Lately, I have been thinking about something that has long been on my list of things to do - live on a boat. This past winter in Toronto has not been particularly pleasant, and like millions of my fellow Canadians, can;t wait for it to end. However, the annual ritual of having to endure through a winter does not appeal to my sensibilities. Why do something that you don't like? Sure, there are 'snowbirds' - those retirees that live in Canada for 6-9 months of the year, and as the name suggests, fly south to warmer climates when the first blast of arctic air arrive. Compared to most people in this category, I am, at 45 years old, about 10-20 years too young.
What has been exciting is my search for a boat large enough for me to live comfortably without getting claustrophobic, yet small enough that marina fees and other associated costs do not make this experiment prohibitively expensive. This is an extremely good time to look for a used boat, with many owners being unable to afford their 'toys' and liquidating at below normal market value prices.
I am hoping that it is also an opportune time to rent out a condo, as more people either cannot afford to buy a home or decide to delay a potential purchase with expectations that the prices will continue to fall for another 6 to 12 months. With many workers fearful of losing their jobs, they are renting rather than committing themselves to the largest purchase of their lives at a particularly volatile economic environment.
Also, the prospect of me renting out my condo, either for the full year or half a year, has me already evaluating everything that I own. To that end, I have already started purging my things, and it is very interesting how I have started to look at all my possessions with a critical eye, and begun to sell them. Many things that I have carted with me for close to twenty years, now do not look as valuable to me anymore.
I have been very successful in getting rid of things on free classifieds on the internet such as Craigslist and Kijiji. Having been a successful eBay seller, I have a fairly good knowledge of how to ascertain fair pricing, and my sales to date have proven that the public find my items to be attractively priced. Through eBay, the auction waiting times, commissions saved and hassles of shipping have now been eliminated. As a fair number of things that I have been selling has been large and heavy, it would've been impractical to list it on eBay anyway. The prices that I am getting are better than I would be able to get selling them at a yard sale, where many things are sold for only a few dollars. In this economic environment, I'm finding more and more people buying used items on Craigslist and Kijiji. I am quite amazed at what people are willing to buy and the distances they will travel to get a good deal.
The one thing that I am really looking forward to, is simplifying my possessions, as well as the excitement of planning my first long-term winter getaway. I foresee that, in a few years, I will be able to live 6 months in Canada, and the other 6 months in a tropical country with a low cost of living such as Mexico, Belize, Costa Rica, India, Thailand or Indonesia. Right now, I know that I will miss my family and friends, as well as I would like to continue to do some work while I am still young. Hopefully, this weaning process will not take too long.
Should I find the tropical paradise that I seek, I can consider a purchase of a property when real estate markets are hurting, and when the US dollar is quite high against most currencies.
The way I look at it, I am still invested in the real state market, and will earn a positive (and maximize) net return on my investment, I will minimize my expenses and get the chance to travel in search of my winter home. Will keep you posted.
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