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March 3, 2018
How To Downsize Your Home Correctly?
April 4, 2018

Jessica and Greg – Downsize Success Story

Jessica and Greg were ready to downsize! In 1990 they moved to Kelowna to afford a home to raise their 3 children. After 28 years in Kelowna they were ready to downsize and move back to Port Moody where their 2 daughters, Lily and Wendy, were already living and raising their own families. The catch! Their son remained in Kelowna with his expecting wife. Jessica wanted to be around to help Judge and his wife with the newborn in the summer months, but Greg was sick of the endless snow and wanted to spend winters in Port Moody.

Greg and Jessica had a lot of “wants”. They want 2 properties. They want both properties to allow visitors and pets. They don’t want to pay high strata fees and they want the sale of their family home to accommodate both properties after their reverse mortgage was resolved. Plus, they wanted to rent the properties when they aren’t using them.

Here’s how I helped them:

First, we ranked the wants separately to calibrate their individual priorities. Luckily, with this couple, there were only 2 items that weren’t in sync- rentals and pets. Next, we needed an honest financial profile and a honest perspective of the market.

Finding a rental restriction-free property in Kelowna was the first hurdle (I worked with a very well established and knowledgeable colleague that specializes in vacation investment properties in Kelowna). These well-maintained vacation style townhouses come with lofty strata fees, though it offers unlimited rentals and a property management company that will handle rentals for the strata owners. Port Moody was a challenge, but this is my turf!

I pre-screened every property that suited their situation. We brought in a financial wizard that has worked with me and the couple in the past, and we found a property that afforded the lifestyle they wanted without compromising location. The couple did have to give up on a townhouse, but the condo they fell in love with was worth it. Simply, they had a budget and we had to honour it. Once we decided that a vacation townhouse the entire family could enjoy (especially the grandbabies) was a better place to pack in the dollars, the condo decision fell in to place. It was an absolute stunner with no pet or rental restrictions! Yes! The skytrain was a brisk walk away and there was even an Irish Pub nearby.

I like to share this story because, Jessica and Greg didn’t get exactly what they thought they wanted. When we got down to the meat of the wants it was clear- They wanted family, and they got it. The couple got a beautiful Kelowna property a short walk to the lake, a condo in Port Moody that is convenient for their daughters to stop by, and a stress-free future with financial stability.

I like to share this special example because real estate isn’t always about the biggest and the fanciest properties. It’s about life. Thank you, Jessica and Greg, for letting me share your story!

The sale of their family home- In order to provide the funds they needed, we applied for the property to be rezoned for development and were approved. This move prior to listing the property, paired with target marketing turned out to be a winning strategy.

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