exploration, cruising around to discover the place that resonated with my heart. After considering around 50 houses, I finally settled on a location. Opting for a smaller, brand-new house in a new subdivision turned out to be a financially savvy decision. We spent less than we did on our first house and had surplus funds after selling our initial London home. Eager to build our dream home, I negotiated a deal with the same builder who crafted our 1st, smaller home. The agreement allowed us to pay only a 10% down payment until closing, a favourable condition due to our previous business with him – buying two houses at the same time. A year later, our new house was complete, and we successfully sold the smaller house before moving into our dream residence. The highlight of this journey lies in the strategic advantage of flipping homes for personal use. By making our second home our principal residence, we avoided capital gains tax on its proceeds, providing a tax-free transition. We utilized the proceeds to cover closing costs, leaving us with a mortgage-free principal residence once again. This success was rooted in diligent research on property location, evaluating the price versus the property's size and land. The return on investment (ROI) for the second property reached an impressive 36% within just 13 months.
Now it's the homework time, 3 Questions for you:
1,What is the key takeaway you've gained from this chapter?________________________________________________________
2, Reflecting on the insights shared, how significant is this
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