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

[Anonymous]

Today is last day on contingency. We will ask for $35K credit. That sounds high but I think it’s fair considering the circumstances. If seller says no, then we will walk away. Thanks for the advice everyone!

[Anonymous]

If you don’t end up buying this house, hopefully this experience will help you know what to look for (and ask) prior to making an offer on your next property. Many of these things can be eyeballed or take a picture of the serial number and look it up online. The roof is obviously a different story but the agent should be able to tell you. Then you can adjust your offer (or walk away) accordingly.

[Anonymous]

Anonymous wrote:Today is last day on contingency. We will ask for $35K credit. That sounds high but I think it’s fair considering the circumstances. If seller says no, then we will walk away. Thanks for the advice everyone!

How much is the house?

[Anonymous]

If the price is right sure.

I bought a 30 year old TH, 22 years ago, for about 200K. Things are coming up for replacement just about every year now. New roof, including boards, last year, furnace and pump unit 5-10 years ago, new appliances started to replace 5-10 years ago, most replaced when I remodeled my kitchen.

Appliances made 20+ years ago lasted a lot longer than they do now. So other than aesthetics you might have wiggle room while you replace other more pressing needs.

I've replaced my fridge twice, dishwasher twice. The range I replaced when I moved in, it's still kicking 22 years later.

Windows I've yet to replace. While the windows weren't in great shape they did come with storm windows that were in great shape. The storm windows are just now starting to fail so it's time to replace the windows.

Electrical will also need upgrading at some point, as well a plumbing issues as they arise.

My home is paid off now and I didn't pay much to start with. The remaining repairs/replacement are daunting, but I'll just take care of the necessary ones over the next few years.

I paid under asking price and got back money after inspection because there were issues found during the inspection. I used this money towards updates to the home after I moved in. Ask for money back. Should you back out another buyer will find the same issues you did.

In hindsight I probably should have sold my home 10 years ago and would have avoided plumbing issues, roof and electrical (all significant costs)

[Anonymous]

Market value (what you are willing to pay) should take all of that into account in your analysis as it compares to comparable properties, but it might be well below the "asking price"

[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.

That happened to us as well. We asked the seller to replace the roof and he did.

[Anonymous]

Anonymous wrote: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!

Someone will if you don't, anyway.

[Anonymous]

OP, is this a "coming soon" townhouse, or is it on the market already? I'm wondering if it's one in my development. The details you've given are exactly on point.

[Anonymous]

Anonymous wrote: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.

This. Market price is not list price. If you think the house is a risk, then offer a lower price to reflect. Seller can also reject.

I'm guessing you are a first time buyer? As long as things are working, the seller is under no obligation to correct. If I were seller, I'd probably offer you a small credit - more like $1,500 not $35k or tell you to take a walk.

Get used to having to fix/replace things. That's part of becoming a homeowner. You will also need to learn about the things that need regular maintenance as well.

[Anonymous]

You stated that the location and school are important. Location is the #1 factor to consider. Schools are also important. The seller knows this. Unless the house has been on market for a long time, if I were seller, I would tell my realtor to laugh at you for even suggesting a $35k credit.

People need to learn that buying a home is about more than just "can I afford" the monthly payment. You have to factor in maintenance and stuff wearing out or breaking. If you have a yard, add in lawn care (even if you DIY). There are a lot of expenses that people who have only rented don't ever think about.

[Anonymous]

Anonymous wrote:If you don’t end up buying this house, hopefully this experience will help you know what to look for (and ask) prior to making an offer on your next property. Many of these things can be eyeballed or take a picture of the serial number and look it up online. The roof is obviously a different story but the agent should be able to tell you. Then you can adjust your offer (or walk away) accordingly.

Yes! Absolutely!! I could have gotten to this point on my own, on day one, for free. Now I know!

[Anonymous]

It’s still a seller’s market many places here and you may lose the house if you ask for such a large credit. We bought our house with all old systems and 15 years later they are all still fine. The only thing we have had to replace are the kitchen appliances, which are relatively cheap and seen to have a very short life anyway. I do wish I had known the windows would be so expensive to fix, but I blame myself for not realizing that when we made the offer. Not like that was hidden.

[Anonymous]

Anonymous wrote:If the price is right sure.

I bought a 30 year old TH, 22 years ago, for about 200K. Things are coming up for replacement just about every year now. New roof, including boards, last year, furnace and pump unit 5-10 years ago, new appliances started to replace 5-10 years ago, most replaced when I remodeled my kitchen.

Appliances made 20+ years ago lasted a lot longer than they do now. So other than aesthetics you might have wiggle room while you replace other more pressing needs.

I've replaced my fridge twice, dishwasher twice. The range I replaced when I moved in, it's still kicking 22 years later.

Windows I've yet to replace. While the windows weren't in great shape they did come with storm windows that were in great shape. The storm windows are just now starting to fail so it's time to replace the windows.

Electrical will also need upgrading at some point, as well a plumbing issues as they arise.

My home is paid off now and I didn't pay much to start with. The remaining repairs/replacement are daunting, but I'll just take care of the necessary ones over the next few years.

I paid under asking price and got back money after inspection because there were issues found during the inspection. I used this money towards updates to the home after I moved in. Ask for money back. Should you back out another buyer will find the same issues you did.

In hindsight I probably should have sold my home 10 years ago and would have avoided plumbing issues, roof and electrical (all significant costs)

Very helpful! Thank you!

I would definitely be more than willing to fix things over time if the price was right. In hindsight, I should have offered less because the seller did zero upkeep. It’s his right to not update his home but a buyer has the right to call him on it. The seller is mulling over my $35K credit as I type. I am absolutely fine walking away but this was a great lesson. Kudos to you for paying off your home and having the skill and patience to do all the upkeep.

[Anonymous]

Why are people worried about a 20 year roof? I thought typical replacement was 30 years.

Same for deck, mine is older and fine. That water heater is long overdue, but not expensive to replace. Smoke detectors are a dumb thing to bicker over, but a few at Costco.

Seller may or may not take the deal, but can rightly be pissed that you took the house off the market with your offer and then balked.

[Anonymous]

Anonymous wrote:It’s still a seller’s market many places here and you may lose the house if you ask for such a large credit. We bought our house with all old systems and 15 years later they are all still fine. The only thing we have had to replace are the kitchen appliances, which are relatively cheap and seen to have a very short life anyway. I do wish I had known the windows would be so expensive to fix, but I blame myself for not realizing that when we made the offer. Not like that was hidden.

Yes, I did consider the seller walking away at the ask. It was a hard decision but I would rather lose it than feel ripped off. I got a basic quote of $8K to repair the damaged windows and a $17K quote for replacement, which I’m told is more likely bc they are wooden and a few rotted so repairs may not be an option.

The deck will need repair or replacement to be considered safe which can range from $5k to $20k depending on what the inspector finds. My pest inspector found mouse droppings today.

It’s a beautiful townhome but it needs care that the seller didn’t give it.