Home Improvement Thread 2: Electric Redo the Loo

Well for better or worse I just put down a deposit for all new windows and doors. Tried to rationalize it with the threat of higher future prices and the fact we still have the original 50 year old wood windows that are failing. Energy savings and noise reduction were also a consideration.

If this company does a good job with install I may have them do our sunroom.
 
folsom_lives said:
Well for better or worse I just put down a deposit for all new windows and doors. Tried to rationalize it with the threat of higher future prices and the fact we still have the original 50 year old wood windows that are failing. Energy savings and noise reduction were also a consideration.

If this company does a good job with install I may have them do our sunroom.
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We did our front windows last year (or was it the year before...). No regrets. Hope you have a good experience!
 
Wondering if anyone here has purchased a home in the last year, if so I was hoping to get some insight into what percentage of the sale your closing costs were this seems to be the one number that is harder to nail down in my research. Also what percentage of your take home pay is your monthly payment ? Any info or data would be greatly appreciated.
 
Dylanfan253 said:
Wondering if anyone here has purchased a home in the last year, if so I was hoping to get some insight into what percentage of the sale your closing costs were this seems to be the one number that is harder to nail down in my research. Also what percentage of your take home pay is your monthly payment ? Any info or data would be greatly appreciated.
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Very different closing costs associated with Canada vs the US so it won't apply in this case. Monthly mortgage cost is 30% of take home pay.
 
Dylanfan253 said:
Wondering if anyone here has purchased a home in the last year, if so I was hoping to get some insight into what percentage of the sale your closing costs were this seems to be the one number that is harder to nail down in my research. Also what percentage of your take home pay is your monthly payment ? Any info or data would be greatly appreciated.
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Your bank will give you an estimate of the closing costs before you close. It varies from bank to bank and the fees of the state. They're always more than you think they're going to be. I'd set aside at least 10k. I wouldn't let your mortgage go above 30% of your take home like Mather says. Especially since we can't deduct mortgage interest any more in the US with the much larger standard deduction, we don't get that break for owning a home. It used to really help up front when almost 100% of your mortgage is the interest in the first few years.

People forget too how expensive it is to just maintain a home. Pretty much always something needing fixed. Never buy as much home as the bank says you can. Once you're in one, it's easier to trade up (at least it used to be).
 
Kris said:
Your bank will give you an estimate of the closing costs before you close. It varies from bank to bank and the fees of the state. They're always more than you think they're going to be. I'd set aside at least 10k. I wouldn't let your mortgage go above 30% of your take home like Mather says. Especially since we can't deduct mortgage interest any more in the US with the much larger standard deduction, we don't get that break for owning a home. It used to really help up front when almost 100% of your mortgage is the interest in the first few years.

People forget too how expensive it is to just maintain a home. Pretty much always something needing fixed. Never buy as much home as the bank says you can. Once you're in one, it's easier to trade up (at least it used to be).
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Our ideal situation would be 30% of net income. We will go into with a $40k emergency fund regardless, but it’s likely we will be at 35-40% with interest rates more likely (subjectively) to increase over the next 18 months. We also refuse to rush through the process, with specific inspections of anything that we wouldn’t be able to tackle ourselves (roof, sewer, electrical, foundation) when it requires repair/replacement. I don’t foresee the “goal posts” moving as rapidly as they have so far since our journey began in late 2020. When we started the “burden” was the cash on hand and emergency fund, now the cash on hand is in sight but the monthly payment and future increases is requiring further patience.
 
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Dylanfan253 said:
Our ideal situation would be 30% of net income. We will go into with a $40k emergency fund regardless, but it’s likely we will be at 35-40% with interest rates more likely (subjectively) to increase over the next 18 months. We also refuse to rush through the process, with specific inspections of anything that we wouldn’t be able to tackle ourselves (roof, sewer, electrical, foundation) when it requires repair/replacement. I don’t foresee the “goal posts” moving as rapidly as they have so far since our journey began in late 2020. When we started the “burden” was the cash on hand and emergency fund, now the cash on hand is in sight but the monthly payment and future increases is requiring further patience.
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Yes, I would never buy any house as-is, I never understood why people would do that. Interest rates were relatively high when we first bought in 1999, but we've been able to refinance of course and take advantage of the lower rates. When we first bought the monthly price seemed insane, but now 25 years later, with job changes and promotions and just inflation, that price seems much more reasonable. Cheap even. Good luck! I don't envy anyone starting out today. It seems quite daunting, but to be honest it was even scary back then. I had nightmares of arriving to the closing with not enough money.
 
Kris said:
Yes, I would never buy any house as-is, I never understood why people would do that. Interest rates were relatively high when we first bought in 1999, but we've been able to refinance of course and take advantage of the lower rates. When we first bought the monthly price seemed insane, but now 25 years later, with job changes and promotions and just inflation, that price seems much more reasonable. Cheap even. Good luck! I don't envy anyone starting out today. It seems quite daunting, but to be honest it was even scary back then. I had nightmares of arriving to the closing with not enough money.
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I believe we will do fine if we buy in 12-18 months as long as it’s less than 38%, with a significant emergency fund. We can both expect at least cost of living adjustments every year. I’m most worried about taxes and insurance. My auto insurance has gone up significantly so I’m sure homeowners does as well. It does take longer to achieve when an inexpensive house is $400-450k usd.
 
Dylanfan253 said:
I believe we will do fine if we buy in 12-18 months as long as it’s less than 38%, with a significant emergency fund. We can both expect at least cost of living adjustments every year. I’m most worried about taxes and insurance. My auto insurance has gone up significantly so I’m sure homeowners does as well. It does take longer to achieve when an inexpensive house is $400-450k usd.
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Yeah, insurance has gone up like crazy. Thankfully here taxes are fairly static, and honestly seem to be going down some years.
 
So the bathroom works are well under way, they were tiling today but because I’ve gone away for the weekend I’ve not seen it.

Last decision is paint for the ceiling. I have black floor tiles and a black shower tray and white marble effect tiles on the walls.

Do I play it safe with white ceiling paint or do I go for it with a Matt black ceiling….
 
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