The Benefits of Home Ownership?

[jingle.boy]

Uhhh... "previous owners" should've been your hint that it wasn't a new home purchase  .  The house was built in 2006

[Snow Dog]

And I suppose I phrased things unclearly in saying we got a new home as well, just new to us. Our house was built in 2002, but we still had a home warranty attached to the sale to protect us from big ticket expenses if things failed. That’s why I wasn’t sure if Canada allows that sort of thing as well when buying a house.

[jingle.boy]

Ah ... gotchya.  No, I've never heard of buying a warranty on a resold home (and I missed the part where you explained "the previous owner" too! 

I've never heard of that as a practice here - Real Estate law up here operates under the premise of Caveat Emptor.  Home inspections are done just to ensure everything is on the up-and-up, and buyers can ask the sellers to make any reparations if necessary, or reduce the offer price ... but I've never heard of a 3rd-party warranty.

In some regards, it helped us too, as our last house that we sold, the roof was on it's last legs, and the buyers neglected to get that checked out.  They tried to come back at us to pay for it - with a letter from their lawyer and everything.  Our lawyer spent about 5 minutes drafting up a tersely worded response that it was THEIR negligence in not identifying this as a problem, and go pound sand.

Caveat emptor.

[Orbert]

When we bought our house, I believe some kind of warranty was required in order to secure financing.  It was our first (and likely only) house, and kinda scary, so I probably would've liked some kind of warranty anyway.  The house was built in the 1960's, and if something big like the furnace died or the bathroom plumbing blew up, that would mean missing house payments while we scramble for cash.  I wouldn't want that, and the financing companies sure don't.

[Skeever]

We spent $2,900.00 on the bathroom remodel.  Next year it's a new porch.   Plus painting our living room and hallway then a nee carpet.

Whaaaat? That's low. I've had a few quotes on that as well and the lowest bids were for something like 10g.

[cramx3]

My house was sold to me including a 1 year home warranty.  I think it's fairly common in the US.  Of course my AC didn't die until after the warranty expired.

[Orbert]

I seem to recall that the warranty was required, and automatically added to the house payment, until we'd paid down a certain percentage of the principal, something like 20%, then we could drop it.

[gmillerdrake]

I seem to recall that the warranty was required, and automatically added to the house payment, until we'd paid down a certain percentage of the principal, something like 20%, then we could drop it.

I think you might be thinking of PMI Insurance. PMI typically disappears after 20% or so.....we chose to just pay ours off upfront rather than have it part of our payment. Usually PMI takes 6/7 years to pay off of its part of your loan.....we paid $4300 up front to not have the additional $130 a month on our loan.

If you’re gonna move within that 6/7 year timeframe upfront PMI payoff is not a good idea. We knew we weren’t going anywhere for a while so we paid ours off.


As far as the year warranty.....we had that with our first home which came in handy as we ended up needing a new water heater within months.

[Stadler]

I've owned five houses in my life, and only two had warranties of any kind and both of those were from the builder from whom we bought the house.   I know my stepson was under contract for a home recently and when the inspection came back, the seller offered to throw in a one-year warranty, but the deal fell through before that could be agreed upon.   As an attorney, I'm skeptical; I can't imagine a warranty seller agreeing up front to "warranting' things like 20-year old roofs or 20-year old boilers, which is where your sinkholes appear.  I don't need a warranty on a new roof.  I need to make sure when the roof does finally get replaced in 20 years that I don't now have to pay for a complete replacement of all the underlying plywood.   

[hunnus2000]

Anybody can get a warranty on their existing house and I actually recommend it if you're in an older home. Also, if your getting a loan then it's the bank that requires an inspection and I would NEVER buy a house without getting an inspection.

[cramx3]

Now i thought an inspection was mandatory but not the warranty.  I really dont know, only bought one house and my mother being the real estate agent made it pretty simple for me and I believe it was her who said it was a good idea to get the warranty.  My house is from 1968 so it's not very new, but I haven't thought about purchasing a warranty since the original one expired years ago.  I usually don't buy warranties on anything, it seems like I spend the money and then get no benefit as the stuff always breaks right after the warranty expires.  It's like the appliances are aware.

[hunnus2000]

Now i thought an inspection was mandatory but not the warranty.  I really don't know, only bought one house and my mother being the real estate agent made it pretty simple for me and I believe it was her who said it was a good idea to get the warranty.  My house is from 1968 so it's not very new, but I haven't thought about purchasing a warranty since the original one expired years ago.  I usually don't buy warranties on anything, it seems like I spend the money and then get no benefit as the stuff always breaks right after the warranty expires.  It's like the appliances are aware.

An inspection is required because the bank is loaning you money. If you pay with cash then no inspection is required. Warranties to my knowledge are not required but are used as an enticement to buy the property. My last house in Dallas was a rental property where the owner had lived in California so it made sense to have a warranty and I kept the warranty for about 3 years after we bought the house.

Also, I now buy extended warranties on many products I buy because it is NOT your imagination, products are not made to last a lifetime.

[Orbert]

I seem to recall that the warranty was required, and automatically added to the house payment, until we'd paid down a certain percentage of the principal, something like 20%, then we could drop it.

I think you might be thinking of PMI Insurance. PMI typically disappears after 20% or so.....

You're right, it was PMI.


Nevermind.

[eric42434224]

I seem to recall that the warranty was required, and automatically added to the house payment, until we'd paid down a certain percentage of the principal, something like 20%, then we could drop it.

I think you might be thinking of PMI Insurance. PMI typically disappears after 20% or so.....we chose to just pay ours off upfront rather than have it part of our payment. Usually PMI takes 6/7 years to pay off of its part of your loan.....we paid $4300 up front to not have the additional $130 a month on our loan.

If you’re gonna move within that 6/7 year timeframe upfront PMI payoff is not a good idea. We knew we weren’t going anywhere for a while so we paid ours off.


As far as the year warranty.....we had that with our first home which came in handy as we ended up needing a new water heater within months.

I would think pre-paying the PMI is a mistake regardless of how long you live in the house.  If the value of the house increases, Along with you paying down loan, you can pay for an appraisal and show you have 20% equity.

[Snow Dog]

My house was sold to me including a 1 year home warranty.  I think it's fairly common in the US.  Of course my AC didn't die until after the warranty expired.

We plan on re-upping the warranty when it expires for this very reason. Both the AC and water heater were listed as “consider replacement” on the inspection, so we’re going to keep it active till at least the AC dies.

Sucks that warranties aren’t a thing for house purchases in Canada, jingle. That’s the ultimate in caveat emptor right there.

[jingle.boy]

Up here, inspections are just good business practice, but not required by financiers as a condition of financing.  Typically Offers of purchase come with two conditions - full financial approval, and inspection report.  Most people get "pre" approved, but the bank wants to know exactly how much money you'll need, full address, age of the house etc... before giving final approval.  The inspection report will typically give the buyer 24-48 hours to modify the offer (ie, lower the price because the roof is shot, or whatever; or require the sellers to make repairs) if necessary.  When we sold our house, the insurance company of the buyers required an inspection on our fireplace (because it was wood-burning).  That's the only time I've heard of a 3rd party requiring something.  There are mortgage insurance requirements as well.  But until this morning, I'd never heard of a warranty being part of a resell transaction.

Live and learn.

Curious, Snow Dog... how much is the warranty?

[Snow Dog]

I’d have to look it up for a sure figure on our purchase, but something to the tune of $400-500/yr if I remember right.

[Skeever]

New roof goin' up!

[lordxizor]

We have a baby due the end of October, so what do we decide to do? All new flooring on our main floor, new floorboard trim throughout the house, painting all other trim to match, new paint on virtually all of the walls, and painting the ceiling on the main floor. All done by ourselves with help from my father-in-law. It's going to be a busy few months! We've been wanting to do something for years and it'll be nice to finally get it done.

[ReaperKK]

That sounds like a lot of work but I'm sure it'll come out great. We had our house painted a few months ago and it really changes the feel of the place.

[lordxizor]

That sounds like a lot of work but I'm sure it'll come out great. We had our house painted a few months ago and it really changes the feel of the place.

Yeah, I've painted two of my kids rooms so far and it's amazing what a fresh coat of paint will do.

[Podaar]

We have a baby due the end of October, so what do we decide to do? All new flooring on our main floor, new floorboard trim throughout the house, painting all other trim to match, new paint on virtually all of the walls, and painting the ceiling on the main floor. All done by ourselves with help from my father-in-law. It's going to be a busy few months! We've been wanting to do something for years and it'll be nice to finally get it done.

Do yourself a favor and buy one of these spray guns. The cordless one is about $100 more. You'll thank me.

[lordxizor]

We have a baby due the end of October, so what do we decide to do? All new flooring on our main floor, new floorboard trim throughout the house, painting all other trim to match, new paint on virtually all of the walls, and painting the ceiling on the main floor. All done by ourselves with help from my father-in-law. It's going to be a busy few months! We've been wanting to do something for years and it'll be nice to finally get it done.

Do yourself a favor and buy one of these spray guns. The cordless one is about $100 more. You'll thank me.

We got a paint sprayer, but not one as nice as that. Worked well on all the new trim. I'm going to use it on the ceilings and doors for sure as well as any more trim we need to buy.

[ReaperKK]

I know I'm getting old when I'm excited about the pressure washer I just ordered.

[cramx3]

I know I'm getting old when I'm excited about the pressure washer I just ordered.

  I may need one myself.  Yesterday had a bunch of mexicans over to clear up all the overgrown trees, bushes, and weeds around my house.  Now I can see how badly my house and fences need to be power washed.

[ReaperKK]

It's strangely stratifying pressure washing something.

[hunnus2000]

I want a pressure washer but I think I would only use it once every two years or so.

[Stadler]

It's strangely stratifying pressure washing something.

This.   It's hard to explain.   

[cramx3]

It's strangely stratifying pressure washing something.

This.   It's hard to explain.

I've heard some people say they enjoy painting, I don't get that, but I'll agree here that pressure washing is a bit enjoyable.  It does get old quick enough (as in, I'm not enjoying it anymore while I still need to do it).  I think it's just the wielding of something powerful that is fun and you get the instant gratification of seeing the cleanse.  My contractor who did the yard work for me offered a guy to do the pressure wash but I think that's something I'd rather do myself for this reason.

[Chino]

Here's some power washing porn

https://old.reddit.com/r/powerwashingporn/top/


I might be in the market for a new power washer. I got one for free two years ago, but it never worked quite right, and now I can't get it to start. I don't know if I should just bring it to a place for repair, or if I should pull the trigger on a new one.

[Stadler]

Here's some power washing porn

https://old.reddit.com/r/powerwashingporn/top/


I might be in the market for a new power washer. I got one for free two years ago, but it never worked quite right, and now I can't get it to start. I don't know if I should just bring it to a place for repair, or if I should pull the trigger on a new one.

They're reasonably priced, but if you have a guy near you, it's probably worth a quick look.   I got mine for free too, from a family friend who couldn't get it started either.   It's a Briggs-Stratton motor - i.e. rock solid - and it was $75 and a cleaning/tuneup and it was running perfectly.  I get vapor lock now and again, after I've used it a fair amount, but other than that, it runs like new.   These are not complicated engines, and unless it's just shot, usually can be fixed pretty cheap (now if it runs, but doesn't pump, that's a different story; at that point it's probably worth it to buy a new one rather than replace the pump and all the seals and stuff.)

[Stadler]

It's strangely stratifying pressure washing something.

This.   It's hard to explain.

I've heard some people say they enjoy painting, I don't get that, but I'll agree here that pressure washing is a bit enjoyable.  It does get old quick enough (as in, I'm not enjoying it anymore while I still need to do it).  I think it's just the wielding of something powerful that is fun and you get the instant gratification of seeing the cleanse.  My contractor who did the yard work for me offered a guy to do the pressure wash but I think that's something I'd rather do myself for this reason.

I did the whole house this past spring, and by the nature of the work, I had my raincoat on but was still soaked through.   My family got a big kick out of seeing me, but it was a fun weekend.   Seriously, it was fun, plus I got the pride of seeing the house without that green film that had been there since we bought the place. 

[Chino]

Here's some power washing porn

https://old.reddit.com/r/powerwashingporn/top/


I might be in the market for a new power washer. I got one for free two years ago, but it never worked quite right, and now I can't get it to start. I don't know if I should just bring it to a place for repair, or if I should pull the trigger on a new one.

They're reasonably priced, but if you have a guy near you, it's probably worth a quick look.   I got mine for free too, from a family friend who couldn't get it started either.   It's a Briggs-Stratton motor - i.e. rock solid - and it was $75 and a cleaning/tuneup and it was running perfectly.  I get vapor lock now and again, after I've used it a fair amount, but other than that, it runs like new.   These are not complicated engines, and unless it's just shot, usually can be fixed pretty cheap (now if it runs, but doesn't pump, that's a different story; at that point it's probably worth it to buy a new one rather than replace the pump and all the seals and stuff.)

So when I got it, it worked perfectly, with the exception that the trigger needed to be pulled in order to start it and keep the engine running. If you let it go, it'd turn off. No idea what that could be. Like I said in another post, I'm a speed controller and brushless motor kind of guy 

[Stadler]

Here's some power washing porn

https://old.reddit.com/r/powerwashingporn/top/


I might be in the market for a new power washer. I got one for free two years ago, but it never worked quite right, and now I can't get it to start. I don't know if I should just bring it to a place for repair, or if I should pull the trigger on a new one.

They're reasonably priced, but if you have a guy near you, it's probably worth a quick look.   I got mine for free too, from a family friend who couldn't get it started either.   It's a Briggs-Stratton motor - i.e. rock solid - and it was $75 and a cleaning/tuneup and it was running perfectly.  I get vapor lock now and again, after I've used it a fair amount, but other than that, it runs like new.   These are not complicated engines, and unless it's just shot, usually can be fixed pretty cheap (now if it runs, but doesn't pump, that's a different story; at that point it's probably worth it to buy a new one rather than replace the pump and all the seals and stuff.)

So when I got it, it worked perfectly, with the exception that the trigger needed to be pulled in order to start it and keep the engine running. If you let it go, it'd turn off. No idea what that could be. Like I said in another post, I'm a speed controller and brushless motor kind of guy 

Yeah, I remember we talked about that.   Internal combustion engines are spark, fuel and air.   The trigger on the sprayer should have no effect on any of those (on all the pressure washers I've ever seen, it's a mechanical valve controlling the water flow).  The only thing it could be would be a short that removes/allows the spark, far less likely, a leak that having the trigger NOT pulled is interrupting air or fuel flow, and the relief of pressure upon pulling the trigger allows the motor to run.   THAT, if you haven't fixed it, may be a reason for a new one. 

[ReaperKK]

It's strangely stratifying pressure washing something.

This.   It's hard to explain.

I've heard some people say they enjoy painting, I don't get that, but I'll agree here that pressure washing is a bit enjoyable.  It does get old quick enough (as in, I'm not enjoying it anymore while I still need to do it).  I think it's just the wielding of something powerful that is fun and you get the instant gratification of seeing the cleanse.  My contractor who did the yard work for me offered a guy to do the pressure wash but I think that's something I'd rather do myself for this reason.

I think I mentioned it earlier but I hate painting. I painted a tons years ago when I was working at the hotel and I never, ever want to do it again.