For some background, I'm moving into a relatively depressed real estate market in BC, Canada. There are a lot of very old homes, but I am not a fixit kind of guy.
2006-12-05 21:24:48 · 7 answers · asked by JuanB 7 in Business & Finance ➔ Renting & Real Estate
I like the idea of inspectors. However the local news has also been showing that they have often missed reporting major flaws. I need to find a good inspector.
2006-12-06 11:18:13 · update #1
Get yourself a good agent to negotiate the best deal possible for you. First time buyers often make the mistake of not investing enough.
If you are going to buy a fixer get a couple of estimates on repairs first. An inspector will only tell you about serious problems and not any of the cost of repair.
Your best bet would to have your agent find you one that was already fixed, but the seller is motivated to cut a deal. This is happening a LOT in the US right now, as buyers took low interest balloon loans, thinking they would refi later. Well, the game changed and now they are in trouble.
Time for investors to start looking for the deals!
2006-12-06 00:20:21 · answer #1 · answered by Anonymous · 2⤊ 0⤋
i would not purchase a condo proper now Market is happening, slowly. Interest charges going up, slowly. House costs have no longer corrected themselves in a LONG time, ten years now? If you can't positioned down greater than 25 % now, I believe it might be wiser to hire, and keep $500-800 a month alternatively of committing to a mtg. This means... the fairness that you just believe you're lacking out on proper now. You will likely be making up for it in financial savings. And whilst the mkt takes a correction, then you'll be able to no longer simplest be competent to shop for the condo you might have regularly desired, however you perhaps competent to shop for TWO! Rates are going up. So examine, what it might do for your per thirty days funds if charges went up 2 extra percentage within the subsequent 5 years. Probably $one hundred according to percent factor on each and every one hundred thousand mtg. that is approximately 1200 greenbacks a 12 months additional in curiosity according to 12 months according to one hundred 000 borrowed. What occurs if charges pass up 5 percentage? and costs drop 20% subsequent 12 months? Would you be receiving a cellphone name from the financial institution? Would you continue to have fairness within the condo, such that financial institution might name you to your mtg? good what ever you do. Good success Hope for the first-class. But be all set for the worst
2016-09-03 11:41:30 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Get a fixit kind of guy 2 come in and fixit for u then
2006-12-05 21:25:43 · answer #3 · answered by Anonymous · 0⤊ 1⤋
Pay for your own building inspector look out for lead paints
2006-12-05 21:27:23 · answer #4 · answered by Normefoo 4 · 2⤊ 0⤋
1. Make sure it is well fit in your budget!
2. Find something you really like.
3. When you see the house you will know because no matter how much it may need fixin' you will not mind.
Just don't get in over your head.
2006-12-05 21:29:02 · answer #5 · answered by I wanna dance naked in the rain! 2 · 3⤊ 0⤋
Matt
http://www.diversifiedlender.com
http://www.homemortgageminnesota.com/
http://www.refinance-second-mortgage.biz
http://www.minnesota-mortgage-rates.net
2006-12-06 01:25:09 · answer #6 · answered by Matt J 3 · 0⤊ 1⤋
Get your house inspected! It is well worth the money.
2006-12-05 21:26:27 · answer #7 · answered by strmch8sr 3 · 2⤊ 0⤋