Good News.. for me

When I decided to migrate to Canada, I was hoping for a better life for my children.
I can still remember the anxious wait for the postman after I submitted all the paperwork, who was to deliver the official letter from the embassy.
Counting down the days..
Rechecking my copy of the application forms over and over to see if I made any mistake..
And finally receiving the letter from the embassy, telling me that I got the PR..
I felt I was walking on cloud..that I managed to get the coveted PR status..

I had everything planned..
Sell the Condo, keep half the money as FD and use the other half for the initial expenses, till I find a job.
Then I made the biggest mistake. When I was asked by the real estate agent why I wanted to sell the condo, I told him the truth..that I was going to Canada.
Suddenly my condo lost its value from $350/sq feet to $200/sq feet.
I should have known that  such a drastic drop was bound to happen. The same thing happened to my grand aunt and her family when they migrated to Australia in the 80′s. They were desperate to sell and every buyer in Kuantan ( her home town) knew that. My grand aunt lost almost 100K.

I couldn’t bring myself to sell at a loss, even if it meant that I was going to struggle.

Struggle I did, with three kids, no job and living in a basement suite, and earning money from catering.. all the while owning a beautiful condo in the middle of golden triangle.
I couldn’t even rent the place, because I needed someone to help me to deal with the rental agencies in my absence and none of my sisters or cousins were willing to waste their precious time. After  arriving in Canada and not getting any job, I was desperate to sell the apt and placed ads in the Malaysian paper. A prospective buyer wanted to see the unit and I asked my cousin if she would help me. ( she had my house key). The buyer was 30 minutes late and she wrote a 10 page email telling my why she wouldn’t be able to show the unit to any other prospective buyers, She made it sound that somehow it was my fault that the buyer was late !! In all fairness I do understand she is busy and has her own life to live and I was imposing on her. But it still felt horrible..the fact that I really have only me to deal with all the ups and downs in my life..
There were so many times I wanted to pack up my bags and go back to Malaysia.
There were so many times I regretted not selling the Condo even if I lost some money. Some money was better than no money..

Last trip to Malaysia, I found an agent who is willing to do all the works involved in renting the place in my absence. He charges me $ 120/month as his service charge and deducts it from the rent.
Yesterday I got a mail from him telling me that a someone  is very much interested in buying my unit and asked me if I would like to sell the unit ( $450/sq feet) !!

Suddenly it felt so good that I didn’t give up when I had to face all those struggles..
All those days, I had to stand in the rain, shivering in the cold, holding three kids and a heavy bag ( three skates and three helmets) and waiting for the bus.
All those days, my children had to wait for the movie to come to our local “cheap” theater because I didn’t have money to take them to IMAX

And no, I am not selling..

4 thoughts on “Good News.. for me

  1. Jina: It is a golden goose.( when a buyer approaches you, then you know he sees a potential!!)
    Right now the rental returns work out to be 8.2% of the value of the property. If I sell now and deposit the money in FD, the max I get in Aus is 6% and I will hv to pay tax on the interest.
    Only Brazil and India has higher interest rates.
    India gives better returns if I convert the money to rupees and keep it as FD ( 10%), but I will end up loosing a lot when I convert back to AUD.
    When I go back to Malaysia (eventually), I will have money in the bank( rent I am getting now) and a home to stay. That is why I am not selling.

  2. That makes sense.And if its in a good area, I guess it will always be an appreciative asset. Sometimes, price of a sacrifice ends up giving greater returns.
    But how ironic-Now that you dont need the money–you are getting the chance to sell it. Life is crazy.

  3. Jina: it is within KL golden triangle and the value will appreciate.
    I would have settled for a fraction of the current offer price..when I had no money to buy winter boots for my children and had to resort to finding stuff on craig's list..and now I am not interested in selling, I have offers.
    Ironic eh?

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