I wanted to have a more precise idea of how much we could sell our 2 other triplex stories. That way, we know what’s the maximum price we should pay for a property in order to have enough money for the whole project. From doing this exercise, I realized that although we’d pay more in a trendy neighbourhood (let’s say La Petite-Patrie or Le Plateau Mont-Royal), the people living there would value more a LEED-certified building. Therefore, by searching for a place in these areas, we would have a better profit and more means to build something a little more upscale and ecological. Plus, this is where the heart of Montreal is, with our friends, yoga studio, favorite restaurants, alternative schools, etc. – that’s where we secretly really want to live.
But we hadn’t seen anything for sale in that area that matched our search criteria (a sunny yard and a total area of at least 2000 square feet). We had asked our real estate agent to show us every property we could afford with our mortgage (of 400k!). But one thing we hadn’t considered was that with partners, we could split those costs. So we raised our ceiling to 475k and BAM! Two hundred more properties showed up! Many of them were in these beautiful boroughs.
We totally underestimated the property market in Montreal. Our land will be expensive & we’ll be worth more than we thought too. It’s becoming a bigger game for us, bigger than us. It’s a little nerve-wracking but also very inspiring.
We’re ready for this. Our ads for advertising our project will be ready in less than a week, just in time for when we’ll go visit the National Home Show. This website will also be ready at the same time to provide more information on the buying process.
I’m happy the way things are unfolding. I hadn’t imagine things to have this span, but we’re welcoming it arms wide open and we’re very excited about where this is taking us!