I'm a first time home buyer... I need to ask you anything - Page 6 - Calgarypuck Forums - The Unofficial Calgary Flames Fan Community

alltherage · 08-13-2010, 09:46 AM

Quote:

Originally Posted by Shazam

What's the roof insulation like? If it's R12, then you can expect bills in the $600 range in winter.

I have no idea... but even that amount, although it would suck, is affordable.

Shazam · 08-13-2010, 09:48 AM

Quote:

Originally Posted by alltherage

I have no idea... but even that amount, although it would suck, is affordable.

Didn't the home inspector tell you? If it's R12, it's very cheap to get someone in and get it up to R60.

alltherage · 08-13-2010, 10:21 AM

Quote:

Originally Posted by Shazam

Didn't the home inspector tell you? If it's R12, it's very cheap to get someone in and get it up to R60.

We are still in the begining of the process. We will have a home inspection before we buy but we arent there yet.

VladtheImpaler · 08-13-2010, 10:33 AM

Quote:

Originally Posted by alltherage

Hey I have a question about this. My wife and I, property virgins, are looking at a 1400 square foot home in Woodbine (25-30yrs old I think?) and I am wondering, what can I realistically expect to pay in utilities each month?

Can anyone give me a rough idea?

I live in Woodbine. My Enmax bill (gas, electricity, water, sewer) is $240 in the summer, and goes as high as $450 in the winter, so whoever said $600 is way high, unless they like their home to be a toasty 29 C.

My house is 30 years old. Original furnace, windows, etc...

Shazam · 08-13-2010, 10:38 AM

Well, my friend's house is in Silver Springs, he had R12 in the ceiling, and had outrageous heating bills until he got it renovated.

alltherage · 08-13-2010, 10:44 AM

Quote:

Originally Posted by VladtheImpaler

I live in Woodbine. My Enmax bill (gas, electricity, water, sewer) is $240 in the summer, and goes as high as $450 in the winter, so whoever said $600 is way high, unless they like their home to be a toasty 29 C.

My house is 30 years old. Original furnace, windows, etc...

Thanks again! This is probably the most comparable to our situation so I appreciate your insight.

yads · 08-13-2010, 11:46 AM

One thing to consider is a mixed mortgage. We got one from scotia bank with 2/3 being fixed and 1/3 being variable. That way you save a bit of money with a variable mortgage and also get most of the stability from the fixed mortgage.

Komskies · 08-13-2010, 11:49 AM

Quote:

Originally Posted by yads

One thing to consider is a mixed mortgage. We got one from scotia bank with 2/3 being fixed and 1/3 being variable. That way you save a bit of money with a variable mortgage and also get most of the stability from the fixed mortgage.

Assuming the rates never go up. The BoC has increased rates twice since June 1st.

Fobby · 08-13-2010, 12:02 PM

With variable mortgage rate at prime -.7 right now, it will take the prime rate to hit 4.75 before you will be paying more then a fixed 5 year mortgage rate at 4.09.

redforever · 08-13-2010, 12:10 PM

As others have mentioned, a realtor you are compatible with and location are very important.

I would also add in kitchen and bathroom. Poorly or cheaply designed of either is a real negative IMO.

chemgear · 08-13-2010, 12:13 PM

Quote:

Originally Posted by Fobby

With variable mortgage rate at prime -.7 right now, it will take the prime rate to hit 4.75 before you will be paying more then a fixed 5 year mortgage rate at 4.09.

And with recent economic data, analysts are considering that the increases may be a bit more spaced out. Last I looked the September hike was still a pretty good bet in their minds but that there might be a bit of pause thereafter. For what its worth.

(Good luck in your search btw, I like the Woodbine area.)

Komskies · 08-13-2010, 12:14 PM

Woodbine is great. I've lived in Woodbine for 23 years, in two different houses.

WilsonFourTwo · 08-13-2010, 12:17 PM

Quote:

Originally Posted by Komskies

Woodbine is great. I've lived in Woodbine for 23 years, in two different houses.

Are you saying that living in Woodbine is alltherage?

yads · 08-13-2010, 12:19 PM

Quote:

Originally Posted by Komskies

Assuming the rates never go up. The BoC has increased rates twice since June 1st.

No it assumes rates go up. The whole point of a fixed rate mortgage is that you're asking the bank to take on interest rate risk for you. They're not going to do that without a premium. This is why long term you're better off on variable rate (if we're talking pure dollars and cents). Most people, however, prefer the comfort and stability of a fixed rate mortgage. Having a mixed mortgage allows you to get some benefits from both fixed and variable.

afc wimbledon · 08-13-2010, 02:08 PM

Quote:

Originally Posted by Winsor_Pilates

Agreed.
It's far more tabooed than it used to be, and agents have to disclose that they are giving "limited dual-agency" instead of full agency. Obviously trying to get the buyer the best price, and seller the most money is total conflict.

The reality is (if you'll excuse the pun) that only one party pays both agents and that is the vender, so I always work on the assumption that, as a buyer, I'm not 'represented' at all, it is in the interest of both agents to get you to buy the house as quickly as possible for as high a price as possible.

In order to facilitate this the listing agent will try to get the vendor to list it low to get it sold quick, and the buyers agent will try to persude the buyer that there is no chance of a price drop, there are other buyers looking at the property and you'd better get an offer in quick to lock it up.

Never trust any of it.

alltherage · 08-13-2010, 04:23 PM

My mortgage broker told me that in the last 63 years variable rates have not once surpassed fixed rates... at least I think thats what she said. Based on that trend, and the fact that I think the Gov't wouldnt kill the economy by driving prime up too steep too soon, we are going variable closed.

Knalus · 08-13-2010, 04:36 PM

Quote:

Originally Posted by afc wimbledon

The reality is (if you'll excuse the pun) that only one party pays both agents and that is the vender, so I always work on the assumption that, as a buyer, I'm not 'represented' at all, it is in the interest of both agents to get you to buy the house as quickly as possible for as high a price as possible.

In order to facilitate this the listing agent will try to get the vendor to list it low to get it sold quick, and the buyers agent will try to persude the buyer that there is no chance of a price drop, there are other buyers looking at the property and you'd better get an offer in quick to lock it up.

Never trust any of it.

Which is why sometimes you have to make it clear to your real-estate agent representing you as a buyer that you will walk away from deals if it is too expensive - by actually doing it.

alltherage · 09-07-2010, 02:02 PM

So... since this is a private sale my broker needs an offer to purchase signed by lawyers before the lenders will even approve me. Is this normal? It seems like one thing after another on this thing... quite stressful and even demoralizing I have to say.

Basically I have to gamble $1000 on this offer to purchase before I am even approved... what a pain! Again... is this normal?

Mike Oxlong · 09-07-2010, 02:09 PM

Quote:

Originally Posted by alltherage

So... since this is a private sale my broker needs an offer to purchase signed by lawyers before the lenders will even approve me. Is this normal? It seems like one thing after another on this thing... quite stressful and even demoralizing I have to say.

Basically I have to gamble $1000 on this offer to purchase before I am even approved... what a pain! Again... is this normal?

Depending on the lender it can be normal. A lot of lenders now do not like private sales at all. As you are experiencing you really need to jump through hoops to make them happen.

Was the house at least listed on Welist.com or any kind of website?

alltherage · 09-07-2010, 02:17 PM

Quote:

Originally Posted by Mike Oxlong

Depending on the lender it can be normal. A lot of lenders now do not like private sales at all. As you are experiencing you really need to jump through hoops to make them happen.

Was the house at least listed on Welist.com or any kind of website?

No its not listed... ya it seems like they are really making this a pain in the ass.

The story here is that it's my wife's parent's long time friends. They've already had the house assessed by 2 separate realtors for the price... and they both came in at exactly the same price. I just don't understand what the big deal is, we want to buy it, they want to sell it, it's a good price as per 2 realtors... we have the purchase agreement written up by a realtor... why do we need to do all this?

We are already approved to buy any other house for this price... why does it matter that it's a private sale? We're just trying to save money on realtor fees and the house is exactly what we want!

How frustrating. Thanks for the help too Mike... I got your PM... unfortunately we have a broker already who has helped my two brothers get their mortgages and we were referred to her, otherwise I'd have been happy to try your services.

Edit: We have the city of calgary assessment, layout, address, everything that a listing would have... so I dont know that it would make a difference...