Home buying thread

Lanx

Lanx

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Just finished inspection, so far the list for repair is 1k, seller is responsible for 1%, so still 800 to go. However there's a major electirical issue, the box can possibly cause arc ing and the panel itself was at 200degrees. That'll cost 500 for an electrician to fix that. A roofer needs to come out and a hvac guy.

Attric is good at r40, probably will add more to get r60 (no idea how to do this). I just got the termite clear, radon clear, so just a few more pros, repairs then we can kick these bastards out.
 
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Picasso3

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Lanx said:
Just finished inspection, so far the list for repair is 1k, seller is responsible for 1%, so still 800 to go. However there's a major electirical issue, the box can possibly cause arc ing and the panel itself was at 200degrees. That'll cost 500 for an electrician to fix that. A roofer needs to come out and a hvac guy.

Attric is good at r40, probably will add more to get r60 (no idea how to do this). I just got the termite clear, radon clear, so just a few more pros, repairs then we can kick these bastards out.
Click to expand...

im curious about the arcing and temp comment, mind posting the report page?
 
Lanx

Lanx

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Picasso3 said:
im curious about the arcing and temp comment, mind posting the report page?
Click to expand...
PHOTO_20170721_154626.jpg


PHOTO_20170721_154658.jpg
 
Lanx

Lanx

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Picasso3 said:
Damn a note from utility company is serious business. 100 amp box kinda sucks.
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as opposed to? totally new to home wiring, etc.

Yea once we noticed that tag from the electrical company, we called the sellers agent, man he looked like a sleezeball

look at this guy
a06901700-c0ld-r1.jpg


i mean i already knew who he was cuz i did my research on the property and stuff.
 
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Picasso3

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Lanx said:
as opposed to? totally new to home wiring, etc.

Yea once we noticed that tag from the electrical company, we called the sellers agent, man he looked like a sleezeball

look at this guy
a06901700-c0ld-r1.jpg


i mean i already knew who he was cuz i did my research on the property and stuff.
Click to expand...

Just because he's white?

Modern homes are 200 amp min. 100 amp is fineish but you may inquire about a service upgrade since you have to get an electrician to do your meter replacement.

It may be the reason its so hot
 
Lanx

Lanx

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Picasso3 said:
Just because he's white?

Modern homes are 200 amp min. 100 amp is fineish but you may inquire about a service upgrade since you have to get an electrician to do your meter replacement.

It may be the reason its so hot
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lol everyone is white here besides me and wife... no, he just looks sleazy, more so irl.

yea i think the inspector suggested we might need a sub-panel
 
Uber Uberest

Uber Uberest

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100 amp service is fine. Upgrade the panel, and breakers to arc faults, you'll be fine. I just did it with the house I bought in May. I'm better at fixing shit than your average homeowner, but replacing the panel and breakers is less than $1k in MA.
 
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Picasso3

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Lanx said:
lol everyone is white here besides me and wife... no, he just looks sleazy, more so irl.

yea i think the inspector suggested we might need a sub-panel
Click to expand...

A sub panel will be fed from your main panel so it wont help if you're pushing the limits of your main service.
 
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Picasso3

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Uber Uberest said:
100 amp service is fine. Upgrade the panel, and breakers to arc faults, you'll be fine. I just did it with the house I bought in May. I'm better at fixing shit than your average homeowner, but replacing the panel and breakers is less than $1k in MA.
Click to expand...

If hes going to pull the meter and the panel he's 90% of the way to an upgraded service.
 
Uber Uberest

Uber Uberest

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I cut the tag, pulled my meter, and just installed the 40 circuit 100 amp service. There's no need for a 200 amp service. Even in the worst August humidity with my central a/c running non-stop, I won't come close to 100 amps.

I mean the A/C is on a two pole 30 and at start up the amperage pulse is only 14.7. He's fine.
 
Cad

Cad

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Lanx said:
as opposed to? totally new to home wiring, etc.

Yea once we noticed that tag from the electrical company, we called the sellers agent, man he looked like a sleezeball

look at this guy
a06901700-c0ld-r1.jpg


i mean i already knew who he was cuz i did my research on the property and stuff.
Click to expand...

200 amp is the norm I think. I have 2 200 amp services to my house (2 wires from the pole) and 2 completely separate breaker boxes, my air conditioners and utility room are on one circuit and the rest of my house is on the other. I don't know if they actually do more than 200 amp service or if they just run more wires if you need it.
 
TJT

TJT

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Springbok said:
Read a deal this morning that more people are renting houses now than any time in the past back to like 1960 or something. Kind of a scary figure and would align with this article - I have a buddy who just moved out to San Diego. Pretty well off, and he bought a 2 million dollar 1500 square foot house in Pacific Beach (1500 sq ft, lulz). He can afford it, he's a millionaire oil producer. What I don't get, and what I'm obviously ignorant about is what the fuck do his neighbors do. He makes more money than 99% of the people in the United States, and he's living in a small house in San Diego. There are plenty (PLENTY) of much, much nicer and more expensive homes even in his neighborhood. I don't believe for one second that ALL of those people have 7 figure incomes and ALL of them are wildly successful. Most are probably normal Joe-Blows. So what gives - anyone able to explain to a dullard like myself just what the fuck is going on? Is it mostly foreign investment? Screwy, Kang-nog ARM loans? How are all these people living in San Francisco, San Diego, NYC, etc - renting? Is home ownership on it's last legs?
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California has a rather unique Property Tax system. If, for example, you moved to San Diego in the 1980's (or earlier) and bought that same 1500 sqft house for $250k or some shit. Your property tax is only ever calculated off of the purchase price that you paid for it. Forever. As opposed to every other state I lived in where it is recalculated every five years or even every year like Texas tries to do.

This is what creates this Landed Gentry system in California as people who purchased in decades past will always have an enormous advantage and cannot be priced out of their neighborhoods. Ever. This tax situation is also inheritable. Thus if you die and the property goes to a child. They will also pay the ludicrously low tax on it. Its why market entrants in the current era in CA are just fucked.

If you go to far north California you'll see they even have the same insane prices. Northern CA in places like Eureka is identical to the Southern Oregon coast where I grew up. But prices in Eureka, a small and quiet town, are still $400k+ for even the most basic shit. Even my hometown housing prices make no sense whatsoever. 100+ year old houses that were cheap even when they were originally built go for like $200k. When, in my hometown, a $40k a year job is a huge deal and above the norm in almost every case. I have no idea who's buying that shit if it isn't out of state/country investors looking to rent.
 
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Blazin

Blazin

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Government interference in the free market for mortgages is going to give us over priced housing until it goes away. There will always be people who will grossly over spend for their income level and the government supports this behavior. Without government backing banks would be far pickier about lending, home prices would drop down into a range considered more affordable. They will always seem overpriced though to people more budget conscience because we are a nation of spenders.

I believe we are up to 50%+ of all mortgages are backed by the government and climbing. Been housing hunting for awhile and it's straight up depressing, want to move but I can't get myself to pay a price that when you think of what you are paying for is just ridiculous. It certainly appears that we are marching ourselves right back into a bubble again and not a thing has been learned. I could show many examples of home prices climbing 100k+ in just the last year while inflation sits at 2%
 
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Jysin

Jysin

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We already are in a bubble. People are just fucking clueless. No one has a grasp on the value of money anymore (aside from us thrifty gents here in this thread). The problem started with interest rates being floored to stimulate spending during the 2008 recession. With cheaper interest rates, came cheaper mortgages. People don't care that a house costs X dollars. They only care about their monthly payment. So, when rates dropped, instead of remortgaging into a cheaper rate and ultimately lower payments.. people just wanted bigger / more expensive houses. This drove the house prices up into the current bubble we are back in. These houses aren't worth it.. it was cheap mortgage rates that allowed people to afford more expensive houses at the same monthly payments.

These houses didn't magically become worth 10-20% more expensive year over year on their own merit. Get interest rates back to some semblance of "normal" and suddenly the average Joe can't afford prices where they currently are and house prices will correct. Until the interest rates get off the floor, nothing will change.
 
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