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Bluefoxtim

Houses

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6 hours ago, spacemunky said:

Thinking of selling my condo. I awake sometimes and imagine the market crash.

 

Haven't done anything to it in the 7 years I've been here, so not sure if it's worth doing any upgrades or selling it as is.

 

Paid 220K(Canadain bucks) and it would sell fast for double that now, without me doing anything to it(other than cleaning it lol).

Housing market in Ontario is stupid.  Two houses around the corner from me have gone up for 1.3 million and sold over asking! Some cvnt just listed one for 1.6 million or something. Granted each of these houses were slightly bigger than mine (200 to 300 sq feet) and recent upgrades to kitchens and bathrooms...but ffs! I'm glad i've finished 90% of my basement since moving in.  I never finished the bathroom/washroom but whatever. I reckon my place would easily sell for 1.1 million + at these rates.  My house isn't anything special although If i sold it,  I wouldn't be able to buy anything close by as that Toronto money is pushing it's way down our ways. Can't compete!

 

I would say to make sure you can afford to buy another place before selling. We bought our current house before selling our townhome. We also did 0 upgrades to that place (not even paint), lived there for about 7 years and sold for +235k profit 3 years ago.

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2 hours ago, Jattdogg said:

Housing market in Ontario is stupid.  Two houses around the corner from me have gone up for 1.3 million and sold over asking! Some cvnt just listed one for 1.6 million or something. Granted each of these houses were slightly bigger than mine (200 to 300 sq feet) and recent upgrades to kitchens and bathrooms...but ffs! I'm glad i've finished 90% of my basement since moving in.  I never finished the bathroom/washroom but whatever. I reckon my place would easily sell for 1.1 million + at these rates.  My house isn't anything special although If i sold it,  I wouldn't be able to buy anything close by as that Toronto money is pushing it's way down our ways. Can't compete!

 

I would say to make sure you can afford to buy another place before selling. We bought our current house before selling our townhome. We also did 0 upgrades to that place (not even paint), lived there for about 7 years and sold for +235k profit 3 years ago.

Im going to go back to renting and I'll invest what looks like around 500K, according to a good source.

 

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So the other solicitor has sent an email to my solicitor suggesting a completion date of 29th March. My live tracker was still saying we had the mining search left before we can sign contracts. But since the email from the other solicitor the mining search has disappeared off my live tracker. Very strange. Ive sent an email to see if its been removed because it has been completed.

 

Starting to feel very real. Payday today so reckon its time to get a table and chairs lol 

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Once sale agreed and Solicitors were instructed etc, how often do you receive updates? We agreed our sale end of Jan, we had the pre-contract enquiries documents early Feb but haven't heard anything since from the Solicitor dealing with the sale. The vendors of the property we are purchasing only agreed their forward move 2 weeks ago, is it too soon to be getting any progress reports? I don't want to start hassling people if it's too soon but know you need to keep them on their toes.

Are updates received from Solicitor and Estate Agents?

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8 minutes ago, FoyleFox said:

Once sale agreed and Solicitors were instructed etc, how often do you receive updates? We agreed our sale end of Jan, we had the pre-contract enquiries documents early Feb but haven't heard anything since from the Solicitor dealing with the sale. The vendors of the property we are purchasing only agreed their forward move 2 weeks ago, is it too soon to be getting any progress reports? I don't want to start hassling people if it's too soon but know you need to keep them on their toes.

Are updates received from Solicitor and Estate Agents?

I would definitely contact them, even if its enquire on a friendly basis of 'is there anything which I can be getting on with now to speed up the process'. Do you have a mortgage advisor at all? Ours was really proactive in phoning up the Estate Agent and Solicitor for regular updates which helped massively. 

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32 minutes ago, FoyleFox said:

Once sale agreed and Solicitors were instructed etc, how often do you receive updates? We agreed our sale end of Jan, we had the pre-contract enquiries documents early Feb but haven't heard anything since from the Solicitor dealing with the sale. The vendors of the property we are purchasing only agreed their forward move 2 weeks ago, is it too soon to be getting any progress reports? I don't want to start hassling people if it's too soon but know you need to keep them on their toes.

Are updates received from Solicitor and Estate Agents?

It takes about 6 weeks for searches to return and around 2 weeks for enquiries to return. However, given the madness currently in place, the one who shouts loudest will probably have things moved along a lot quicker. Nothing wrong with chasing for an update at this stage. 

 

 

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1 hour ago, rachhere said:

I would definitely contact them, even if its enquire on a friendly basis of 'is there anything which I can be getting on with now to speed up the process'. Do you have a mortgage advisor at all? Ours was really proactive in phoning up the Estate Agent and Solicitor for regular updates which helped massively. 

Thanks, No mortgage advisor, there are no mortgages involved in our chain, which we're hoping speeds things up.

 

43 minutes ago, Mickyblueeyes said:

It takes about 6 weeks for searches to return and around 2 weeks for enquiries to return. However, given the madness currently in place, the one who shouts loudest will probably have things moved along a lot quicker. Nothing wrong with chasing for an update at this stage. 

 

 

Thanks, the searches should be back soon then for the one we are buying but nowhere near for the vendors of that.

 

I'll drop our Solicitors an email to politely enquire. The Solicitor acting for the sale should have made some progress but less than the Solicitor completing the purchase (Solicitors can only operate in their own country, so we've 2, just to make it simple :rolleyes:).

Edited by FoyleFox
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On 13/03/2021 at 20:49, Sly said:

We’re changing estate agent this week. Served them notice 2 weeks ago. 

 

I tried to call ours and book a viewing last week ...... didn’t get a cal back, might explain a few things. 

That's appalling. Hope you told the new one why the others were sacked to focus their attention. I'd consider lodging a complaint too, assuming they are an accredited agent of the relevant bodies. I'd be incandescent, and I'm sure you are.

Edited by FoyleFox
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On 13/03/2021 at 20:49, Sly said:

We’re changing estate agent this week. Served them notice 2 weeks ago. 

 

I tried to call ours and book a viewing last week ...... didn’t get a cal back, might explain a few things. 

Do you know who you are going to go with now?

Edited by Unabomber
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7 hours ago, Line-X said:

Are you also in Ontario? Whereabouts?

 

3 hours ago, spacemunky said:

Burlington 

We likely live about 30 minutes drive  apart which for englanders is like walking to town centre if you aren't out in the sticks. At least thats how it feels given our drives are straight forward lol

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4 hours ago, spacemunky said:

Burlington 

That's supposedly one of the most pricey cities in Canada. I remember visiting it long before the current urban development. Aside from being in the greater Toronto region, does being on the shore of Ontario and in proximity to Hamilton - which is so well connected-  drive up prices? I should imagine the rural spaces and the high standard of living is also a major contributory factor. 

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9 hours ago, Line-X said:

That's supposedly one of the most pricey cities in Canada. I remember visiting it long before the current urban development. Aside from being in the greater Toronto region, does being on the shore of Ontario and in proximity to Hamilton - which is so well connected-  drive up prices? I should imagine the rural spaces and the high standard of living is also a major contributory factor. 

It's all high prices here, even now in Hamilton, where it used to be cheap to live. Even the smaller places that are off of the commute lines are now expensive.

 

I still don't see how the prices can just continue to go up, especially after over a year of Covid.

 

I fear that crash, but what the hell do I know!

 

It would be cheaper for e to stay where I am, as I own it. Still there's the ever increasing condo fees, property taxes and all the utilities. 

 

Most importantly, I need to get back working. I ain't old enough, or financially ready enough to retire.

 

 

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On 15/03/2021 at 13:30, FoyleFox said:

That's appalling. Hope you told the new one why the others were sacked to focus their attention. I'd consider lodging a complaint too, assuming they are an accredited agent of the relevant bodies. I'd be incandescent, and I'm sure you are.

Yes, my wife told the new ones why. 
 

To be honest, we just wanted done and our of the deal. 
 

We went live with the new one today! Fingers crossed it goes a lot better. 

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14 hours ago, spacemunky said:

It's all high prices here, even now in Hamilton, where it used to be cheap to live. Even the smaller places that are off of the commute lines are now expensive.

 

I still don't see how the prices can just continue to go up, especially after over a year of Covid.

 

I fear that crash, but what the hell do I know!

 

It would be cheaper for e to stay where I am, as I own it. Still there's the ever increasing condo fees, property taxes and all the utilities. 

 

Most importantly, I need to get back working. I ain't old enough, or financially ready enough to retire.

 

 

The cost of production for new builds will be going up, due to the COVID complications. I wonder if that is what has driven the price increase, as houses tend to be benchmarked. 

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2 hours ago, Sly said:

The cost of production for new builds will be going up, due to the COVID complications. I wonder if that is what has driven the price increase, as houses tend to be benchmarked. 

Tell me about it…. I’m having work done to mine and the builder was telling me to expect about 40% up on the timber…. Crazy really

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It’s an endless shitshow at the moment.

 

Couldn’t get a mortgage because of flexible furlough. Now I’m back full-time and am looking again and I’ve had 3 viewings in a row cancelled, because the houses have all had offers accepted lol.

 

One of them only went on yesterday!

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1 hour ago, RonnieTodger said:

It’s an endless shitshow at the moment.

 

Couldn’t get a mortgage because of flexible furlough. Now I’m back full-time and am looking again and I’ve had 3 viewings in a row cancelled, because the houses have all had offers accepted lol.

 

One of them only went on yesterday!

In the same boat as you mate. I'm resigned to the fact I'd need to look to less popular areas and try my luck on homes that have been on the market for a few weeks plus shady and outright lying estate agents don't help either .

 

 

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2 hours ago, RonnieTodger said:

It’s an endless shitshow at the moment.

 

Couldn’t get a mortgage because of flexible furlough. Now I’m back full-time and am looking again and I’ve had 3 viewings in a row cancelled, because the houses have all had offers accepted lol.

 

One of them only went on yesterday!

 

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I’m just about to start off the process by applying for a mortgage but I’m worried that I’ve been claiming some furlough through my own business in the last year , everything is back on track now and business is good but wondered if it would effect my chances of a mortgage. 
On the plus side my mrs is a teacher so she should boost things hopefully but any advice would be appreciated. 

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23 minutes ago, grth2004 said:

I’m just about to start off the process by applying for a mortgage but I’m worried that I’ve been claiming some furlough through my own business in the last year , everything is back on track now and business is good but wondered if it would effect my chances of a mortgage. 
On the plus side my mrs is a teacher so she should boost things hopefully but any advice would be appreciated. 

Highly likely to depend on the lender, ours wouldn't consider any of my earnings due to furlough. Initially said the under writers would need to ask us questions about prospects and specific industry, returning to normal etc but then just said a complete no. We only wanted to port the existing, relatively small mortgage but they refused. 

Hopefully if you're back full time and can show that, along with the wife's salary they'll be more considerate. 

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10 hours ago, grth2004 said:

I’m just about to start off the process by applying for a mortgage but I’m worried that I’ve been claiming some furlough through my own business in the last year , everything is back on track now and business is good but wondered if it would effect my chances of a mortgage. 
On the plus side my mrs is a teacher so she should boost things hopefully but any advice would be appreciated. 

Our mortgage advisor said that if you can provide a letter from the employer to say that you're back full time and/or a full wage slip then you should be good to go. 

 

If it's your own business, then I'm not 100%.

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2 hours ago, RonnieTodger said:

Our mortgage advisor said that if you can provide a letter from the employer to say that you're back full time and/or a full wage slip then you should be good to go. 

 

If it's your own business, then I'm not 100%.

This is the element which they do not like, they're not wildly welcoming in normal circumstances but in the current climate it's much worse.

Normally, it's 3 years of accounts/tax returns/P60's etc but when we did our re-mortgage last year the bank was constantly requesting additional information from our accountant. Unfortunately, this time we didn't even get that far.

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