RE: Retirement - The Rug Has Been Pulled
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I don't plan to sell my mortgage free home, it is a home for my family as I see it and functions as a stabilizing foundation for my kids. It does have a legal Rental suite that I am currently a passive income from so I can write off a portion of my property, utility taxes and fees.
I remember an older Boomer friend who sank a lot of cash into her RRSP/IRA and how the 2008 crash wiped out half of her equity. I happened to configure my retirement savings into a defensive posture. She begged me for advice, I did take a look at her portfolio and I told her to be patient for about a year and it will recover. And it did recover only that she panicked and sold out before it did. 🙄 She could not stomach her portfolio's volatility and shouldn't have been in them to begin with. I believe her Advisor sold her the wrong Investments.
Time to pop some corn 🌽
Sounds like you are in a good position.
What i was complaining about is the average boomer, that i see, is in a 5 br, two story house, and the kids are gone. No rental suite, and an HOA.
And they tell me that they are sitting pretty because they have so much equity.
Homes are not liquid.
Anyway, single detached home values pushed a lot of people into condos, shoe boxes more like it, owners got soaked as most condos were not up to snuff in leaky water issues that became endemic in the whole industry. Now today, sales and prices are falling through the floor. Condo owners are rug pulled again in negative equity.
Thousands of unsold units remain, with more flooding the market.
Construction companies are going bankrupt.
I'm kind of keeping an eye out for a deal and getting a second revenue rental.
My home is actually a 5 BR two floor in the burbs well outside Vancouver.
I rent my lower floor out.
!LOL
That is neat that you were able to split the house floor by floor.
Most floor plans would never allow it.
But really, they should all be that way.
Having 5 bedrooms after the kids leave is silly, unless you have hobbies, like collecting yarn… i mean, knitting.