle aged one. But, just for now, it's been a whole lot of crescendo without a climax at the end. Just... silence, now. Two months is a long time to wait for the cymbals.

The joys of home ownership

I’m still over two months away from moving the first box, and it begins already.

Tuesday my agent got the building’s status report and passed it along to my lawyer, and I heard from him yesterday. There were a couple of things I didn’t like.

First, the condo fees are good for this year, but are estimated to do up about $70 a month next year, apparently to rebuild the contingency fund, because they’re spending $2 million working on the parking garages, 2009-2012. I already thought the fees were high, and this takes them to all the more rarefied air heights. I think I can manage it, but I sure hope they come down a little once the fund’s rebuilt.

Secondly was this stuff about parking spaces. Some homeowners would have to move spots. Some, apparently, would even have to “make other arrangements at their own expense”. This was extremely vague. Bad enough if it meant I’d have to rent a spot somewhere while paying condo fees… but what if it implied a reduction in spots and that I potentially lost my parking spot? Neither one of those agreed with me, especially the idea of the latter, which for me was a definite deal-breaker. Anyway, it was cleared up by my lawyer: the work in the vicinity of my spot was already done, so it’s not an issue in either case. But it’s funny how focused you get when real money’s on the line. This wasn’t something where I figured I’d just cross my fingers and trust my luck – this was something I told the lawyer “I need to know, not guess.”

Oddly enough, I’m still looking forward to this and I really want it all to come together.

More milestones

Well, today it's official. I've got a mortgage. I was in to see DD today and it's all signed off. I've declined the life insurance -- anyone who survives me can sell the place and pocket whatever equity's in it; I won't care -- but I've signed on for insurance in case anything happens to me that I survive... injury, illness, job loss. It's $74 a month or so but it's also some piece of mind.

Also today my agent, SC, was sent the assessment from the building, which he dropped off with the lawyer, NW. I've been told NW will likely contact me tomorrow about his findings. Hopefully everything's okay. I'd hate to have to start all this rolling again for some other place now. I've kind of emotionally invested myself in the new location and what it means for my lifestyle and transit. I expect it'll be fine, though.

Naturally when I was out with P-Doug on the weekend we got talking about it all. He suggested rather than trying to do everything in just four days at the end of May, why not rent the place one more month and use June to move things over? June will be paid for here as last month's rent, and I'll make my first mortgage payment June 10th, so there's no overlap. It does mean another month's rent out of my pocket instead of into savings, but the sanity-saver of four more weeks (if I need them) to transition seems worth it.

It's hard to imagine walking out of this place and locking the door behind me for the last time, after ten years. Though I've only rented it, this is the first place that was ever really "mine", and when I look around, I see myself. It fits like an old shoe. I'll miss it. But I'm still looking forward to having something that really is mine.

Fall On Me

This is one of my favourite songs ever. I don't know what inspired me to look it up this evening but I did. I remember seeing this video years ago, back when I was in high school, I think, and running out to buy the album on the basis of hearing it just that once (couldn't get the song on a 45).

The song has a new poignancy just lately; the lines "buy the sky and sell the sky and bleed the sky" bring to mind my ongoing purchase of a condo apartment several hundred feet up in the air. In a way, it does seem like a rather unnatural, highly presumptuous thing to do.

Changes

When I got off the bus this morning near work, I became aware of this strange new sense I had of the city. I’ve lived in Toronto-proper (as opposed to “Greater Toronto”) for nearly 11 years now. For all that time, I’ve been renting. I would have told you before that there’s no difference between owning and renting in terms of how you view the place you live, but this morning I felt it.

Admittedly, I’m not there yet, but I’m on the verge of home ownership. A few more things have to happen and then it’s official. But so much, so many big important steps have been accomplished, that I’ve started thinking in a new way. So while I was walking, and glancing up at the skyscrapers, I suddenly had a very real sense of attachment to the city. I’m in the process of putting down definite roots here. I have a stake in the place I can’t just pull up at a moment’s notice and float away to somewhere else from. There’s gravity and some permanence to what I’m doing now. I’m going to own some little part of Toronto, and all the infrastructure that accrues to it, instead of just borrowing it month to month from someone else. Like I said, I wouldn’t have believed there’d be a difference. Home is home. But I’m beginning to sense that there is. It’s a small, but real, revelation. It’s empowering. I wonder if, and how, it will change my outlook. I just hope it doesn’t prompt me to become some conservative old curmudgeon.

I like being a liberal old curmudgeon, thank you very much. :)

Like old times

I worked late this evening to try and get ahead on some stuff; took the bus home just to see what it was like. Might be interesting to start taking it home and walking up my street. I might even take it to work, catching the route, 85, at Don Mills Station. Might give that a whirl tomorrow morning and see what I think.

Anyway, I got home about quarter after six. I had plans of roaming to my new neighbourhood to see what's in the little plaza across the street. I started supper (now half-cooked in the fridge), and I was just going down the hall to see if I could interested Larry in the drive when I met him on his way out to see friends. But they really weren't expecting him till later, so to my surprise he agreed to come with me.

We were driving down our street and turning to take a side road to Don Mills Road, and he was talking about how they make fun of Justin Bieber songs at work. We both burst into peals of laughter when he brought up a Justin Bieber "Never Say Never" poster and joked about changing it to "Justin Bieber: Never Say Beaver". He went on to suggest "Never See Beaver", but he said "you just know he's getting laid". It was hilarious. It made me feel like old times. It's not that we don't have a laugh around here every so often... it's just it had that feeling of 'before' about it... back when I'd see him a few times a month instead of every day. It made me a little wistful.

So, we got to the plaza, and saw what was there. Not all that much of use to me, but it does have a drug store and a discount grocery store about five minutes from my front door, so I'm not complaining. But the place has been there since the mid-1960s, and I imagine scores of businesses have been in and out of it over the years. I pointed out my new place to Larry, standing at one end of the plaza; you could just see the unit between another building the steeple of the church. I think I'll always remember that.

Just to have a look, we got back in the car and checked out the larger mall a couple of minutes away. It's got a few more amenities, like a stationery store and liquor store (not much use to me at the moment, but at least I know it's handy). It's about a ten minute walk from my place, and given how busy the parking lot's been every time I've been there, walking is how I'll be going to it, I think. Last Saturday when SC and I were trying to work out an offer for my new place, we tried to get to the Tim Horton's there (it's always Tim Horton's, isn't it?) and we couldn't find a spot! Well, that's not really true; there were a few on the east side, but I figure he thought it was too far to walk. That's how we wound up at the satellite office in the industrial park.

Well, Larry and I had a quick look around the east end of the mall, then bailed and went to Wendy's, bringing the stuff home. As I write this, he's out with his buddies.

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While I'm here I think I'd like to remind myself about Monday, the day I took off work to get some financial ducks in a row. Really, that was out of the way by 11 or so... not long after. I had to get stuff for the cats, so I drove down the 404 to the DVP. Dummmmmb. The interchange southbound at the 401 was, as always, a clusterfuck. I don't know why I keep insisting on trusting my luck with that. It took me about ten minutes to get past it, and I immediately got off the DVP at York Mills Road, my first opportunity to exit, and then headed south down Leslie. Got the cat litter, etc., down on Eglinton, then picked up stuff at Wendy's (yeah, yeah, I eat there a lot... grilled chicken sandwiches and chili, usually), and went home. I worked on my blog here, trying to work up the guts to call the real estate lawyer, and then finally did later in the afternoon. Nothing special... I just wanted to remind myself what I did that day.

Note to self

You don't have to read this if you don't want to. :) This is just me, deciding to make a note of the important dates in the process of buying a place so that I don't forget. I'm already finding the timeline kind of confusing. (Note; March 17th: items in red immediately below are erroneous; see note at end of post.)

February 28, 2011 (Monday) -- Chat with Larry where he reminds me he's moving on. (This was actually Sunday, Feb. 27.)

March 1, 2011 (Tuesday) -- Started looking at listings. (This was actually Monday, Feb. 28.)

March 2, 2011 (Wednesday) -- Contacted SC (now my real estate rep). (This was also Monday, Feb. 28. What follows is correct to the date.) Met with him, along with Larry, at Tim Horton's. Larry opts out of going in on a place. I determine to go ahead on my own.

March 3, 2011 (Thursday) -- Met with SC for first showing, a one-bedroom in the building in which I'm buying. Didn't like it (as explained elsewhere on this blog). Did sign to have SC represent me as eventual purchaser, though (standing in the kitchen of the place I didn't like!).

March 4, 2011 (Friday) -- Contacted DD to be mortgage broker on SC's advice.

March 6, 2011 (Sunday) -- Submitted mortgage application to DD.

March 9, 2011 (Wednesday) -- Informed by DD of mortgage pre-approval.

March 11, 2011 (Friday) -- Go with SC to view three properties. Impressed by first one; not really jazzed by other two.

March 12, 2011 (Saturday) -- Go with SC for second look at first property from night before. We go to one of his company's satellite offices and prepare an offer.

March 13, 2011 (Sunday) -- Seller counter-offers. I agree to price. P-Doug and I meet SC at Tim Horton's and I sign off on the agreement.

March 14, 2011 (Monday) -- I take the day off to go to my branch and withdraw $25,000 from my RRSP. I contact NW on SC's advice to act as my attorney.

March 15, 2011 (Tuesday) -- I get bank draft for $5,000 deposit; give same to SC. Mortgage papers forwarded to me by DD. Discuss same by email with NW and DD; meet DD in person at 4:15 to discuss terms and sign mortgage contract. On returning home, send requested information to DD to satisfy loan terms.

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At this point, I'm waiting to hear about the building assessment from NW. I think that's largely it, until some time in May when the down payment has to be made, and all the closing fees have to be paid.

Closing date is slated for May 27, 2011. First mortgage payment due June 10, 2011... first of about 910. :)

So, like the song says, "hats off to Larry"... he didn't "break her heart", but I guess he got me off my ass.

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N.B. (Thursday, March 17) Okay, see, it's important to do this because I've learned I already have it wrong. Emails I exchanged with SC on Feb. 28th, the Monday, show I was much faster out of the gate, and started looking that day. That means, too, that my chat with Larry that got things rolling happened on Sunday, Feb. 27.

The next steps

The process continues. Yesterday saw me withdraw $5000 from one of my chequing accounts, now flush with the pilfered arm and leg of my RRSP, and hand it over to my rep at lunchtime as a deposit. I was also emailed the mortgage agreement by my broker. That was the most daunting thing so far. It was, not surprisingly, several pages in length. I wasn’t bothered so much by anything actually financial in it; there were few surprises there – it was all the assurances they wanted. Do I really have a job at such-and-such salary, is the property really worth what I’m paying, is it fire insured, do I have the money for the promised down payment… etc., etc. Again, I’m not bothered by the fact they want to know these things, but I was a bit bewildered by the breadth of the requests. How was I to come up with some of this stuff?

As of Monday, after the previous post, I now also have a real estate lawyer; recommended to me, like the broker, by my rep. In email, he explained some of the basics of the agreement, and pointed out the things he’s responsible for providing in due course. That took a load off.

My mortgage broker and I also mutually wanted to meet to discuss the agreement, and as fate would have it, his office is a ten minute walk from where I work. I wandered over there yesterday and we talked for about an hour. That was great. He really cleared up what he needed from me to send to them, and when I got home, I got it together and scanned it and emailed it to him. So, one more thing is signed on and backed with documentation. I even know when the first payment is due. At this point, there isn’t a lot left; it’s mostly stuff the lawyer handles now. Then the closing costs, the transfer of title at the end of May. Then the real hard part: actually packing stuff up and moving. I’m glad there’s still over two months.

I also took the bus home along Sheppard Avenue for the first time yesterday, as I was smack-dab in the middle between two of the subway stops. I found it, Route 85, reasonably brisk, which was a blessing because by the time I was heading home, I had to pee with an ever-increasing urgency. As a result the ten minute walk home up my street wasn’t as enjoyable as it might otherwise have been. :)

Happened so fast

So, well, Friday I was scheduled to look at three places, and I did. It was the first one I had my eye on. It was gorgeous. Really, it was pretty much everything I was looking for in terms of amenities, location, price. The other two places didn't impress me but the first one did. So, Saturday, we went back and had a second look. I was still impressed. That afternoon, we made an offer.

Yesterday, I was out at a pub with P-Doug waiting for the call from my rep that they'd counter-offered. They came right up the middle of the $5000 difference. So, P-Doug and I paid the bill, took off across town, and we met up with my rep at a Tim Horton's, where I signed. Yeah, I signed a home purchase sitting in a Tim Horton's. How Canadian can you get?

Today I've begged off work so I can go to the bank, open my RRSP, and transfer money out for the deposit cheque and, eventually, the down payment. It all happens at the end of May, which has a nice air of breathing room about it. Anything shorter than about a month would have seemed too abrupt, I admit.

It isn't real to me yet. It hasn't actually sunk in that I won't be living here next summer, but in that nice place I visited a couple of times last week. I can't explain it. I'm not nervous or excited or depressed, or much of anything. I feel good that I've taken this step, but it doesn't seem as momentous as I always imagined it. It just feels like something I needed to do that I put off for years, but finally tackled. Maybe that'll change... but you know what, I hope not. I hope it always feels like this: a simple, mature thing I did that thousands and thousands of other people do every day, that was a responsible thing to do. I don't want to be awed or frightened or cowed or ecstatic about it, because I think they're all overreactions. I like that this feels normal.

A step closer to bank slavery :)

I seem to go through these jags where I blog a lot and then take a break (in other words, long periods where I can’t be arsed). This seems to be one of those stretches where I’m inclined to tap the keyboard.

So anyway, without further ado. Yesterday I heard back from the mortgage broker. I hope it doesn’t sound arrogant to say that I wasn’t really too concerned I’d be turned down flat; my real concern was, being a single guy who’s middle aged now, what would anyone be willing to lend me? Turns out, a lot more than I expected. Now, mind you, the sum is amortized over 35 years, and doesn’t take condo fees into account, but that said, it approaches 300K. I was just hoping the clear the 175K hurdle… that’s the range at which older places that have the room and amenities I could be happy with become possible. I don’t want to spend anything like what they’re ostensibly willing to lend me; I couldn’t pay that off if I lived to be 90. But it’s sure good to know I can make this happen. It’s just figuring out what and how now, I suppose.

There’s a fairly nice town home not far from where I live now that’s for sale. It’s around 200K, and I’m not sure I want to spend that much, but the condo fees are lower than most places in towers (partly because you’re on your own for heat and electricity… but oddly enough, cable and water are inclusive). A couple of things I don’t like about it are that it’s ground level and the parking is surface. Now that I’m taking the subway to work and seeing my car on roughly a weekly, rather than a daily, basis, I’m not sure I want to leave it sitting in the open for a week at a time… that just feels like I’m begging for the thing to be stolen. Besides, I don’t really want to leave it sitting exposed to the weather, either. So much as I love the location, if the place doesn’t make me fall in love with it, it’s already a dubious prospect.

Not too far away are some substantial two-bedroom units near the Scarborough border. They’re between 175K and 185K. They seem to be about the same size as the apartment I’m renting, and the condo fees include pretty much everything but the net and the phone. The bus is right out the front door, goes to Yonge line, from which it’s one stop to work. Alternately another bus takes you to the Sheppard line I’m taking to work now. Either way, a bit longer than the commute I have now, but not that much. Parking’s underground, and no more leaving the apartment do laundry. I’m very much in favour of that. You wouldn’t believe it, but I’ve had about half a dozen t-shirts ripped off over the years. Some people really have no shame at all. Enough of that crap. There’s a supermarket and a drug store literally across the street. These places are top of my list right now. They’re both in the same building. Let’s just say I’m pretty interested.

Anyway, the real estate guy I’m working with is talking about bombing through five places in two hours, probably tomorrow night. I wonder what it’ll be like. Will I see some place I really want and die a little knowing I realistically can’t afford it (no matter what some bank thinks)? Will I hate the places I probably could afford? Or will I maybe be lucky and find a place I can really imagine settling into and loving, and being able to afford at the same time? It’s kind of exciting. I wish I’d done this five or ten years ago, though. Probably couldn’t have ten years ago, but five? Possibly. Wish I hadn’t put it off. Well, I haven’t done it yet, either! And if I don’t see any place I like, I guess I still won’t. Much as I’d like to stop wasting money renting, I don’t want to just grab a place I hate and have to try to unload sometime, somehow.

So there it is. Another milestone. Even if I don’t buy anything, I’ve taken the steps. Someone’s shown me a place. I’ve been pre-approved for a mortgage. I’m actually flirting with home ownership and I’m getting winks and kisses blown back. Nice feeling. But aside from marriage, hard to imagine a more real, grown-up thing to do. That’s still a little scary… though not as scary an idea as it used to be, years ago.

Well, we’ll see.