The new forums will be named Coin Return (based on the most recent vote)! You can check on the status and timeline of the transition to the new forums here.
The Guiding Principles and New Rules document is now in effect.
Selling condo, buying house
Jean
Heartbroken papa bearGatineau, QuébecRegistered User regular
Heartbroken papa bearGatineau, QuébecRegistered User regular
Hello all!
My wife and I are planning to sell the condo we currently live in and buy a house. Our ideal timeline is to get this done in the middle-ish term (10-14 months from now)
My wife bought that condo before we even met. I never went trough the process of selling/buying proprety before.
i've been chrunching numbers so I do have a pretty good idea what our everyday budget would look like after the move is done and paid for. However, i'm still unsure what the transition period will look like.
I have 3 main questions
Thank you in advance for your help! :biggrin:
My wife and I are planning to sell the condo we currently live in and buy a house. Our ideal timeline is to get this done in the middle-ish term (10-14 months from now)
My wife bought that condo before we even met. I never went trough the process of selling/buying proprety before.
i've been chrunching numbers so I do have a pretty good idea what our everyday budget would look like after the move is done and paid for. However, i'm still unsure what the transition period will look like.
I have 3 main questions
- Is it worth the trouble to go trough a no comission site à la grapevine or du proprio to sell/buy proprety? You pay a lot less compared to a real estate agent, but you also get less service. iWe're undecided on which way to go. Any pointers would be appreciated.
- What type of expense do we need to take into consideration while doing such an important move? Both pre-sell expenses and moving expenses. How much money should we put aside for the transition?
- What is easy to overlook when shopping for a house but could make an important difference?
Thank you in advance for your help! :biggrin:
"You won't destroy us, You won't destroy our democracy. We are a small but proud nation. No one can bomb us to silence. No one can scare us from being Norway. This evening and tonight, we'll take care of each other. That's what we do best when attacked'' - Jens Stoltenberg
0
Posts
2) You're going to need to get the place inspected. It's likely that both you and the potential buyers will do this, and that's okay. You want to do it early so you know what needs fixing and what you can squeak by without having to deal with it for the time being. Both buyer and seller need to know what they're getting into, so you'll also want to get the new house inspected before you set things in stone. Prices vary, again see if word of mouth can help you choose one. You'll need moving costs of course, new furniture for the new place, and for any furniture you don't want please consider donating to a veteran's organization. Movers obviously.. but much of this depends on whether you decide to get a temporary place or try to make a smooth transition from condo to house. Will you need storage? Do you have a lot of fragile stuff? How far away is the new place? You need to figure out what kind of down payment you can reasonably make. Gas to go back and forth, which you will only need to do a thousand times if you're lucky. You will probably also want to have your place professionally cleaned before it's shown, and that is usually dependent upon the size of your condo. It can make all the difference though.
3) Aside from stuff you'll hear from the inspector, for us I can tell you that we got a bigger house than I could reasonably begin keep clean at the time, and it destroyed me a little. It's always nice to have more space but don't buy more house/yard than you can handle when things get rough. This is different for everybody and worth considering. I avoid HOAs like the plague, they can tack on a lot of garbage both financially and emotionally. If you end up with one make sure it has a decent reputation. What kind of pets do you want to have down the road? If you have an HOA, make sure they accept your preferred animal(s). If you want huskies you're going to want a lot of open space. Cats can live in a much smaller living area and are okay with a lot of smaller rooms. How soon can you afford to fix things that break, and what kind of upkeep do things like the AC/heating/fireplace, etc require?
Don't make yourselves house-poor. It's not worth it unless you are positive you're going to be there for many years, and even then. Make sure your mortgage payments are low enough that you can pay extra on it each month. Just don't get something that's on the razor-thin bleeding edge of what you can afford right now.
It's just that it's obvious when he talks than he doesn't have a lot of respect for no comission sites. I wondered if he was mostly preaching for his own choir.
It's partly why I came here, to get unbiased opinions. Thank you, @ceres.
A good inspector is also paramount. Ours drove us up the wall but he kept us from very probably losing tens of thousands.
Finally, over a few days make a note of everything you use throughout the day. You're probably going to need a lot more of that in a house compared to a condo.
There's so much to deal with when buying a home. The sheer volume of inspectors and paperwork are stressful WITH an agent, without one would be like deciding today is the day you climb Everest without any experience or a guide. They even sometimes end out getting you a better deal that more than makes up for their cost.
I can see why someone would have issues with no commission sites when they're a professional. I'd imagine it's a lot like any job where there are standards to adhere to. Electricians don't generally approve of someone saying, "Fuck paying for a professional, I got this!". I'd cut 'em some slack if they came off as rude. I'm sure it's just something they get questions about often or worse, have to clean up after.
No commission sites can help you save a lot of money if everything goes as it should. Throw in one complication though and you can very easily see the savings disappear.
Also on Steam and PSN: twobadcats
If you're buying an older house, spend a lot of time in the basement. Check the electrical, plumbing and foundation. Check the age of the furnace, water heater, compressor outside for central air. Ask about the age of the roof and if it's more than ~5 years old, ask if any repairs have been done recently. Look at all the ceiling for any evidence of water damage. Look at the age of appliances in the kitchen. Most sellers will include large appliances (fridge, range, dishwasher) but if they are old and you're looking to replace them, that can be a couple thousand to upgrade the set. All of this will be checked by your home inspector but you're better off doing a cursory inspection to strike a place off your list before paying the inspection fee (plus the headache of going under contract and breaking the contract if something bad/expensive comes up).
There's certain things to look for depending on the decade, but generally good advice to check all that listed above and more.
For example, my home built in late 1940s still had cloth wiring which is not something you want to deal with. Had been replaced in the last few years but still in garage.
Closing-costs my man, they are surprisingly expensive! Though maybe it's better in Quebec than here in BC?? Transfer tax, legal fees, etc. You could ask your friends and families if any of them have a realtor who could give you a deal on services. I use a realtor, but he's my brother.
You'll be paying more in home insurance costs with a house vs a condo, and you'll want to be putting money away for future maintenance costs. You won't have your monthly condo fees but you should be planning for things like needing to replace a roof, hot water tank, etc.
For the love of god, make sure you get a really good home inspector or it can bite you in the ass for thousands of dollars later.
And asbestos, old style plumbing materials, etc.
Oh shit, do they have oil heating where you live? Make sure you know if there's an old oil tank buried anywhere on the property. Those cost $$$ to re mediate.
You're probably going to say that since it's your first house, you won't have any projects. I can tell you that you will. And at the very least, you will be buying more paint than you ever thought you would need.
One suggestion: if you're able, follow the inspector during the inspection, and ask them to point out things as they find them. In addition, try to get on the roof of the house; even if you do it independent of the inspector. You'll need to figure out how difficult it will be to access the gutters, and determine whether it's worth the money to install any sort of "gutter guards" to keep them from clogging (or if it's relatively easy enough that you can just clean them regularly).
Finally, once you have your choices narrowed down, try to drive by the house during a rainy day, to see if there will be any problem areas regarding drainage, or any places where water likes to pool.
Also, drive through the neighborhood at night multiple times, to get a feel for how things are on a day-to-day basis.
That expense range seems really, really high to me, but otherwise, yes - do plan on some moving and other expenses.
The point to keep in mind about your house, though, is that in most cases very little needs to be done immediately. While it's definitely easier to, e.g., paint things before you have furniture in there, there's no law that says you have to. It's okay to leave some rooms (or all of them) in contractor white for a couple of years while you figure out other stuff. You don't need to rush out and buy furniture for every room in the first month. Get the basics you need, paint the rooms that are in some horrible shade of purple, and go from there.
Steam: Elvenshae // PSN: Elvenshae // WotC: Elvenshae
Wilds of Aladrion: [https://forums.penny-arcade.com/discussion/comment/43159014/#Comment_43159014]Ellandryn[/url]