Purchased a new home. Can`t move in. Please advice.

[Senthuran]

Hello,



Last year I bought a new home from the builder in North oshawa. Its a detached 3000 sq ft home and closing date is on September 2015. I started a business outside of the country which picked up very good and I need to be there for atleast 3 more years.



I won't be able to live in the new house after closing. What are the choices I have?



Thanks in advance.



Sen

 

[invst4profit]

Try to get out of the contract or flip it to another buyer before closing.



Otherwise sell after closing and at least be able to come close to break even after closing costs. Renting does not make much sense as the rent would not come close to covering the cost of a home that big and renters in three years would likely do considerable damage to a new property. You could hire a property manager if you chose rental but they would not do anything to protect the condition of the home. Homes like yours are prime targets for professional tenants in Ontario.

Your choices are lose money now or lose money every month, suffer the stress of potential bad tenants and face repairs when you return.

Your best option would be to shed yourself of the aggravation and start new when you return.

 

[Senthuran]

Thanks a lot Greg, Do you thinking talking to the builder and trying to get out of the contract will help? Prices increased by 34k from the date I booked. May be they will take it back from me for the same price booked since prices increased already?

 

[kfort]

Entirely possible they will be open to that. It's in their best interests. If you do something like that be sure to have them sign off on your responsibilities on writing. Everything on paper.