Home buying thread

Cad

Cad

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Koushirou said:
That fucking article's made me paranoid as fuck. My builder's a big ass national one (Ryan Homes, I know, I know...) and my appraisal came in at basically what I bought the house for, and the build time was short, so I'm really, really hoping it doesn't happen. I have to give 2 months notice on my apartment, which puts it about half a month before scheduled settlement, so if they decide to play fuck fuck games in that 2 or so weeks, we're fucked on the house and we lose our apartment and I don't know what the fuck we'd do then. I could push our rent out an extra month, but that month of rent + mortgage would be a painful one. Not sure if it's worth the piece of mind vs. potentially being a huge waste of money.
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You shouldn't have to pay rent + mortgage, because why would you close on a house you can't live in (assuming a new build).

If you lose your apartment get in a long term airBnB that you can go month to month and can leave any time. Bunch of people in my neighborhood do it for renovations that might take 2 weeks, might take 4 months...
 
Koushirou

Koushirou

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Cad said:
You shouldn't have to pay rent + mortgage, because why would you close on a house you can't live in (assuming a new build).
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Awkward timing, basically. When we first signed, they were estimating mid-June to mid-July for completion/settlement. They went faster than that once they started and now settlement's in mid-May. Husband is working his current job until the end of June, so we're not moving until then, so house is going to sit there awkwardly for a bit.
 
Cad

Cad

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Koushirou said:
Awkward timing, basically. When we first signed, they were estimating mid-June to mid-July for completion/settlement. They went faster than that once they started and now settlement's in mid-May. Husband is working his current job until the end of June, so we're not moving until then, so house is going to sit there awkwardly for a bit.
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I wouldn't worry too much then, they will definitely be late on your house. I don't know that I've ever even heard of a construction project that finished on time, much less now.
 
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Goatface

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www.ctvnews.ca

Condo developers hiking prices despite contracts

An Ontario resident says she was shocked after developers for a condo she signed a contract for pre-pandemic demanded almost $280,000 more.
www.ctvnews.ca www.ctvnews.ca

short news story, Canada condos
woman put down payment on $386k unit in 2016, price increased to $664k
another woman contact was for $436k in 2018, price now $549
company offering return deposits plus 6%
Canada government looking into forcing companies to honor signed deals
guessing this is in maple dollars so would be 306k/527k and 346k/436k in freedom bucks
 
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Szeth

Szeth

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I saw that Canada is forbidding non Canadian purchasers for the next two years or some such as well. Has any country ever done that?
 
Drinsic

Drinsic

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Goatface said:
www.ctvnews.ca

Condo developers hiking prices despite contracts

An Ontario resident says she was shocked after developers for a condo she signed a contract for pre-pandemic demanded almost $280,000 more.
www.ctvnews.ca www.ctvnews.ca

short news story, Canada condos
woman put down payment on $386k unit in 2016, price increased to $664k
another woman contact was for $436k in 2018, price now $549
company offering return deposits plus 6%
Canada government looking into forcing companies to honor signed deals
guessing this is in maple dollars so would be 306k/527k and 346k/436k in freedom bucks
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Goddamn I'd be rustled. I believe one of the articles said the builder's justification was the increase in material costs since signing the contract, and that they'd be losing money if they held the contract price. I'm no builder, nor have I worked with one. Do they not put the majority of material on order the moment you sign the contract to get started?
 
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Falstaff

Falstaff

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Nija said:
I would look at the cost of losing your apartment and having to find a new one. Paying double, mortgage plus rent, is an easy hedge against the cost of having to scramble to find a place. Most mortgages you start paying the second month, so like if you closed June 4th, you would start paying in July. Depending on how shitty your landlord is, you could possibly only have to pay for one month overlap, in July, if you gave notice on the (hypothetical) June 4th closing date. Try to close near the first of the month to limit your exposure. I know what cost I associate with scrambling to find housing, and to me paying a month or two extra in double rent is a no brainer. The cost is too damn high. (mental and physical costs, mostly)
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It should be longer than this before you pay your first mortgage payment.

We closed May 7th of last year and I didn't pay towards my mortgage for the first time until July.
 
Khane

Khane

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The ban isnt all foreigners. Just foreigners who dont have their primary residence in Canada I think
 
Lanx

Lanx

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Koushirou said:
I could push our rent out an extra month, but that month of rent + mortgage would be a painful one. Not sure if it's worth the piece of mind vs. potentially being a huge waste of money.
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you want that piece of mind if you want any sleep at all, is the landlord a dude or some complex? maybe talk to em, especially if you've been a good renter
 
Koushirou

Koushirou

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Lanx said:
you want that piece of mind if you want any sleep at all, is the landlord a dude or some complex? maybe talk to em, especially if you've been a good renter
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Complex. Already talked to the folks at the office, and no dice on a compromise there.
 
TJT

TJT

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Cad said:
I wouldn't worry too much then, they will definitely be late on your house. I don't know that I've ever even heard of a construction project that finished on time, much less now.
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This. As my 6 month lead time is now 18 months and counting.
 
TJT

TJT

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Drinsic said:
Goddamn I'd be rustled. I believe one of the articles said the builder's justification was the increase in material costs since signing the contract, and that they'd be losing money if they held the contract price. I'm no builder, nor have I worked with one. Do they not put the majority of material on order the moment you said the contract to get started?
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IDK shit about how material orders work but the incentive to break the contract in any way they can is quite a big one.

If you can breach the contract and pay out even 10% or 20% to the buyer it doesn't matter because the resale will net the builder a shitload more. I imagine its going to become more and more common with the current situation across the USA.

Which is why it has me paranoid. If the builder (DR Horton) were to breach contract with me and pay me 20% the resale of the property would get them almost $300k more than I paid for it. Probably even more by July when they actually complete it.
 
Lanx

Lanx

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TJT said:
This. As my 6 month lead time is now 18 months and counting.
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your builder can't find enough illegals, haha that reminds me, last week i woke up early in ny to get some breakfast, i happened across a corner gas station w/ 15 mexicans standing around... now i know the bus stop is also here but this street is basically little koreatown... and yup

a van pulls up and all they all run towards the van talking to the driver (i'm guessing stating their skillsets, etc)
 
Sanrith Descartes

Sanrith Descartes

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Lanx said:
your builder can't find enough illegals, haha that reminds me, last week i woke up early in ny to get some breakfast, i happened across a corner gas station w/ 15 mexicans standing around... now i know the bus stop is also here but this street is basically little koreatown... and yup

a van pulls up and all they all run towards the van talking to the driver (i'm guessing stating their skillsets, etc)
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No Home Depot's in the area?
 
Chukzombi

Chukzombi

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Lanx said:
there are two actually, one by the skymall, before hd and lowes came into town 20years ago there was pergament, (for nyc)maybe Chukzombi Chukzombi remembers em
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Pergament? Never heard of that. In jersey we had the usual true value and ace hardware stores, but we also had Rickel and Channel hardware chains here from way back in the day. I bought all my car sfuff from Rickel. Still use the same extendible squegee/scraper/brush i bought from Rickel 28 years ago.
iu

iu
 
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Lanx

Lanx

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Chukzombi said:
Pergament? Never heard of that. In jersey we had the usual true value and ace hardware stores, but we also had Rickel and Channel hardware chains here from way back in the day. I bought all my car sfuff from Rickel. Still use the same extendible squegee/scraper/brush i bought from Rickel 28 years ago.
iu

iu
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use a razorblade scraper for your windows to really get ride of everything
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