- September 28, 2023
- Posted by: legaleseblogger
- Category: Related News
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My Family’s Situation and Decision-Making
My family has recently experienced the loss of my father, and my mother is now considering downsizing to a 1-bedroom space. Currently, we own a 4-bedroom family house, which is almost paid off, and we have minimal debt. Although we have some savings for retirement, my mother is hoping to delay using those funds for as long as possible. At present, we have minimal income.
In light of these circumstances, we are currently discussing whether it would be more beneficial to keep the family house and rent it out while finding my mother another rental, such as a condo. Alternatively, we are also considering selling the family house now, purchasing a new condo, and subsequently investing whatever funds are left over.
The next step in our decision-making process involves examining the financial aspects of both options. After researching rental prices, it appears that the family house could potentially be rented out for approximately $3,200 per month, not including leftover utilities. Additionally, we would seek some assistance with property management and minor repairs. On the other hand, 1-bedroom rentals in the desired area are averaging around $2,000 per month. Taking into account real estate market trends, comparable houses like ours are being sold for around $1.2 million, while 1-bedroom condos are priced at approximately $500,000.
This is a complex situation, and we are grateful for any advice from individuals who have gone through a similar experience. In considering our options, we have come across a potential solution: the AI Legalese Decoder. This advanced technology can assist us in making an informed decision by deciphering and simplifying complex legal jargon. By utilizing the AI Legalese Decoder, we can better understand the terms and conditions of rental agreements, property management agreements, and potential legal implications of property ownership or rental.
Overall, with the help of the AI Legalese Decoder and advice from others who have faced similar situations, we aim to make the best decision for my mother’s downsizing plans and our financial future.
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****** just grabbed a
Sell the house. Invest the 1.2M, and withdraw ~$40k a year without touching the principle.
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Should be enough to rent @ 2K/month, plus any other income she may have — none of the landlord headaches.
1) does your mother want to be a landlord?
2) Better off selling and she can buy a nice place or rent a nice place and isave/invest the rest with no headaches.
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Renting out then renting makes no sense.
You shouldn’t be a landlord and have a landlord too. It’s way too much risk.
Your mom’s age is important as is does she have other income. How close are you, can your do maintenance or other for her, and so forth.
You might not get top dollar if you sell now, due to interest rates, but depending on your mom’s age and needs/ habits, that extra amount may or may not matter that much.
The house is part of her retirement savings. DO NOT pretend it isn’t or you’ll make subpar decisions. You need to look holistically at this.
How old is she? how much and what type of savings does she have? RRSP, TFSA or non-registered?
If she downsizes and frees up $700k; she can get $$35k from that every year. Or she can delay that, drawdown RRSP and maximize her lifetime spending.
What makes saving RRSP better than using it now? If she dies, it loses 50% to taxes…that $700k will lose $0 to taxes. How is that good for her? Its always better to withdraw RRSP at lower rates. If you have $700k in RRSP and $700k in nonregistered; those aren’t equal. The RRSP is worth between $3500-550k; 350k if you save it and $550k if you withdraw annually.
Now that you have those questions to answer; I’d lean towards Condo. It locks $500k into principle exemption. Then Max out TFSA and continue to max it out every year for the next decade by transferring money into it.
I would drawdown RRSP now, not later, because it lowers the tax bill and gives her more cash overall to spend throughout her life.
NEVER save RRSP, its meant to be spent. You save TFSA for last. Non-registered gets squished in between those two.
If your mom dont mind i would rent out all thr rooms in the house basement and upper floor she should make enough. Renting a room in gta is about $800 per room. And she can ask someone to shovel the snow or cut grass at little lower rent fee on one of the tenants.