Will a bank finance a house with only wood heat.

[adamturner]

Hello there everyone.

I presently have my house up for sale in British Columbia. My real estate agent told me that banks will not finance a house that only has wood heat and no electric. Does anyone know if this is true or not?

Cheers

Adam

 

[housingrental]

There are houses with wood only heat ?

 

[EdRenkema]

QUOTE (housingrental @ Feb 24 2009, 06:56 PM) There are houses with wood only heat ?


Have you ever been outside of Waterloo city limits?

 

[housingrental]

Yes

Seriously never seen this

 

[RobMacdonald]

Actually, if it`s normal for the area than there will be some options. The property might be classified as a Type B property, which doesn`t require central heat or electricity. Banks will normally charge a premium to the mortgage rate of 1 to 1.5%.

So there are some options, just a little more costly.

 

[housingrental]

Does no central heat or electricity imply no indoor plumbing as in a cabin in wood type of thing ?
If not are there systems where frozen pipes aren`t a concern ?

 

[EdRenkema]

QUOTE (housingrental @ Feb 25 2009, 04:56 PM) Does no central heat or electricity imply no indoor plumbing as in a cabin in wood type of thing ?
If not are there systems where frozen pipes aren`t a concern ?


Probly a coastal area where temps rarely fall below -2.
Like that in much of Belgium where my friend just returned from, temps fell to -12 and lots of frozen water lines etc.

Gotta get out of KWC man, the world doesn`t end the other side of TO.

 

[GarthChapman]

My brother built his home near Nestor Falls Ontario, where it is generally colder than here in southern Alberta, and it has a wood burning furnace. It`s a modern version of this technology where the wood is burned quite efficiently. A drawback is you can`t leave town for more than a couple of days as you have to load the furnace by hand, although some models have an autoload feature.

 

[Mike Milovick]

In my area, Ontario, this type of building is called a cottage.

Yes, banks do finance.

I am checking with Ed Renkema to make sure he hasn`t bought Mennonite property in KW without my knowledge

QUOTE (adamturner @ Feb 23 2009, 08:02 PM) Hello there everyone.

I presently have my house up for sale in British Columbia. My real estate agent told me that banks will not finance a house that only has wood heat and no electric. Does anyone know if this is true or not?

Cheers

Adam

 

[EdRenkema]

QUOTE (GarthChapman @ Feb 25 2009, 09:17 PM) My brother built his home near Nestor Falls Ontario, where it is generally colder than here in southern Alberta, and it has a wood burning furnace. It`s a modern version of this technology where the wood is burned quite efficiently. A drawback is you can`t leave town for more than a couple of days as you have to load the furnace by hand, although some models have an autoload feature.


When the price of fuel skyrocketed many greenhouse operators in Ontario converted to solid fuel burners, usually wood chips. Indeed cost savings in fuel but that is offset by high infrastructure costs and the necessity of an additional full time employee to monitor and control fuel storage and distribution - essentially a barn full of wood chips with conveyers and augers to move the stuff around.
According to my brother who burns natural gas at his operation the cost savings is not worth it once you factor in the PITA.

 

[housingrental]

Hmm I like the idea of low of - 2

I`ve made it out of KWC before a few times..
Sorry didn`t think of warm climate ...

QUOTE (EdRenkema @ Feb 25 2009, 09:32 PM) Probly a coastal area where temps rarely fall below -2.
Like that in much of Belgium where my friend just returned from, temps fell to -12 and lots of frozen water lines etc.

Gotta get out of KWC man, the world doesn`t end the other side of TO.