Updated: Oct 13
Welcome back and welcome home!
You may have noticed I’ve started doing some redecorating here. That’s because after a long, long, long intermission, I can finally say that my building is shaping up to become a home. Kinda.
It’s not that I didn’t want to write over the past month, but rather that I didn’t have much to say because honestly... nothing was happening. There was a long period where I couldn't afford to do any more work. In a previous post I mentioned that I had reverted to my original plan of applying for a construction loan. However, in my first post I stated that in real estate your plans will often change. A lot. Without revealing too much too soon, it’s safe to say that my plans changed many, many, many times before arriving where I am today -- but that’s a rant for another post.
So where am I today? I’m ecstatic to finally say that I have windows, doors, and the groundwork laid for electricity, plumbing and interior walls. Although tens of thousands of dollars stand between me and the final product, I’m beyond excited to finally start seeing things coming together.
While the enormous cost that I know it will take to finish is extremely overwhelming, there are three main things keeping me going at this point:
Rate of Return
The first is my projected rate of return. The building isn’t even inhabitable yet and I already get frequent inquiries about renting one of the units. Rental prospects aside, the value of my property alone has increased by nearly 6 figures since I bought it a little over a year ago - although I do still have outstanding loans that were necessary to buy the lot in the first place. Of course that increase is due largely to what I've invested in building so far and developments of the general area itself, but a 6 figure appreciation in an asset value before age 25 isn't too shabby. I don't say this to brag, but to show with a real life example that returns in real estate can be huge if you know how to make it work for you.
The second is that every time I think that I don’t know where I’ll get the money or patience to finish, I remember that I still don’t know where I got the money or patience to get this far in the first place. Considering that I’ve so far funded the majority of this project out of pocket, pacing myself and working in small stages has been crucial to being able to inch towards progress. For example, I bought half of my windows months ago in an attempt to break up the material and labour expenses flying out of my account at once.
Thirdly, after almost two years of being stuck inside for longer than any 20-something-year-old ever should be, I cannot wait to have some semblance of independence and personal space back in my life.
The pictures above were taken during the window fitting and wall framing phase. The next steps are the exciting ones. It won’t be long (I hope) before I’m on here detailing how I picked out my flooring, paint, furniture and appliances. Make sure to subscribe and keep up here to watch as I turn this house into a home and hopefully give others some decor inspo and budgeting tips along the way.