Postby Kathryn-in-Canada » Fri Mar 02, 2018 3:58 pm
Cathy: my son is heading into your weather. Sigh....
We had a good morning. Neither dh nor I are sleeping well so we're both dragging but we were ready for 9 when ds showed up.
We drove the 45 minutes to check out the house. I was able to translate/discount the photos on the listing to imagine a reality that was very close to IRL reality. In fact a few rooms felt larger than I expected and the house was brighter than I expected (yet dh and ds found it dark.) The view of the water was there from both floors and in general it would be an OK place to live. Ds doesn't see himself living there so that's that.
He and I started with the cellar, looking at the bones of the building (size of beams), how the addition had been added, insulation between the stone foundation and the first floor (my father's childhood home used to be banked each winter, with bales of hay added around the outside foundation to insulate the cellar.) No signs of dampness. It is a wood floor over dirt. Checked out the furnace, sump (dry which is good considering how much melting has been happening), hot water tank and electrical panel. Noted the water pipe now entered the house much lower than before (good so the line won't freeze.)
Only after looking at the unexciting parts did we got back upstairs and look around.
The agent MF recommended was excellent. She had the selling price from 10 years ago. The family paid $5K less than they are asking which means they won't hit breakeven after paying for the new windows and the sales commission. So this is not an investment house.
There was good and bad but it doesn't matter since ds didn't like it.
After we left, the mortgage broker phoned to say he'd been pre-approved for $25K more than this place. Not that ds will find anything better even with a larger budget.
I'm still struck with the location of the house. Small lot but great view and two blocks from the centre of the town. The street is in flux - two tiny houses, some small but well kept homes, several very nice houses but still one rooming house on it (I counted 10 electrical meters) and the house next door is likely a duplex rental unit although the lady was nice (her dog came over to visit us as we were looking in the back yard.) As I told the agent, I don't mind ds living in an area with low-income neighbours, but didn't want him surrounded by low-character neighbours.
The process has yielded a good agent to work with plus a mortgage broker. It has also lit a fire under ds and I to get some finances in order. When he gets back from visiting in Cathy's area, he and I will start work on a financial plan for him with some life goals.
I also have to figure out if it was just this house that disappointed him or if he isn't cut out to own a century old home. Some people (like my dad) are, some people (like dh) aren't. My Dad was always buying older homes, fixing them up while he lived in them and renting them out, using the investment in one to secure a loan on the next place. He cashed out in the 1970's coming out almost $100K ahead so a reasonable nest egg. Ds is very much like my father so I need to fill him in on that part of my father's life financial strategy.
I've been zoned out ever since. Dh slept in the car on the way back. I need a nap I think before the theatre tonight.