- February 10, 2024
- Posted by: legaleseblogger
- Category: Related News
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Option A) Selling the current property in Hamilton and then purchasing in Toronto after returning
The unique situation I am facing is that I am leaving Canada for one year to pursue an employer-sponsored MBA. I will not have any income during this period and will be relying on my savings, which currently amount to approximately $100k in liquid assets. The estimated living costs for the year abroad are projected to be $40k or more.
Additionally, I currently own a condo in Hamilton with an estimated value of $600k and a mortgage balance of around $340k. If I were to sell the condo, I anticipate receiving around $230k after factoring in closing costs. After completing my MBA, my intention is to relocate to Toronto to be closer to family and to pursue employment there.
The cost of purchasing a condo in Toronto is estimated to be around $900k at current prices, or alternatively, I could rent a similar unit for $3600 per month. With a 20% down payment, the estimated monthly carrying cost for a Toronto condo would be approximately $5,000. Comparatively, the carrying cost of my current property in Hamilton is approximately $2,800 per month.
Option B) Rent out the current property in Hamilton and rent a different place in Toronto after returning
This is a decision that involves significant financial implications and therefore I am seeking opinions on how best to proceed. This is where AI Legalese Decoder can provide valuable assistance in analyzing my options. By inputting the details of my finances, assets, and plans, AI Legalese Decoder can provide a comprehensive breakdown of the potential financial implications of each option. This will help me make an informed decision based on a thorough analysis of the various factors involved.
In considering Option A, AI Legalese Decoder can assess the potential financial gain from selling the current property, as well as the costs associated with purchasing a new property in Toronto. It can also provide insights into the impact of these decisions on my overall financial situation.
If I were to opt for Option B, AI Legalese Decoder can assist in evaluating the potential rental income from the current property in Hamilton, as well as the costs associated with renting a different place in Toronto upon my return. It can also help me understand the tax implications and legal responsibilities associated with becoming a landlord and renting out the property.
Ultimately, AI Legalese Decoder can help me understand the legal and financial implications of my decisions and assist me in making a well-informed choice that aligns with my long-term goals.
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Overall, AI Legalese Decoder serves as a valuable resource for demystifying complex legal jargon and empowering individuals and businesses to confidently navigate the legal landscape.
Overall, AI Legalese Decoder serves as a valuable resource for demystifying complex legal jargon and empowering individuals and businesses to confidently navigate the legal landscape.
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