Part 2: Getting to the offer

We viewed the property on the last day of our vacation, so now we have a 6-hour drive back to the city. Our thoughts and conversation are a jumbled mix of obstacles and dreams.

In no particular order, these include how much below asking do we think we can get it for; how much might the septic cost, worst case scenario?; we're 6 hours away, what do we do with the property for the 8 years left 'til our planned retirement?; what equipment will we need to maintain such a property?; what renovations need to be done?; does the fireplace stay or go?; how do we pay for it? This is just the pragmatic stuff. We are already talking about updates and renovations, changes to the heating system, etc.

As often happens, time eventually helps us address the hurdles one by one. Back in the city, a few phone calls confirm that $15,000 is the absolute most a septic will cost in that area, and it will likely be much less. The property is zoned agricultural, but the owner has government permission to sever the 35 acres on which the house and lake sit, and it is designated for non-agricultural use. There are no easements or rights-of-way, except for Hydro.

I call the lawyer who handled the purchase of our original 5 acres. She wants to know why we want to go retire out in the middle of nowhere, and if we've thought of the realities of living so far from civilisation? Some would say it's not her place, but she has always looked out for our interests and we chat a bit. She answers several questions, and tells me what she needs to review. I contact the agent and get him to send her the documents. I let him know we are interested in making an offer, but need to answer some questions. Not the least of these is the fact that we will need government permission to buy because of the size, zoning, and the fact that we aren't currently residents of the province.

Being an impatient city person, I'm thinking we need to get all this done quick, so we can make our offer. We head out on our next vacation segment, and I pack all the documentation, as well as a listing of all the ReMax agent offices along the say so we can stop in and sign off the offer without too much delay. By the time we get back after two weeks, we have heard from no one and I'm getting panicky. Finally, I sit myself down and acknowledge that this is rural property and the pace is different.

The calculators are overheating as I crunch numbers, trying to figure out just how soon we can get out of the city, and our jobs, for good. First, we're thinking that if we save every penny, then quit and live off our savings, we could likely make it to my pension date if we quit in 3 1/2 years. Then, my employer sends out a reminder notice.

With our previous contract we had negotiated a sabbatical plan. Our employer has been notorious for denying leaves of absence without pay, so the union has worked something out for us. I could work 4 years at partial salary, then take a year off at the same salary. At first, I'm thinking I will take the year off leading up to my retirement date, but the government has other ideas. For some reason, one must return to work for at least the same amount of time that one was off, or else there are tax implications. Crap.

Ultimately, we decide to do this anyway: I will take the sabbatical, then go back to work for the required year. I'll come back and rent a room, going back on weekends. The biggest issues now are what we will do with the property in the meantime, and how will be pay for it?

All our free time, every discussion, is brainstorming and research focussed on the property. We could rent it out, but it is somewhat remote, and besides, we have friends who have lived horror stories with tenants. We start crunching numbers to see if selling our current residence and thereby releasing the equity in it, then renting is feasible. But rents in our area are so high, it would be tight. And that solution still leaves the property vacant. Might a SIL want to rent? We toss that idea. Hmmm....we could use it as a vacation property, staying there instead of with a SIL as we usually do when we visit. That simmers for a few days, then I realize that I already work from home, and many employees are now working compressed weeks. We'll work compressed weeks, and head up to the property for long weekends every couple weeks. That will keep it semi-occupied, and we get to enjoy it.

Finally, we have the answers that let us move forward. We haven't figured out exactly how we'll arrange financing, but we can afford it, so we place our offer. Our lawyer talks us down $5000 from our original notion, telling us to offer the estimated evaluation. There is a long list of conditions as well. The offer goes out on Wednesday early evening and the response is due Friday at suppertime. The agent calls Friday morning explaining the vendor is in the hospital; not serious, but can he have until Tuesday at suppertime to respond? We agree.

Finally, Tuesday morning we have our response. It's not a counter-offer as we expected; our offer has been accepted, at $30,000 below asking! The proviso is that the property is sold without any legal guarantee. If we close and find a problem afterwards, we have no recourse. We contemplate it and decide that the building inspection will cover us on this front. We are ecstatic, but it's not over yet. There are still many issues to be addressed.