| Q: |
If we bought a house without legal warranty and after we took possession we found a critical defect in the house (water damage and mold) and we had a home inspection, what are our rights? |
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| A: |
You may be able to take action against your home inspector. My recommendation would be to talk to a lawyer who specializes in Real Estate and has experience with this situation. If you don’t know of anyone try calling Richard Ledding in Vancouver at 604-742-2288. Tell him Ralph sent you!
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| Q: |
My wife and I are both 60 and working full time with combined annual income of $130,000. We both are rebuilding our credit due to bankruptcies from divorces. Would we be better to save our money in RRSPs or purchase a home with 5% down? We are looking at a home in Langford area of Victoria for 673,000 with a 2 bdrm suite rented for 1300/mth. We are thinking of buying and renting out the main part of the house as well for 2000/mth and holding for 5 to 10 years. |
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Buying your personal residence is a great investment because any gains in value are tax free and you can use money that would otherwise go towards rent to pay your mortgage. Buying a $673,000 house with 5% down means you will have a large mortgage. Make sure you are prepared for higher interest rates.
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| Q: |
We have a traditional 4-bedroom Colonial 2-story home. The master bedroom has a very small bathroom (4x6) and equally petite walk-in closet. We are considering converting one of the adjoining four bedrooms into a master bath/walkin closet, and would like to know if a large bath/closet offsets the loss of the fourth bedroom for resale? |
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The best source to answer this question would be to ask the opinion of two or three local Realtors. It is dependent on demand in your local area for 4 bedroom homes vs. 3 bedroom homes and also whether typical buyers pay a premium for a master bath.
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