As a tribute to all the Dads out there on this Father's Day weekend, I thought it would be fun to get some fatherly advice about home purchasing, ownership and maintenance from some of the Dads at US Inspect! I also have some words of wisdom employees received from their Fathers about home ownership. If you have some fatherly advice of your own, please add it in the comments below--Happy Father's Day, all!
My best fatherly advice regarding real estate is to buy a small starter home as an investment property when your kids are small. Historically, the value of a starter home has always been about the same as a good college education. Buy a starter home when a child is 3 years old (or sooner). Put a 15 year mortgage on it. The house will be paid for and ready to sell or re-finance right when those college tuition payments start to come due. Bonus: involve the child in the entire process from start to finish. Show them how the financing works, have them work hands on with the maintenance on the property. It will provide a life long lesson in the value of investing, saving for the future, planning and hard work.
Bill Conner, Regional Manager - East
My best fatherly advice regarding real estate would be to buy a home that you can try to stay in for a long time. Moving often is very expensive. All the commissions paid, mortgage costs, moving expenses and new utility hook ups will cut into any increased value you may have been able to build in your home, and if I don’t inspect it for you, have the best, most qualified company conduct a home inspection, so you really know what the condition of the home is your buying.
John Roman, Regional Manager - West
My Dad’s advice to all eight of us was to not overextend ourselves financially. When purchasing your home, buy one that you can afford with one salary even though you both might work. You never know what lies ahead; and this way, if you have an emergency and one of you can no longer work, you have not strapped yourselves into large mortgage payments you can no longer make.
Kathy Conques, Operations
Two years ago my son and daughter bought a condo together and asked me to inspect it for them. The second floor condo was only six years old but there were several issues I had with the heating system that I explained to them, one being that I didn’t think there was much life left in the water heating unit. As it turned out, they bought the condo, and within one winter my daughter was complaining of too little hot water during the winter months. I made some adjustments and repairs for them and their was some improvement, but within another year, the water heater was leaking and had to be replaced. So being the good father that I am, I did not pull out the old “I told you so,” but did encourage them to invest in a more expensive “hot water on demand” system that would better suit their needs. I explained how the system worked and how they would get an energy credit tax break and make the condo more unique and therefore more valuable when it came time to sell. Of course you know how this is going to end…they bought the conventional system anyway. Kids will be kids. I think it is easier to save my fatherly advice for my daily clients ;-)
Paul Fast, Building Consultant, Colorado
My dad advised me to marry someone rich because I had expensive tastes. Maybe I should have taken his advice. LOL. On a serious note… my father is in the excavating business and he explained to us the importance of grade around the home and how to divert surface water if it was a problem. He really taught us what to look for and what signs could indicate problems.
Cindy Hall, Residential Customer Service
There’s a fine line between a parent being overly protective and letting their kid take risks. My first house, bought in 1973, was a two-bedroom Southern California starter built in 1921. I bought it using VA financing and was told my mortgage payment was going to be $180 per month; it would be tight but I figured I could do it (how times have changed). My dad spent the better part of the closing process trying to talk me out of it because of its age and condition. As it turned out he was half right; while it put me on the road to home ownership which I’ve never regretted, it also taught me the importance of knowing what you’re buying when it comes to real estate. I never checked the plumbing so my first shower in my new home was a mere trickle out of the 52-year-old plumbing system. Needless to say, I was re-plumbing the house a week later. That was my first lesson of how the lack of disclosure impacts the joy of homeownership.
Tom Carroll, Commercial Team
I did in fact inspect the house my Daughter and Son in law bought (and still own). The only difference between the inspection I performed for them and a normal inspection is that I had to do the repairs of every defect I called that the owner didn't repair.
Joe Blackford, Quality Assurance
Both of my daughters have bought homes and I advised them in the same way: Homes are not just paying the mortgage, I said, and maintenance is an ongoing thing. Apartment living is over and nothing gets done without maintenance, which starts with you. So they followed my advice...and they call Dad for most of the maintenance. Go figure!
Kyle Holland, Building Consultant, Dallas/Fort Worth Tx.
I treat most of my clients as if they were my daughter and give them the best treatment and advice I have to offer. So it was easy for me to offer advice when my real daughter recently bought her first home. She closed and moved in just about 3 weeks ago. We looked at many houses until we found a peach of a house that was built in the early 50’s. It was fairly well maintained with the only major concern being the wiring. Best advice I had for her on this was to get several electricians to come look and give their advice. The electrician she has decided to use will allow me to work with him doing some of the grunt and labor-intensive work to save a few coins.
So I guess my fatherly advice is to always seek professional advice from the home inspection through to repairs and renovations, and to always utilize any resources you have (I guess that's me) and be willing to put in your own sweat equity to save money whenever possible.
Jo McConnell, Building Consultant, Seattle, Wa.
This is what I was told the most by my Father growing up, “Go ask your mother…”
Phil Halpin, Director of Marketing
Do you have some fatherly advice of your own? Feel free to share it below!
Posted By: Chrissy Doremus, U.S. Inspect Blog
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