We sold our house earlier than our actual financial independence date. This was because we wanted to give ourselves plenty of time in order to get the best value from the sale. So the plan was that when we sold, we would rent a temporary home until we are ready to pull the trigger and quit our jobs. As of August 1st we needed a new place to stay. The timing was actually pretty good. Since all rentals needed a one year lease so we are only tied to a lease until August 2018. July or August 2018 is our tentative date to stop working and move to our downsized mortgage free home in our hometown. This would be just ahead of my 30th birthday and our oldest child’s first day of school.
At first we were looking at townhouses and some detached homes to rent in the 1,600 – 2000 sq. ft. range. This would have been a slight downsize. Then we had a realization that we could do better than that. A month ago our kids (age 1 and 3) started sleeping in the same room and they love it. We started looking at primarily 2 bedroom condos in the 900-1,300 sq. ft. range.
We ended up settling on the higher end of the 2 bedroom market and rented a 1,250 sq. ft. 2 bedroom condo. It’s modern, clean and we have access to a large main floor balcony so the kids can still play outside and we can store our bikes and trailer. Additionally, this condo is walking distance to every store and our monthly expense will drop significantly. Rent will be $1,400 (compared to our current mortgage of $1,525 and property taxes of $390). Our utilities expenses will all be about 2/3 of what we currently pay. Insurance will drop from $550/year to $160/year. Overall expenses will go down about $700/month. This is really just a cash flow savings, because we were paying about $700-800/month on mortgage principal. So we are breaking even from a wealth standpoint.
In preparation for the move to our temporary home we got rid of all the excess in our existing house. We got rid of two spare beds, two couches and a large dining set. Then we bought one sofa bed couch which will also serve as our spare bed for company and a much smaller dining table once we move. We got rid of our last remaining TV and TV stand. This was a 55″ TV that we used maybe twice a year when guests came over. We are happy with our decision to no longer have a TV in our household. Finally we also went through all our rooms and have accumulated over 12 boxes of household items that we don’t need and will be selling/giving away.
Once all packed we only had approximately half of a garage full of stuff left to move for a family of 4! We only needed to rent a small U-Haul van for a few hours to make a few trips to the new home which was only 3 km away.
We are all settled in our new place and we love our temporary home. There is no yard maintenance and we have a lot less to clean. There are still at least 3 parks within walking distance and can walk to do our groceries.
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