Home Improvement Thread 2: Electric Redo the Loo

wokeupnew said:
so basically ignore any and all online "mortgage calculators" and get specific rates/payments because I may be able to afford something sooner than later?
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I would. I’m not saying they’re bad but they’re largely based on national-level, broad assumptions. A local banker is going to have better tools at hand to help, have some options the calcs don’t account for, is going to be able to answer your questions and give you a little better insight. Just call and let them know you’re a first-time buyer, set up an hour to go in (or call and chat, I suppose). There’s not an obligation to go through them, and you can always do a little homework on rates after the fact to compare.
 
wokeupnew said:
Great advice everyone thank you! Definitely need to do some due diligence on FHA loans. Save more and meet with an advisor when we think we're ready. Probably much easier when we would already have financing in place and ready to go.
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If you live in a "rural" area look into a USDA loan. They're no down payment but the credit qualifications are a lot higher. We live right outside a big town but the property still qualified. If we were one street over we would not have qualified.
 
wokeupnew said:
so basically ignore any and all online "mortgage calculators" and get specific rates/payments because I may be able to afford something sooner than later?
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YES! Mortgage calculators are incomplete. My lender requires us to have an escrow account where our home insurance and taxes are paid out of. It adds on an extra $400/month on top of my monthly mortgage. Most lenders are like this because they want to make sure you are covered and paying taxes.

dbarila said:
If you live in a "rural" area look into a USDA loan. They're no down payment but the credit qualifications are a lot higher. We live right outside a big town but the property still qualified. If we were one street over we would not have qualified.
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This is also a great option. Back when mortgage rates were around 4-5%, my friends bought a house with a rural development loan and only paid 2% on it. There were also additional favorable terms--you don't have to put down the full 20%, etc.
 
Speaking of real estate markets going wild. A nearly identical house to mine on our street, but actually older with worse renos just sold for $350,000 over asking for a total price of 1.35 million. We bought our place in 2016 for $750,000. So our house has almost doubled in value in 5 years, and it's a small mid century bungalow. This cannot continue... It's madness.
 
Mather said:
Speaking of real estate markets going wild. A nearly identical house to mine on our street, but actually older with worse renos just sold for $350,000 over asking for a total price of 1.35 million. We bought our place in 2016 for $750,000. So our house has almost doubled in value in 5 years, and it's a small mid century bungalow. This cannot continue... It's madness.
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I don’t often watch Property Brorthers but sometimes I do and am reminded how bonkers most Canada real estate is. I know there’s a currency difference but it’s still ridiculous.

I’ve thought about moving to Canada a couple of times in the past (like soon after the 2016 election lol) because my company has a branch in Mississauga but the real estate market is too expensive.
 
wokeupnew said:
I don’t often watch Property Brorthers but sometimes I do and am reminded how bonkers most Canada real estate is. I know there’s a currency difference but it’s still ridiculous.

I’ve thought about moving to Canada a couple of times in the past (like soon after the 2016 election lol) because my company has a branch in Mississauga but the real estate market is too expensive.
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Yeah, it's not bad everywhere in terms of price but near the big cities it's pretty insane. I mean I look at some of the houses you guys have in the States and I just drool, those places up here would be 2-3 million and up. Like it's totally pointless because sure I can sell my freaking mid century bungalow for like $1.4 million (which is so damn stupid) but then where the hell am I gunna move to? Unless it's out of the country then it really doesn't matter because every other house is just as bonkers...
 
Mather said:
Speaking of real estate markets going wild. A nearly identical house to mine on our street, but actually older with worse renos just sold for $350,000 over asking for a total price of 1.35 million. We bought our place in 2016 for $750,000. So our house has almost doubled in value in 5 years, and it's a small mid century bungalow. This cannot continue... It's madness.
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But how many times has Mena Suvari been to your bungalow. Instant value.
 
I would also get a 30 year fixed mortgage with the 20% down to avoid PMI if you can. Interest rates are so low. Yes, you do save with a shorter term mortgage, but you're young. You have 30 years. Its the cheapest money you'll ever get. If you make one (principal only) extra payment a year that brings it down to 21 years...and then if one of you loses a job, you are not stuck with the huge payment of a 10 or 20 year mortgage. Your mortgage broker will be able to provide you with that info.
 
Anyone in here have a tankless water heater? Ours is gettin' up there in age and takes way to long to heat up the shower/heat in general when we have guests, etc. I've heard tankless are the wave of the future but it's obviously an investment either way, so want to make the right move.
 
Melt Face Molly Drop said:
Anyone in here have a tankless water heater? Ours is gettin' up there in age and takes way to long to heat up the shower/heat in general when we have guests, etc. I've heard tankless are the wave of the future but it's obviously an investment either way, so want to make the right move.
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My water heater is up in age too (30+ years😳) we have tossed around the idea of a tankless too but with a couple other renovations in progress/needing priority...I don’t know when and if we will pull the trigger
 
Melt Face Molly Drop said:
Gotcha, so YMMV based on house setup. We don't have gas at all so that'll be 1 dodged bullet I guess.
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Yeah, you’re probably not in a basement either. My water heater is on an interior basement wall, so they’d have to move the gas, water, mount to a new wall, cut the exhaust in the foundation or up through the stack. It was a Whole Thing. For a house the age/size/value of mine it wasn’t worth the investment.
 
Also got to factor in gas costs. My gas costs with a combi condenser gas boiler that heats hot water on demand are far lower than in my last rental with an old school boiler had to heat up a full hot water tank, much of which may not be used. Also it’s hot on demand for washing dishes etc.
 
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