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Any advise for someone buying their first house?
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Hammer has good advice, also don't buy L&D insurance through the bank.
Paying bi-weekly knocks the principal down faster, don't be fooled by the 3 paycheck months, save for holidays and whatever else as normal.
It's all about neighbourhood. Houses can be reno'd but you can't change its location. We went for a full blown fixer-upper in our most preferred neighborhood. Was a challenge at first but fully worth it.
Just make sure the home has good bones and a solid foundation.
Home inspectors are completely useless and a waste of money, but necessary for bank approval unfortunately. While you're in the conditions stage have a contractor you know (if you don't know any ask friends for a recommendation) come through the house and talk to them about your reno hopes and ask them to check the structure and foundation while you can still walk (or run) away.
It's stressful as &^@# so try to be patient and honest with your partner. It's the biggest purchase you'll ever make so you need to be on the same page.
Good luck!
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sorry lucky lager
disagree entirely about the home inspector comments
always make your offer conditional to home inspection
once you have the report
use it to go back and reduce your offer a bit
based on the problems raised by the report
i always do and it has never failed
always has paid for the report 10x over at least
the negotiation is never over until all of the subjects are removed
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Well of course it's conditional to inspection. All offers are.
Contractors that you bring in can actually move things and do a real inspection. Those phony "home inspectors" dont know $&!# and aren't allowed to move anything. They're not trained in any trade.
Fact.
Inspectors are for the bank. Not you.
Hire a contractor to come through the house and do a proper physical inspection if you dont know one. I had two very close friends come through at the same time during the conditions phase. One is a Contractor (Carpenter) the other is an electrician.
The carpenter found nothing wrong structurally but identified some acoustic ceiling tile in the basement and a liner above the furnace as "definitely asbestos".
The electrician found things an inspector could never find. Aluminium and copper wiring connected to the same junction box and two overloaded/improperly wired circuits for example. The inspectors report said nothing on the wiring or asbestos issues.
That drove the price down big time.
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