Quick move?

[ironphoenix]

Tomorrow, soul_diaspora are going to look very seriously at a townhouse in Kanata, and we might even sign. It's about a mile and a half from where I work.

It's a bit... scary? exhilarating? Both?

Advice welcome!

Comments

[ziggy-b.livejournal.com]

*Always* get a house inspector. New-builds, cookie-cutter townhouses (the next door neighbour had his checked recently so why should I bother?), recently renovated... it doesn't matter the excuse - get an inspector! Mine was a woman who had been in the business for a long time so while I don't remember her name you should be able to find her easily from someone who knows inspectors (I'd heard of her and as soon as I said 'female inspector' to my real-estate agent she said "Oh, definitely, she's great"). I liked her because she was thorough and logical - if something didn't look right she'd find the source of the problem rather than only commenting on the result. Make the inspection conditional on the purchase.

I didn't think that I had much advice but now that I'm reading others' comments:
If it's a condo then be careful about the fees and the rules and board of governors. I looked at some places where the fees were $600+ (usually large older buildings) with ridiculous rules. I chose my place because they were reasonable and slightly conservative (for example I can put hardwood everywhere but my neighbour upstairs has to have carpet right above me) and the fees were quite low while still being healthy (if they're too low then they have a special assessment every time something needs fixing).

Definitely variable rate. I initially went with a fixed rate as money was tight, and PC (through Superstore) has the best fixed rates that I found anywhere including mortgage brokers, other banks, ING, etc. I took their rate and brought it to my bank, and my bank gave me their lowest rate possible in order to try to be competitive and I went with them. Variable rates were pretty consistent, at least in comparison to the fixed.

Try to be within reasonable walking distance of shops, and if possible transit as well. I have always lived within 10 minutes of a grocery store or similar shop, and I greatly disliked it when I stayed with friends who were further away. Winters are cold, and 10 minutes each direction is a good limit for me.

I bought my place irrelevant of the short- and long-term market. It has increased in price which is nice, but I wouldn't have cared either way. Don't buy it as an investment but more as a 'it's better than paying rent' option.

[ironphoenix.livejournal.com]

Thanks!

*nods* Inspection is a normal part of the game, it seems; they were unfazed by the question, certainly.

It's freehold; the only "condo-ish" stuff is for the private road, etc.

I'm with you on the variable rate, and I expect to do something similar to your negotiation strategy.

Groceries will generally involve the car, I think!

Yes, "it's better than paying rent" is a significant motivator.