Our house had a few cracks in the exterior brickwork, and it's noticeably tilted, you can tell without any marble. Not an issue according to experts who had a look at it, it's very unlikely to shift any further, and if it does there is a permanent remedy: fairly costly but well within our means (and definitely worth to preserve this home). Easy to say to walk away from a house with a slight tilt or cracks, but it's not like there's a whole lot of choice out there. Any problem you find in a house for sale, it's worth checking what is causing it. It might be a non-issue. One thing I missed on this list (especially for you peeps in the USA): check out if there's an HOA, and find out what they are like. You could end up living in a dystopian gulag...
Key take away as you mentioned is getting an expert to look at it and assess the situation. That way you as a buyer are fully informed of what's happening and what could happen. Then you make your decision to move forward or not. Glad to here its worked out for you! Yah I've heard HOA can be a nightmare. I'm located in the Fraser valley of BC, Canada where most the time its a strata.
Renting is much better choice for people who do not have spare cash for repairs. Rule of thumb: you should not spend more than 30% of gross income (before taxes) on mortgage+insurance+property taxes. If you would have to pay more, then don't be a fool and rent instead. Rent is almost always cheaper than buying. You could invest the difference monthly into good mutual fund which would earn you over long time more than potential house appreciation. Stock market over long time always beats the real estate. Almost guaranteed. Also, you should have at least 20K in bank on saving account or equivalent, for repairs.
Definitely...... you have to do your homework and see what makes the most sense for you and your situation. Weigh the short term vs long term benefits of either option.
What a great video! Well done
Much Appreciated and thanks for watching.
Our house had a few cracks in the exterior brickwork, and it's noticeably tilted, you can tell without any marble. Not an issue according to experts who had a look at it, it's very unlikely to shift any further, and if it does there is a permanent remedy: fairly costly but well within our means (and definitely worth to preserve this home). Easy to say to walk away from a house with a slight tilt or cracks, but it's not like there's a whole lot of choice out there. Any problem you find in a house for sale, it's worth checking what is causing it. It might be a non-issue.
One thing I missed on this list (especially for you peeps in the USA): check out if there's an HOA, and find out what they are like. You could end up living in a dystopian gulag...
Key take away as you mentioned is getting an expert to look at it and assess the situation. That way you as a buyer are fully informed of what's happening and what could happen. Then you make your decision to move forward or not.
Glad to here its worked out for you!
Yah I've heard HOA can be a nightmare. I'm located in the Fraser valley of BC, Canada where most the time its a strata.
Renting is much better choice for people who do not have spare cash for repairs. Rule of thumb: you should not spend more than 30% of gross income (before taxes) on mortgage+insurance+property taxes. If you would have to pay more, then don't be a fool and rent instead. Rent is almost always cheaper than buying. You could invest the difference monthly into good mutual fund which would earn you over long time more than potential house appreciation. Stock market over long time always beats the real estate. Almost guaranteed. Also, you should have at least 20K in bank on saving account or equivalent, for repairs.
Definitely...... you have to do your homework and see what makes the most sense for you and your situation. Weigh the short term vs long term benefits of either option.
Great video Richard!
Much Appreciated & thanks for watching!
lol I think I bought the wrong house…🙄
As soon as you said process, I knew you were Canadian
Haha, its was that quick EH! 🇨🇦