Would you purchase 25yr old townhome with no improvements at market value?

[Anonymous]

We did an inspection contingency and the inspectors report indicates that major items are at the end of their useful life. The roof, furnace, compressor, water heater and deck are all a little over 20 years old. Smaller items like smoke detectors and all kitchen appliances are 20 years old as well.

I’m worried purchasing at market value will have me under water within 5 years because those items will be need work or replacement very soon. Don’t know what to do bc I love the house, the school zone and the neighborhood. Even the windows are aged, hard to open, and a few rotted. Ugh!

[Anonymous]

Does it appreciate fast, do you like the neighborhood, do you have cash on hand for improvements should the dmv market crash and you are underwater?

[Anonymous]

Also, should you buy it get important issues like windows and smoke detector taken care of can the seller give you some wiggle room on price?

[Anonymous]

Bump

[Anonymous]

If the location is good and the schools are good it might be worth buying.

[Anonymous]

Put in a bid below the asking price (base it on the cost of a few repairs) and see what happens.

[Anonymous]

No

[Anonymous]

We signed at the asking price before the inspection. At this point, we can ask for a seller credit at closing to cover some of the expenses. Another home on the street, with same layout, sold for the same price mine is listed but it had roof, HVAC, and deck replaced within the last 5 years.

[Anonymous]

The location and the schools are the things that make me want to take the chance and just cross my fingers hoping the big items outlast their useful life.

[Anonymous]

No, because it is dated. If they are all working, end of life is meaningless as they should only be required to replace them if they are not working. Bid lower.

[Anonymous]

Anonymous wrote:We signed at the asking price before the inspection. At this point, we can ask for a seller credit at closing to cover some of the expenses. Another home on the street, with same layout, sold for the same price mine is listed but it had roof, HVAC, and deck replaced within the last 5 years.

Surely, ask for extra reduction based on your findings and if seller does not agree then walk away. Roof/HAVC/Deck etc will cost a lot.

[Anonymous]

If everything is orginal condition then most things starts needing fixing around 20-25 years. Just pay less for it.

[Anonymous]

Your home insurance might require you to immediately replace the roof before they agree to insure you. Happened to us last year.

[Anonymous]

As for a credit for one or two big ticket items.

[Anonymous]

Anonymous wrote:Your home insurance might require you to immediately replace the roof before they agree to insure you. Happened to us last year.

Wow. Good to know!