Buying A House For Cash

Buying A House For Cash

Buying A House For Cash

Sounds counterintuitive doesn’t it? And yet, 5 years into our mortgage it seems like it might just work. My husband and I, both young urban professionals lived in a small apartment in the ‘Little Italy’ area of Toronto, Canada. We travelled, we ate out, we went to see undiscovered indie bands at local juke joint, Lee’s Palace. For the most part, we enjoyed our rather bohemian existence… until I found out I was pregnant.

This is not remarkable, most couples reevaluate their priorities when unexpectedly expecting. We decided we needed to own a house, we decided we needed to buy a car (local transit just wasn’t going to cut it with a stroller) and essentially, we decided we needed to grow up. With these brave new decisions came the need to reevaluate our finances, and most urgently to get out of debt.

After looking at several semi-detached homes in the neighbourhood at around the 750K mark, we soon realized there was no way we’d be able to purchase anything but a condo in the core. So when my husband’s downtown insurance firm decided not to renew their lease and offered us a handsome compensation package to relocate to the nearby Waterloo region - a smaller, less expensive city - we decided this was our only chance to buy a home.