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fedge
Location: Gaud Corners, Ontario, Canada Gender: Male Total Likes: 11 likes
you blight up my life™®
| | | | Buying A House < on 12/14/2007 7:15 AM > | Reply with Quote
| | | I was about to purchase a home but walked away from the deal with less than 24 hours before I was locked in. I wanted to move from my spacious mansion in Clarington to a more spacious mansion in a town closer to Terroronto (more urban, less cows). After the home inspection was done it was discovered that the house has many serious issues, including an out-of-date electrical system with bare wires and what not rubbing up against venting pipes and plumbing pipes. The foundation was leaking and was crumbling to pieces in at least the places we could visually inspect. Whole window frames were rotted through. The kitchen, thanks to a perpetual leak, was rotted in spots under the sink, no cold water in the basement shower (I don't mind warm showers but scalding one's penis is a whole different issue), rotted garage door, rotted patio deck, a minimum of three layers of shingles on the roof (you really should only have one set of shingles on, ie: remove the old ones first), and mold growing in the window sills of what are currently the kid's rooms. This is just the first page of the inspection report. Anyways, I'm walking away. I'm only out the inspector's fee and I'll get my $5K deposit back thankfully. Since it'll be hard to find a house of this design/style at the price I was going to pay, I'm now forced to take my current house off the market in case mine sells and I don't have one bought in time to move to. My basic point is I'm pissed off the that seller's let the place get so run down both in appearance and safety-wise and expected to sell it at the price they were asking. They house clearly had not been maintained properly in years. I just could not fathom how a family with little kids could live in a house with the non-code electrical hazards. And the mold, right next to the baby's bed. *shudder*
| 18-odd Years Of UER-ing! |
| Samurai Vehicular Lord Rick
Location: northeastern New York Total Likes: 1902 likes
No matter where you go, there you are...
| | | Re: Buying A House < Reply # 3 on 12/14/2007 5:19 PM > | Reply with Quote
| | | Fedge, I feel your pain. My mom and I bought a house back in 2004 and to tell you the truth, i wish I had had an inspection done. This place is a crumbling pile of shit! The skylight leaks, the furnace blew up in 2006. Had a new one installed, now the heat doesn't work. Half the windows don't have storm windows/outer windows! The rear deck is sinking into the earth, the roof needs repair, the place needs paint... the thing that kills me is that the previous owners had glossed over everything and we had needed a house ASAP as we got tired of our landlord nosing through our things while we weren't home, or appearing in our kitchen at the most inappropriate moments (like getting out of the shower and stepping out of the bathroom naked). The previous owners here had promised, even in the contract, to remove all their stuff from the premises before the deal was signed. They didn't and their attitude was, fuck you, sue us. you're not going to get anything. So I'm stuck with their garbage and they were packrats of the Nth order! Anyways, that's my horror story about buying a home. If I ever win the lottery, I'm going to build my own home the way I want it.
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| atomx
Location: Brighton, ON Gender: Male Total Likes: 0 likes
| | | | Re: Buying A House < Reply # 13 on 1/16/2008 4:36 AM > | Reply with Quote
| | | Posted by Nvr2loud
Except you paid property tax and likely paid interest on a mortgage.... that can add up to the same as rent. Also, when you sell your house, you lose a percentage (about 2.5%) to a real estate agent, so you better sell privately. Unless you sell the house for higher then you bought it, there is going to be a loss. Some people are better off to rent for their entire lives, it actually costs less money, but they have no 'house' to sell later to pay for the retirement home.
| 1600-2000 a year for taxes. No where close to rent for a year. Interest, at 5% of the borrowing cost. so add on 5% to 700/mo. No where close to rent. 2.5% of sale price, no where near cost of rent. 5%+2.5%+(2000/year)=better than renting. You can pay for a mortgage if you rent out your house (and still make money paying for the taxes and losses).
| "Programming today is a race between software engineers striving to build bigger and better idiot-proof programs, and the Universe trying to produce bigger and better idiots. So far, the Universe is winning." - Richard Cook |
| Nvr2loud Man with the golden shoes
Location: Huntsville, Ontario Gender: Male Total Likes: 7 likes
| | | Re: Buying A House < Reply # 14 on 1/17/2008 1:24 PM > | Reply with Quote
| | | We were renting our last apartment, 3 bedrooms, 2 bathrooms, at $930.00 per month Total for (1) year of $11,160.00
Now if we bought a house for $200,000.00 at 5% borrowing rate, property taxes of $2000.00 a year (which is actually $1000.00 less then I actually pay) and sold that house after (1) year for the same $200,000.00 then the costs would be approximately: $10,000.00 lost to mortgage interest payments (approximately) $5000.00 lost to real estate agent $2000.00 lost to property taxes Total loss $17,000.00 Difference of $5840.00
Therefore the longer you stay in the house, the worse the loss. There is also repairs, land transfer taxes, ect. I'm not saying don't buy a house, I'm saying the value of the house MUST increase to cover the costs or it is ALWAYS a loss. You will alwsys lose money if the house dosen't appreciate enough. It is nice to break-even and even nicer to profit.
| You can't be lost if you don't care where you are! |
| Nvr2loud Man with the golden shoes
Location: Huntsville, Ontario Gender: Male Total Likes: 7 likes
| | | Re: Buying A House < Reply # 17 on 1/18/2008 6:14 AM > | Reply with Quote
| | | The interest I'm talking about is only for (1) year.... $200,000.00 mortgage at 5% borrowing cost equals $10,000.00 per year Of course the $200,000.00 would decrease each payment made, therefore the interest would be slightly less then $10,000.00 that first year, less again the second year, and so on.
If you had a 200,000.00 mortgage your weekly interest would be $192.30 therefore after (1) month, your interest would be $769.20 and your $1000.00 payment would only pay $230.80 of principal. Now if your property taxes were included in that payment, your principal paid would be under $100.00 Houses are very expensive, the longer you amortize, the more money the house will cost. I'm just saying, if you choose to purchase, understand the costs or possible loses. Houses need to appreciate for you to cover the costs. Interest on a mortgage is very high.
| You can't be lost if you don't care where you are! |
| maypost
Location: North, South, East, West, all around... then down to the underground Gender: Male Total Likes: 56 likes
Exploring if for n00bz0rz
| | | Re: Buying A House < Reply # 18 on 2/17/2008 10:22 PM > | Reply with Quote
| | | Posted by Nvr2loud We were renting our last apartment, 3 bedrooms, 2 bathrooms, at $930.00 per month Total for (1) year of $11,160.00
Now if we bought a house for $200,000.00 at 5% borrowing rate, property taxes of $2000.00 a year (which is actually $1000.00 less then I actually pay) and sold that house after (1) year for the same $200,000.00 then the costs would be approximately: $10,000.00 lost to mortgage interest payments (approximately) $5000.00 lost to real estate agent $2000.00 lost to property taxes Total loss $17,000.00 Difference of $5840.00
Therefore the longer you stay in the house, the worse the loss. There is also repairs, land transfer taxes, ect. I'm not saying don't buy a house, I'm saying the value of the house MUST increase to cover the costs or it is ALWAYS a loss. You will alwsys lose money if the house dosen't appreciate enough. It is nice to break-even and even nicer to profit.
| The rent in my area is about 900(studio)-1200(2bed/1.5 Bath) US a month. My mortgage for a 1600sqf 3 BR 2 bath, is 400/month at 6.2% APR. Renting is a total waste of money
| Exploring is like tattoos... They stopped being cool in 2005 |
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