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Toronto Couple Become Overnight Millionaires by Selling Their Queen West Home
March 31, 2017
Toronto Couple Become Overnight Millionaires by Selling Their Queen West Home
Purchased for $502K in 2007, this Victorian-era home was recently listed for $1.48M to allow its current owners to relocate to the Maritimes to be closer to family. Thanks to Toronto's hot housing market, the three bedroom, two washroom house sold over asking for $1,512,000 — more than triple what they paid for it a decade earlier. Suddenly millionaires, the couple reveal how they managed to turn their first-time home purchase into early retirement.
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How it All Began
1/14How it All Began
1/14Photo Credit: Kate WatsonSource: katewatson.com
"We moved into our house in June 2007," explains the couple. "It was listed for $419,000 and we paid $502,000—$83,000 over asking. People thought we were crazy! My mother walked through the house on one of our visits before we took ownership and just started to cry. She was not impressed."Real EstateToronto Couple Become Overnight Millionaires by Selling Their Queen West HomeHow it All Began
PHOTO 1 of 14READ LESS -"We moved into our house in June 2007," explains the couple. "It was listed for $419,000 and we paid $502,000—$83,000 over asking. People thought we were crazy! My mother walked through the house on one of our visits before we took ownership and just started to cry. She was not impressed."Photo Credit: Kate WatsonSource: katewatson.com
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Why They Chose This House
2/14Why They Chose This House
2/14Photo Credit: Kate WatsonSource: katewatson.com
"There were two things that were important to me when we were searching for a house," notes one of the owners. "The first was location. When I moved to Toronto in 1999, I lived in the Beaches. It was fine, but I had some friends that lived in the west end and I loved the vibe of the neighbourhood."Real EstateToronto Couple Become Overnight Millionaires by Selling Their Queen West HomeWhy They Chose This House
PHOTO 2 of 14READ LESS -"There were two things that were important to me when we were searching for a house," notes one of the owners. "The first was location. When I moved to Toronto in 1999, I lived in the Beaches. It was fine, but I had some friends that lived in the west end and I loved the vibe of the neighbourhood."Photo Credit: Kate WatsonSource: katewatson.com
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Why They Chose This House
3/14Why They Chose This House
3/14Photo Credit: Kate WatsonSource: katewatson.com
"...the second must-have was a detached house. At the time, we couldn’t understand how anyone would spend upwards of $400,000 on a house that was attached to another one. We searched for several months and ended up with our house on Cross Street in Beaconsfield Village."Real EstateToronto Couple Become Overnight Millionaires by Selling Their Queen West HomeWhy They Chose This House
PHOTO 3 of 14READ LESS -"...the second must-have was a detached house. At the time, we couldn’t understand how anyone would spend upwards of $400,000 on a house that was attached to another one. We searched for several months and ended up with our house on Cross Street in Beaconsfield Village."Photo Credit: Kate WatsonSource: katewatson.com
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The Renos
4/14The Renos
4/14Photo Credit: Kate WatsonSource: katewatson.com
"As soon as we got the keys, we hired a contractor to gut the place and open it up. The family that lived there before us had owned the place for nearly 50 years so it was quite dated. We put in new hardwood floors, tore down the walls in the dining and living room and created an open concept front area."Real EstateToronto Couple Become Overnight Millionaires by Selling Their Queen West HomeThe Renos
PHOTO 4 of 14READ LESS -"As soon as we got the keys, we hired a contractor to gut the place and open it up. The family that lived there before us had owned the place for nearly 50 years so it was quite dated. We put in new hardwood floors, tore down the walls in the dining and living room and created an open concept front area."Photo Credit: Kate WatsonSource: katewatson.com
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The Renos
5/14The Renos
5/14Photo Credit: Kate WatsonSource: katewatson.com
"We also upgraded the garage with a new concrete floor and installed an automatic door. We fenced in the backyard, built a deck and walkway to the garage and did some simple landscaping. A few years later, we renovated the kitchen with a local artist and carpenter. The house has pretty much been completely renovated over the last 10 years."Real EstateToronto Couple Become Overnight Millionaires by Selling Their Queen West HomeThe Renos
PHOTO 5 of 14READ LESS -"We also upgraded the garage with a new concrete floor and installed an automatic door. We fenced in the backyard, built a deck and walkway to the garage and did some simple landscaping. A few years later, we renovated the kitchen with a local artist and carpenter. The house has pretty much been completely renovated over the last 10 years."Photo Credit: Kate WatsonSource: katewatson.com
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Why Sell Now?
6/14Why Sell Now?
6/14Photo Credit: Kate WatsonSource: katewatson.com
"We’re still super nervous about selling our house and uprooting our family," he says. "We both have amazing jobs, friends and our daughter has a fantastic school that's basically across the street!"Real EstateToronto Couple Become Overnight Millionaires by Selling Their Queen West HomeWhy Sell Now?
PHOTO 6 of 14READ LESS -"We’re still super nervous about selling our house and uprooting our family," he says. "We both have amazing jobs, friends and our daughter has a fantastic school that's basically across the street!"Photo Credit: Kate WatsonSource: katewatson.com
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Why Sell Now?
7/14Why Sell Now?
7/14Photo Credit: Kate WatsonSource: katewatson.com
"When our caregiver could no longer help out with after-school childcare or dog walking, we started to seriously discuss selling the house and moving to the east coast. We had always toyed with the idea of moving to the Maritimes, where most of my family still lives."Real EstateToronto Couple Become Overnight Millionaires by Selling Their Queen West HomeWhy Sell Now?
PHOTO 7 of 14READ LESS -"When our caregiver could no longer help out with after-school childcare or dog walking, we started to seriously discuss selling the house and moving to the east coast. We had always toyed with the idea of moving to the Maritimes, where most of my family still lives."Photo Credit: Kate WatsonSource: katewatson.com
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On Becoming Instant Millionaires
8/14On Becoming Instant Millionaires
8/14Photo Credit: Kate WatsonSource: katewatson.com
"When we started exploring the current value of our house, we realized the idea wasn't as crazy as we initially thought. We reached out to five real estate agents to discuss the market value of our house. We were floored when they all told us our house could easily go for $1.5 to $2 million!"Real EstateToronto Couple Become Overnight Millionaires by Selling Their Queen West HomeOn Becoming Instant Millionaires
PHOTO 8 of 14READ LESS -"When we started exploring the current value of our house, we realized the idea wasn't as crazy as we initially thought. We reached out to five real estate agents to discuss the market value of our house. We were floored when they all told us our house could easily go for $1.5 to $2 million!"Photo Credit: Kate WatsonSource: katewatson.com
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Millionaires Overnight
9/14Millionaires Overnight
9/14Photo Credit: Kate WatsonSource: katewatson.com
"All of a sudden, this wasn’t just a plan to move—it was turning into an early retirement!" he reveals. "We realized that if we sold at this price, we could completely pay off our debt and still be millionaires. We could buy a new house outright on the east coast and live comfortably from interest and other investments."Real EstateToronto Couple Become Overnight Millionaires by Selling Their Queen West HomeMillionaires Overnight
PHOTO 9 of 14READ LESS -"All of a sudden, this wasn’t just a plan to move—it was turning into an early retirement!" he reveals. "We realized that if we sold at this price, we could completely pay off our debt and still be millionaires. We could buy a new house outright on the east coast and live comfortably from interest and other investments."Photo Credit: Kate WatsonSource: katewatson.com
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Where They Plan to Go
10/14Where They Plan to Go
10/14Photo Credit: Kate WatsonSource: katewatson.com
"The types of houses we are looking at in New Brunswick are in the range of $250,000 to $300,000 and they are gorgeous—fully detached, large lots close to downtown with loads of character, big backyards and garages."Real EstateToronto Couple Become Overnight Millionaires by Selling Their Queen West HomeWhere They Plan to Go
PHOTO 10 of 14READ LESS -"The types of houses we are looking at in New Brunswick are in the range of $250,000 to $300,000 and they are gorgeous—fully detached, large lots close to downtown with loads of character, big backyards and garages."Photo Credit: Kate WatsonSource: katewatson.com
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Tips for Selling a House in Toronto
11/14Tips for Selling a House in Toronto
11/14Photo Credit: Kate WatsonSource: katewatson.com
"I would first say to interview as many real estate agents as possible. Ask them what they think your house is worth and what could be done to maximize the value. Check out their references and websites as well. This is likely the most significant investment and transaction of your life so don't go with your second cousin that just got their license!"Real EstateToronto Couple Become Overnight Millionaires by Selling Their Queen West HomeTips for Selling a House in Toronto
PHOTO 11 of 14READ LESS -"I would first say to interview as many real estate agents as possible. Ask them what they think your house is worth and what could be done to maximize the value. Check out their references and websites as well. This is likely the most significant investment and transaction of your life so don't go with your second cousin that just got their license!"Photo Credit: Kate WatsonSource: katewatson.com
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Tips for Selling a House in Toronto
12/14Tips for Selling a House in Toronto
12/14Photo Credit: Kate WatsonSource: katewatson.com
"To prepare for our sale, we hired a painter to paint the entire house. There is nothing better than a professional paint job to make your home feel fresh! We also hired a handyman to thoroughly inspect the house and fix any small issues like loose doorknobs and leaky faucets. Major renovations can be risky, as they are not often delivered on time and budget, but keep in mind that anything in your eye line as you walk through the house has to function and look great!"Real EstateToronto Couple Become Overnight Millionaires by Selling Their Queen West HomeTips for Selling a House in Toronto
PHOTO 12 of 14READ LESS -"To prepare for our sale, we hired a painter to paint the entire house. There is nothing better than a professional paint job to make your home feel fresh! We also hired a handyman to thoroughly inspect the house and fix any small issues like loose doorknobs and leaky faucets. Major renovations can be risky, as they are not often delivered on time and budget, but keep in mind that anything in your eye line as you walk through the house has to function and look great!"Photo Credit: Kate WatsonSource: katewatson.com
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Tips for Selling a House in Toronto
13/14Tips for Selling a House in Toronto
13/14Photo Credit: Kate WatsonSource: katewatson.com
"Once the painting and minor repairs were complete, we had the house professionally cleaned from top to bottom and had it staged for presentation. Many real estate agents now offer staging as a part of their service. Good staging can dramatically increase the appeal of your home so look through your agent’s portfolio and past listings to make sure they are skilled in this area."Real EstateToronto Couple Become Overnight Millionaires by Selling Their Queen West HomeTips for Selling a House in Toronto
PHOTO 13 of 14READ LESS -"Once the painting and minor repairs were complete, we had the house professionally cleaned from top to bottom and had it staged for presentation. Many real estate agents now offer staging as a part of their service. Good staging can dramatically increase the appeal of your home so look through your agent’s portfolio and past listings to make sure they are skilled in this area."Photo Credit: Kate WatsonSource: katewatson.com
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Where to Buy a House in Canada Now
14/14Where to Buy a House in Canada Now
14/14Photo Credit: Pexels.com
If you're thinking about selling and moving across the country too, then check out this feature on <a href="http://www.hgtv.ca/real-estate/photos/where-to-buy-a-house-in-canada-right-now-1894346/" target="_blank">Where to Buy a House in Canada Right Now</a> for some good starting points.Real EstateToronto Couple Become Overnight Millionaires by Selling Their Queen West HomeWhere to Buy a House in Canada Now
PHOTO 14 of 14READ LESS -If you're thinking about selling and moving across the country too, then check out this feature on <a href="http://www.hgtv.ca/real-estate/photos/where-to-buy-a-house-in-canada-right-now-1894346/" target="_blank">Where to Buy a House in Canada Right Now</a> for some good starting points.Photo Credit: Pexels.com
