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energieboi
08-17-2006, 04:04 PM
Lets hear some story of you getting your own 1st property.
Such as the steps you took, you rent 1st then saved up and moved onto the market. Or you played with stalk or invested your money elsewhere to come up with the fat down payment. Or maybe with the help of your parents.

Something you wished you had done to but you didn't. etc

Your story would be a great lesson to all of us 1st timers in the market.

I m currently looking into the condo market and trying very hard to save money for downpayment and HOPEFULLY in 2 or 3 years I would be able to afford my own house.

D. Dub
08-17-2006, 04:09 PM
You can get 0 down mortgages. PM me.

energieboi
08-17-2006, 04:11 PM
^:eek: pm'd sir

el-nino
08-17-2006, 04:13 PM
1st. Invest in RRSP'sYou can use your RRSP as a 1st time home buyer to use as a down payment without being taxed on it!!

2nd. Use a broker even if you have a good realtionship with your bank. Brokers have access to many Banks and have great pull (I am a Mortgage Agent and when i bought my house i didn't know much about Brokers. Now with the knowledge I have i realise that i should have used a mortgage Broker)

3rd. Use a real estate Agent. I've seen the paper work that a realestate agent has to do and i don't think it'll be much fun to D.I.Y.

4th Choose the right home for you. Live within your means. No need to live in a 4000 sq ft home when all you need is 1200sq ft.

5th. Have fun and take your time. The right home will eventually show up!

These are my 2 cents!

JustinL
08-17-2006, 04:13 PM
I would have stretched it further and bought a house earlier instead of renting at all. I was lucky to get in almost 3 years ago in Edmonton when interest rates were low and property was significantly cheaper.

One thing I wish someone had told me is to go for less house in a better neighborhood. As I did it I got a fairly nice starter home in a somewhat crappy area and had a little rash of break-ins.

energieboi
08-17-2006, 04:16 PM
hmm but if I buy a property now (looking at condos) would I still make the "$500" dollar increase/day in the end when I sell it in a year or two?

...basically in such a heated market right now would I still make a fat profit in the end?

And I definitly hear you about the broker looking at some right now and such a difference from the banks. Even my bud at the bank tells me to go for brokers.

AndrewMZ3
08-17-2006, 04:17 PM
I just purchased my first place and if there's one thing I can recommend to anyone, it's to go through a mortgage broker for your financing.

In fact, I highly recommend Rob (D. Dub). He made the whole transaction happen with ease and was extremely fast in getting back to me. He looked out for my interests and I'll be sure to go to him again for my next transaction.

89coupe
08-17-2006, 04:18 PM
Bought my first condo when I was 24. It was newly renovated 1bedroom located on 14st and 14ave, 780sq/ft with insuite laundry, underground parking. Paid a whoppping $45K for it.:rofl:

Sold it a year and a half later for $89K

Looking back on this I wish I would have kept it, could have sold it now for $250K:banghead:

D. Dub
08-17-2006, 04:18 PM
Any buy is good at almost any time unless the market takes a catastrophic dive.

Equity grows over the long term regardless of short term spikes or dives.

D. Dub
08-17-2006, 04:20 PM
Originally posted by AndrewMZ3
I just purchased my first place and if there's one thing I can recommend to anyone, it's to go through a mortgage broker for your financing.

In fact, I highly recommend Rob (D. Dub). He made the whole transaction happen with ease and was extremely fast in getting back to me. He looked out for my interests and I'll be sure to go to him again for my next transaction.

Thanks for the kind words Andrew. :D

pinoyhero
08-17-2006, 04:21 PM
I'd did everything I could to bank some good cash before going out and shopping. Problem with this is that the market started to take off on me so I jumped, I bought in Dec'04. One thing to keep in mind is that you want a fine balance between settling and stretching.

Settle so you dont get killed and have to live poor just to keep up with mortgage payments. Budget is key here.
Stretch so you dont buy a house that's too little for what you an afford. Most home buyer's purchase at a time when they are in their point in their career where they are most spt to get raises. There'd be nothing worse than locking in to a mortgage for 25 years only to find you could have gotten a way nicer house due to the raises received over 2 or 3 years. You dont want to have to move...

JRSC00LUDE
08-17-2006, 04:24 PM
Don't put 20g's down on a new prelude, then put a nice pmnt down on a house and then get divorced 4 months later! It can take up to 5 years to recover financially from the fallout!!!!!

Better let, don't marry a headcase with a toll booth in her panties (or if you do, don't wait till after the divorce is finalized to discover the toll booth!!!) :eek:

pinoyhero
08-17-2006, 04:28 PM
^LOL sounds like you had a rough one, at least it seems as though that episode is over...

AndrewMZ3
08-17-2006, 04:28 PM
Originally posted by JRSC00LUDE
Don't put 20g's down on a new prelude, then put a nice pmnt down on a house and then get divorced 4 months later! It can take up to 5 years to recover financially from the fallout!!!!!

Better let, don't marry a headcase with a toll booth in her panties (or if you do, don't wait till after the divorce is finalized to discover the toll booth!!!) :eek:

Ouch

el-nino
08-17-2006, 04:34 PM
Originally posted by JRSC00LUDE
Don't put 20g's down on a new prelude, then put a nice pmnt down on a house and then get divorced 4 months later! It can take up to 5 years to recover financially from the fallout!!!!!

Better let, don't marry a headcase with a toll booth in her panties (or if you do, don't wait till after the divorce is finalized to discover the toll booth!!!) :eek:

UUNNCCCMMFORTABLE :rolleyes:

JRSC00LUDE
08-17-2006, 04:35 PM
)Ya, old news now....got me a real wife as of last July 30!

Back to topic, I know some friends in construction etc. so I bought a house that was in sound shape but dated inside. Since then, I've installed 3/4 inch maple hardwood throughout main floor, new hazelnut stained maple kitchen w/granite countertops and sink and redone main floor bathroom. Due to the graciouness of friends providing labour and materials for below market prices I expect a tidy profit in addition to regular market increase (although it's nothing like calgary out here :( )

Sounds to me like you can't lose by buying in Calgary right now and I wouldn't think the market would crash for a good number of years yet what with oil the way it is.....not to mention calgary is just an economic power house in general now. As long as prime doesn't approach 80's/early 90's levels then you can't go wrong man!

energieboi
08-17-2006, 04:39 PM
^thats what I worried about
lock myself into a mortage for 20 some years next thing you know calgary hits a recession and boom price dive and my 300,000$ goes down to a $200,000(maybe not that extreme but just a ex)

D. Dub
08-17-2006, 04:45 PM
^^^

Real estate is for the long term...those who stretch their finances or think they're going to make $$$ are the one that get burned in the end.

D. Dub
08-17-2006, 04:47 PM
Originally posted by JRSC00LUDE
Better let, don't marry a headcase with a toll booth in her panties (or if you do, don't wait till after the divorce is finalized to discover the toll booth!!!) :eek:

For all you young beyonders-------those are words to live by :D

Oz-
08-17-2006, 06:14 PM
About 4 years ago, my wife and I started searching for a home. We had finished school and lived with our parents at the time (were engaged but not living together). She lived in Signature Parke and loved the westside, somehow we looked at some house in the older areas looking more for location.

We came across a great deal on a house high 100's for inner city home/lot. Found financing through small home builders division of the bank, tore the old POS house down and built a duplex. Sold the other side of the duplex and we live on the one we liked best.

We got a 1900 sq ft inner city home that has most of the amenities that we wanted. Now looking at some of the houses in my area that were similar to the old POS we purchases, people are paying 450s+ for just a lot(yes you get a house but the dirt is much more valuable here).

Have recently thought of moving up to Aspen Woods & area, but the extra distance is a real turn off for us now.

My only advice for people looking to get in to the market is be patient, don't think that this is a short term investment for flipping. D. Dub mentioned it already, but real estate can make you good money but it is long term non-liquid investment. You first home doesn't have to be your dream home, but use it as a stepping stone to your eventual dream home.

Zero102
08-17-2006, 09:43 PM
Just bought our first house in Vernon, BC. I had many mortgage brokers tell me it would not be possible, but my mistake was calling mortgage brokers in Calgary instead of calling ones in Vernon. Took me 20 minutes to get approved for well over $200k. Selected a house the weekend after our wedding, and we just finished up most of the paperwork. We move on the 1st of september.

As for things to do/not to do.
GET A HOUSE INSPECTION. Even if it takes 2 weeks, get one.
Use a mortgage broker. I went to our bank for a mortgage approval, and they said maybe $150k, at 6.65%. Through a mortgage broker we got $200k+ at 5.50% fixed, but we're going to go with the variable and knock it down to 5.20%.
I agree with the less house, more neighborhood comment. We bought a 800 sq. ft house on a 56x120 lot, but it's in a nice neighborhood, close to the highway and lots of shopping, but on a very quiet side street. We are presently renting a place in Dover, so I know what everybody is saying about bad neighborhoods.

Watcher
08-17-2006, 10:27 PM
Do not sign the papers without verifying the location of the house on the lot.

We assumed that our house would align with the rest of the street, but it is skewed counter-clockwise to accomodate some effen planner that wanted variety in the buildings.

End result, we have a larger front yard, and a smaller back yard than our neighbors

E36M3
08-17-2006, 11:27 PM
Being self employed, I levereged myself as far as possible and ended up putting 10% down on a home. My savings could not cover that level of downpayment (I bought in Northern California which makes Calgary look cheap) and so I used my tax money for the downpayment.

Made it really easy to force myself to make the money necessary to make things work.. I think that it is good pressure.

Anyway, contrary to some advice above, I would (as a first time homebuyer):

a) not use a realtor if you are even half competent at paperwork. On a % of sale model, realtors make sickening money and if you are literate and somewhat careful you should be fine on your own

b) check around for mortgages. Do *not* rely on a single broker. My best mortgage deals have been from independent Credit Unions who do not work with brokers, your results may vary so check around (ING for example is a good benchmark)

c) don't freak about about being "house poor". You will someday be able to afford to go out ot eat again

d) don't think of your house as an asset. It is a liabililty. Read Rich Dad, Poor Dad for more information about this concept, but it is key.

I've bought and sold tons of homes (with realtors and without, with mortgage brokers and without), so I have had some experience with this.

googe
08-18-2006, 01:17 AM
Originally posted by E36M3
Being self employed, I levereged myself as far as possible and ended up putting 10% down on a home. My savings could not cover that level of downpayment (I bought in Northern California which makes Calgary look cheap) and so I used my tax money for the downpayment.

Made it really easy to force myself to make the money necessary to make things work.. I think that it is good pressure.

Anyway, contrary to some advice above, I would (as a first time homebuyer):

a) not use a realtor if you are even half competent at paperwork. On a % of sale model, realtors make sickening money and if you are literate and somewhat careful you should be fine on your own



this makes no sense. the buyer doesnt pay for the realtor anyway. no reason not to use one when buying.


Originally posted by E36M3

d) don't think of your house as an asset. It is a liabililty. Read Rich Dad, Poor Dad for more information about this concept, but it is key.


the guy that wrote that book is mostly a moron when it comes to real estate and investing and has been exposed as a fraud numerous times. he is, however, great at making people thinks he makes money by talking about real estate.

a house is a great asset. if your house becomes a liability youre doing something wrong.

E36M3
08-18-2006, 02:27 AM
Originally posted by googe


this makes no sense. the buyer doesnt pay for the realtor anyway. no reason not to use one when buying.



the guy that wrote that book is mostly a moron when it comes to real estate and investing and has been exposed as a fraud numerous times. he is, however, great at making people thinks he makes money by talking about real estate.

a house is a great asset. if your house becomes a liability youre doing something wrong.

First of all, if you don't think that the buyer is paying for it, you dont understand the transaction. The fees for the realtors are included in the price, and so as the buyer you are paying for it. This is a general misconception.

Second, if you do not understand the difference between assets and liabilities, then reading that book is helpful. I have made millions from its advice (your results may vary)

Something that makes you money is an asset. Something that costs you money is a liability. If your house is generating income then it is an asset.

robpark
08-18-2006, 02:57 AM
E36M3 is right, realtor fees are included in the cost...If you represent yourself, you have the opportunity to save (generally speaking) 3.5% of the first $100 000, 1.5% of the balance. Keep in mind that you should probably make it clear that as you are representing yourself, you want the portion normally alotted to the buyer's realtor discounted. Also note, many realtors will NOT enter into a contract with a buyer who does not have professional representation. It is almost impossible to view a home without a realtor, so you would generally have to buy the place sight unseen. IF you aren't sure about what you are doing, pay the realtor. They'll cover your ass and if something does go sideways, they know what your options are and are responsible for the consequences. With the market like it is in Calgary, there are a lot of people out there to make a quick buck at your expense...I've seen too many people get the run-around because they did not build proper failsafes into their contracts.

Another thing to watch for is GST. Some listings pay the realtor based on the price of the home, others base the commission on the price of home plus GST.

Watcher
08-18-2006, 07:45 AM
Architectual controls:

About a month after I signed the papers, the builder presented me with architectual controls that states that I needed a different roofline than my neighbors house. I was presented with a work order for an additional $1400 of work and was asked if I wanted to pay for half of it.

I said that I would approve the work order, but they aren't getting 1 cent from me.


Here are my reasons why:
- ACs are determined by the community developer, NOT the city. In my case, the developer was a 'serparate division' of the same corporation that was building my house....I smell conflict of interest.

- I hate anything that is designed to creep my price higher.

- there is already an AC fee included inside the sticker price of my house( the salesman admitted this to me)

- Any builder that wants to play hardball with you can not be trusted. If they won't honor a measly 1400 dollars, they won't honor anything that is much more serious and much more expensive.

Also, what really pissed me off, is my neighbor got hit with over 5500 dolllars worth of controls because he was on the corner. And, he said that he got a good deal on it, but when I told him that I didn't pay a cent for my controls, he became very silent. It looks like he got screwed over.

googe
08-18-2006, 08:56 AM
Originally posted by E36M3


First of all, if you don't think that the buyer is paying for it, you dont understand the transaction. The fees for the realtors are included in the price, and so as the buyer you are paying for it. This is a general misconception.

Second, if you do not understand the difference between assets and liabilities, then reading that book is helpful. I have made millions from its advice (your results may vary)

Something that makes you money is an asset. Something that costs you money is a liability. If your house is generating income then it is an asset.

this still isnt correct. the buyer does not pay for it. if the buyer does not have a realtor, the sellers realtor gets double the commission, and does what is called dual agency. maybe its different in california. in alberta, the realtors either split the commission or the seller gets it all.

i dont believe you made millions from that books advice either. i believe you made millions but theres no way that load of crap had anything to do with it :rofl: you probably have more money than robert kiyosaki.

i recommend http://www.johntreed.com/Kiyosaki.html

big_red_ogre
08-18-2006, 09:22 AM
I just bought my first Condo, no real estate agent, no mortgage broker. My mortgage is locked at 5.1% for 5 years (25 year amortization) and the balance of said mortgage was about 210 000 dollars. with a 25% down payment i was able to avoid CMHC fees which saved me a huge amount of cash. all without a broker, just parents that hold ALOT of sway with BMO.

When I was looking for the house I started looking with a realtor at houses listed by other realtors. Then I said, fuck it, Im gonna look for houses for sale by owner. Funny thing is that I had looked at one condo unit in what is now my condo complex that was listed with a realtor and it was selling for (list) 290 000. I found another in the same complex, only a bit nicer (end unit, renovated) for 270 000 (what i paid, listed for 267). Alot of this saving was not having to use a real estate agent because the seller was not having to pay the realtor a percentage of the sale. (omg, people actually charge more when they know they have to pay the realtor money!? who woulda thought that?!)

my advice is look long and hard, eventually something that you love will pop up, this may be a private sale, or it may be a sale through an agent. Either way the process isn't that difficult, for the most part your lawyer can help you with the paperwork.

D. Dub
08-18-2006, 09:30 AM
Originally posted by E36M3
Being self employed, I levereged myself as far as possible and ended up putting 10% down on a home. My savings could not cover that level of downpayment (I bought in Northern California which makes Calgary look cheap) and so I used my tax money for the downpayment.

Made it really easy to force myself to make the money necessary to make things work.. I think that it is good pressure.

Anyway, contrary to some advice above, I would (as a first time homebuyer):

a) not use a realtor if you are even half competent at paperwork. On a % of sale model, realtors make sickening money and if you are literate and somewhat careful you should be fine on your own

b) check around for mortgages. Do *not* rely on a single broker. My best mortgage deals have been from independent Credit Unions who do not work with brokers, your results may vary so check around (ING for example is a good benchmark)

c) don't freak about about being "house poor". You will someday be able to afford to go out ot eat again

d) don't think of your house as an asset. It is a liabililty. Read Rich Dad, Poor Dad for more information about this concept, but it is key.

I've bought and sold tons of homes (with realtors and without, with mortgage brokers and without), so I have had some experience with this.

Comparing the mortgage markets in Canada and the US is like comparing apples to cumquats.

D. Dub
08-18-2006, 09:32 AM
Originally posted by googe



the guy that wrote that book is mostly a moron when it comes to real estate and investing and has been exposed as a fraud numerous times. he is, however, great at making people thinks he makes money by talking about real estate.

.

well perhaps not a moron, but I imagine most of his wealth was made from the sales of the books ;)

TrevorK
08-18-2006, 09:42 AM
I bought my first house at 23 years old, after living at home all my life. It gave me the opportunity to save up a nice large chunk of change for the downpayment. Enough that it'll be paid off when I'm 25 ($180K).

Personally, my opinion is that the house should be paid off as soon as possible. You never know what you'll want to do later on in life (Travel, kids, etc...). Not that I advocate it, but you can always take out your equity later if need be (Travel, toys, medical expenses, etc...). So why not pay it down a bit more when you're young and able to?

As for the mortgage itself, I'd recommend going through a broker. They do all the leg work for you, which for someone like me who works way too much, is worth it. I didn't have to run from bank to bank to get a price quote. A one stop shop. I went through Rob (Like a couple others in this thread), I'd recommend him. I'm from Edmonton, and yet there was absolutely no hassle involved. I just wouldn't recommend going through ATB, I myself have had nothing but problems with them.

In a market like now, it may be worthwhile to jump in with a small/no downpayment. Prices aren't set to dip for awhile yet, and the rumour is that interest rates aren't really rising. Provided that you can actually afford it (And remember, just because you qualify doesn't mean you can), there's nothing wrong with going into a house with little or no equity at the beginning.

As for a condo, keep in mind if you buy a new condo that your condo fees will typically rise within a couple years so budget for that.

JRSC00LUDE
08-18-2006, 09:42 AM
Originally posted by D. Dub


Comparing the mortgage markets in Canada and the US are like comparing apples to cumquats.

Haha.......cumquats.....what a stupid word....hehe :D

D. Dub
08-18-2006, 09:47 AM
Originally posted by JRSC00LUDE


Haha.......cumquats.....what a stupid word....hehe :D


hee hee... I said cumquats..hee hee

Dooms_Bane
08-18-2006, 09:51 AM
lol...
don't buy a jayman house in calgary....thats my advice to you..
i've worked on way to many of them.. and there are always several things wrong with them

D. Dub
08-18-2006, 09:52 AM
Originally posted by big_red_ogre
I just bought my first Condo, no real estate agent, no mortgage broker. My mortgage is locked at 5.1% for 5 years (25 year amortization) and the balance of said mortgage was about 210 000 dollars. with a 25% down payment i was able to avoid CMHC fees which saved me a huge amount of cash. all without a broker, just parents that hold ALOT of sway with BMO.



Not everyone has the advantage of parents with pull at the bank. Thats why using a mortgage broker is such a good idea. A broker can get you a preferred rate without you having to be a preferred bank customer.;)

Toma
08-18-2006, 10:16 AM
If you can do it.... your best bet is usually assuming.

I have assumed all mine.... end up avoiding CMHC, realtors etc.

Usually get a better price too.

D. Dub
08-18-2006, 10:23 AM
^^^

Good point, but affordable assumables are harder and harder to find because the original mortgage holder can be held responsible if the assumee defaults. There used to be a one year limit on this but its gone now.

sputnik
08-18-2006, 10:24 AM
Originally posted by D. Dub
Not everyone has the advantage of parents with pull at the bank. Thats why using a mortgage broker is such a good idea. A broker can get you a preferred rate without you having to be a preferred bank customer.;)

:werd:

A 5.1% rate locked in for 5 years is that crazy. Depending on when he was approved and when he got his rate hold he may not have gotten a good deal at all.

The 5 year rates are at 5.5% now and were 5.3% about a month ago.

HRD2PLZ
08-18-2006, 11:01 AM
My first condo was a foreclosure. A colleague in the office had the listing, so I took a look at it and bought it before it went on the market. I paid $100K in 2003 for a 991 Sq.ft 2 bedroom, 2 bathroom condo in Somerset with 2 underground stalls. I had a friend come in a rennovate. Painted, new laminate floors, etc. Put down my 25% and rented out the unit. My last mortgage payment for that unit was September 2005.

It was a good way to get my foot in the market when I was so young. The unit is still rented out to my original tenants :thumbsup:

JRSC00LUDE
08-18-2006, 11:03 AM
Agreed.....I've got a 5.05% rate on mine. And I don't have any real money to speak of or a high salary so that rates nothing special.

Tik-Tok
08-18-2006, 12:20 PM
We were renting a house for about 6 months when we realized it was retarded. We started house hunting, spent 4 months, didn't find anything we liked in our $200,000 price range, sorry, we did find 1...

1500 sq.ft. house, 2 shops, quanset big enough for 6 cars, 3.5 acres of land, with small stream, 45 minutes NE from the airport (where I work), sounded like our perfect house, until we drove out there, the property was fine, but the house was about, oh 20 METERS FROM A DONKEY FARM's BARN!

Thanks but no thanks. Could you imagine spring thaw? :barf:

Anyways, we gave up seeing as we had no money for a downpayment anyways. Then my inlaws mentioned their neighbor 2 houses down was selling, we had a look, 1100 sq.ft, triple garage, Covered RV parking, and still had a back yard bigger than any new developments. Looked great (except for the basement which was 1970's era).

Still diswraught because we had no downpayment money we started looking around anyways for a mortgage, then we found out that just 2 weeks earlier, Scotia and RBC started a "No downpayment" mortgage.

SWISH!

Had to take posted rates to get it (5.65 at the time), but if you looked at how long we would have been paying rent, and trying to save money for the downpayment, as well as the ever increasing housing market cost, it was well worth it.

Just to give you an example, it would've taken us at least 2 years to save the downpayment for $200,000, well, 2 years later this house is worth over $350,000, so we wouldn't have been able to afford anything close to this nice this year.

E36M3
08-18-2006, 04:46 PM
I don't care what you think about the truth of the statement, I have applied the basic concepts (and they are very basic, most of them self evident) and have done very well.

Wether or not I have more money than him doesn't make his concepts more or less valid, I've made a lot of other cash in places other than real estate as well and he may or may not have successfully applied his own concepts, who cares? If you don't believe me, I could care less.. I can show you balance sheets, but I won't.

The buyer does pay for it, and I have owned lots of properties in Alberta as well. You are missing the concept.

If you buy a house for $100k and the realtors squeeze 3% out of it, you could have paid $97k and the seller and buyer would be no worse off.. the buyer pays for it one way or another.

If you do not use any agents, you save the whole fee. If you only use the listing agent, you should be smart enough to negotiate the buyer agents fee. I'm not sure how I can make it any simpler to understand.

I've done it both ways, and both ways was about the same hassle, with the major difference being the monetary savings.


Originally posted by googe


this still isnt correct. the buyer does not pay for it. if the buyer does not have a realtor, the sellers realtor gets double the commission, and does what is called dual agency. maybe its different in california. in alberta, the realtors either split the commission or the seller gets it all.

i dont believe you made millions from that books advice either. i believe you made millions but theres no way that load of crap had anything to do with it :rofl: you probably have more money than robert kiyosaki.

i recommend http://www.johntreed.com/Kiyosaki.html

Watcher
08-18-2006, 05:31 PM
I know a guy that does drywalling in high end houses in the NW.

whenever he finds a 2x4 that is too twisted or warped, instead of calling the site supervisor and having a framer come over and fix it - all this takes time, right?

he will cut a large enough notch in the 2x4, then he gives it a good boot - snapping it in half....then he drywalls over it.

this is how he trains all his employees, too.

danno
08-18-2006, 05:46 PM
i was lucky when i got into my condo. i bought it about 3 years ago for low 100's, now it's mid 200's. my advice is don't buy a hot car, buy something good and reliable. then once your comfortable with payments go out and buy a nice car. i had my own place at 21.

Weapon_R
08-18-2006, 05:47 PM
Sellers always factor in the 7/3% commission rates into the pricing of their homes. If they could avoid half of that, they would sell for a lower price. It's common sense that the buyers pay for their realtors assistance.

Ajay
08-18-2006, 07:48 PM
Originally posted by Watcher
I know a guy that does drywalling in high end houses in the NW.

whenever he finds a 2x4 that is too twisted or warped, instead of calling the site supervisor and having a framer come over and fix it - all this takes time, right?

he will cut a large enough notch in the 2x4, then he gives it a good boot - snapping it in half....then he drywalls over it.

this is how he trains all his employees, too.

And what company is this? I'll be sure to avoid them in the future for sure.

kaput
08-18-2006, 08:00 PM
.

Tik-Tok
08-18-2006, 10:22 PM
Originally posted by kaput
^All of them. I know a few people who work in construction and its all the same story.

A co-worker has gone to his townhouse style condo everyday 2 days since they started building it to make sure they don't pull too much crap like that, it's costing him his time, but he just wants to make sure it's built right. He's made dozens of complaints so far, and they've all been fixed properly.

That is the only advice I could give to someone buying a brand new home. KEEP BOTH EYES ON IT.

msommers
08-19-2006, 02:35 AM
NuVista seems to be a good contractor. About the only one as far as I can tell. It's interesting reading all this advice now while I'm 20 and living at home, but going to school. When I'm done school and ready to move away, the rise in house prices is going to be outrageous.

From advice I've been given and also read about, renting should be avoided at all costs if possible. It's like throwing money away. Of course if you don't have that option, life is going to be harder for you. I know with a lot of my friends that parents are more willing to let them stay at home longer than their parents would have.

Just curious, but what are the average times over you paid for your house when your mortage is all said and done? 2X, 2.5X?

D-Man
08-19-2006, 05:58 AM
Most people when they buy their first house know that this will be a starter home and that they will eventually sell it to buy something newer or bigger.

On that note, I've always put the 5% down and got the longest ammortization period, like 25 years so that my payments are small...

If you are still living with mommy and daddy, or even if you are currently renting, save as much money as you can. Ya, the down payment is usually the hardest part in buying a house but then there are all the other costs like lawyers fees, mortgage fees, property taxes, adjustments and transfers. Oh, don't forget appliances, furniture, furnishings, stuff for the yard, etc...

You may also want to have a little money set aside for some of those unforseen home renovations or repairs that need to be done when you move in...

One piece of advise when buying your first or any home for that matter, always get a home inspection. It could save you from buying a money pit...

Tik-Tok
08-19-2006, 06:17 AM
Originally posted by D-Man


One piece of advise when buying your first or any home for that matter, always get a home inspection. It could save you from buying a money pit...


Bah, my home inspector was shite! He was walking us around the house pointing out some small stuff, when in the basement, he points at a brass water fitting,

and says: "And you'll need to find a knob for that water shutoff valve"

me: "Uhm, isn't that a pressure relief valve? The water shutoff valve is 2' under it, under that table."

Him: "Oh? Oh yeah, it is too!"


:rolleyes: F'in idiot. Waste of $350 IMO, but yeah generally it is a good idea.

D-Man
08-22-2006, 09:13 AM
I've used Pillar to Post for all 4 of my home purchases in 3 different provinces and have always been satisfied with their services...

E36M3
08-22-2006, 11:40 AM
I also used Pillar to Post in Calgary and was very impressed. They include one year of consultation as part of the price, well worth it.


Originally posted by D-Man
I've used Pillar to Post for all 4 of my home purchases in 3 different provinces and have always been satisfied with their services...

D. Dub
08-22-2006, 02:35 PM
Actually I've heard they're quite good as well. But it really comes down to the individual inspector, their knowledge/experience and their diligence.

Redlyne_mr2
08-23-2006, 12:23 AM
I have been looking for places off and on. I have been outbid, placed offers on places I havent even seen, and even had to go through a silent auction. I decided no more, I cant afford to take a huge gamble like that, I have no choice but to wait for the market to slow down, which is starting to happen.

Nitron88
09-19-2006, 12:25 AM
Your very lucky to have sneaked in so early in the game. Those who are trying to do that now are getting burned as this month the real estate market is just hanging over our heads with fogs and clouds. The prices arent hiking anymore and has cooled down. HAving good tenants is also hard to find.


Originally posted by HRD2PLZ
My first condo was a foreclosure. A colleague in the office had the listing, so I took a look at it and bought it before it went on the market. I paid $100K in 2003 for a 991 Sq.ft 2 bedroom, 2 bathroom condo in Somerset with 2 underground stalls. I had a friend come in a rennovate. Painted, new laminate floors, etc. Put down my 25% and rented out the unit. My last mortgage payment for that unit was September 2005.

It was a good way to get my foot in the market when I was so young. The unit is still rented out to my original tenants :thumbsup:

99atlantic
10-03-2006, 04:40 PM
I played in oil, real-estate and eventually became a hedge fund manager (at 22, 23 now), so I bought this :e-cool:

(technically I've had 15 or 16 properties, but those were just rentals/flips, never intended to live in)

Acreage compound just outside the city; I move Nov. 12 :)

http://members.shaw.ca/irondog/house.jpg
http://members.shaw.ca/irondog/house2.jpg
http://members.shaw.ca/irondog/house3.jpg
http://members.shaw.ca/irondog/house4.jpg
http://members.shaw.ca/irondog/house5.jpg
http://members.shaw.ca/irondog/house6.jpg
http://members.shaw.ca/irondog/house7.jpg

JordanAndrew
10-03-2006, 04:48 PM
Originally posted by 99atlantic
I played in oil, real-estate and eventually became a hedge fund manager (at 22, 23 now), so I bought this :e-cool:

(technically I've had 15 or 16 properties, but those were just rentals/flips, never intended to live in)

Acreage compound just outside the city; I move Nov. 12 :)

http://members.shaw.ca/irondog/house.jpg
http://members.shaw.ca/irondog/house2.jpg
http://members.shaw.ca/irondog/house3.jpg
http://members.shaw.ca/irondog/house4.jpg
http://members.shaw.ca/irondog/house5.jpg
http://members.shaw.ca/irondog/house6.jpg
http://members.shaw.ca/irondog/house7.jpg

DAMN! :eek: :thumbsup:

D. Dub
10-03-2006, 04:51 PM
not a bad lookin shack :D

99atlantic
10-03-2006, 05:17 PM
Originally posted by D. Dub
not a bad
lookin shack :D

it's shack-tastic :D


it's funny - a year ago I thought the only people who lived outside of the city were farmers (that's what you get for being a spoiled only city-child :D ), so if you weren't farming you couldn't live out there....then I saw the monster shacks that some of these oil guys have built out there and was like :hitit:

D. Dub
10-03-2006, 05:29 PM
Originally posted by 99atlantic


it's shack-tastic :D


it's funny - a year ago I thought the only people who lived outside of the city were farmers (that's what you get for being a spoiled only city-child :D ), so if you weren't farming you couldn't live out there....then I saw the monster shacks that some of these oil guys have built out there and was like :hitit:


shacktastic :D

Yup there are lots of beautiful acreage homes that people don't even
know are out there.