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

[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.

[Anonymous]

Anonymous wrote:

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.

You should have offered less. Asking for a contengency after the fact seems unreasonable.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

You should have offered less. Asking for a contengency after the fact seems unreasonable.

OP didn’t ask for a contingency after the fact, the sellers signed OP’s offer that included a contingency.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

You should have offered less. Asking for a contengency after the fact seems unreasonable.

OP didn’t ask for a contingency after the fact, the sellers signed OP’s offer that included a contingency.

True, but that's an unreasonable ask on behalf of the OP. It's a used house. You don't get to put in an offer at the asking price knowing (or should have known) that not everything is brand new and then demand enough credit to refresh everything. That's not how home purchases work.

If something is broken, sure - ask for a credit if it's not already reflected in the price. Or if it's clearly beyond its usable lifespan. But $35k because the roof and appliances aren't new? I'd tell you to pound sand.

[Anonymous]

Why didn't you know all of that before the inspection? lol. When we were serious enough to put in an offer we looked at the age of AC units/hot water heater/deck/roof.

Hot water heaters are relatively cheap. Then ACs, Roof and then deck. My deck was like 50k, but a small townhouse would be less I bet.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

You should have offered less. Asking for a contengency after the fact seems unreasonable.

OP didn’t ask for a contingency after the fact, the sellers signed OP’s offer that included a contingency.

True, but that's an unreasonable ask on behalf of the OP. It's a used house. You don't get to put in an offer at the asking price knowing (or should have known) that not everything is brand new and then demand enough credit to refresh everything. That's not how home purchases work.

If something is broken, sure - ask for a credit if it's not already reflected in the price. Or if it's clearly beyond its usable lifespan. But $35k because the roof and appliances aren't new? I'd tell you to pound sand.

I agree with all of this. I don't think you can get a credit for things not broken.

I feel bad for the buyer, but they should have been smarter before putting an offer in. It should be obvious that the roof and deck aren't new. ACs actually have a year on their sticker that's easy to find when you're house shopping.

The seller was greedy in charging market price for old items and not maintaining their home.

[Anonymous]

The seller does maintain home. People in general replace water heaters, hvacs when they break not cause they are old.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

You should have offered less. Asking for a contengency after the fact seems unreasonable.

OP didn’t ask for a contingency after the fact, the sellers signed OP’s offer that included a contingency.

True, but that's an unreasonable ask on behalf of the OP. It's a used house. You don't get to put in an offer at the asking price knowing (or should have known) that not everything is brand new and then demand enough credit to refresh everything. That's not how home purchases work.

If something is broken, sure - ask for a credit if it's not already reflected in the price. Or if it's clearly beyond its usable lifespan. But $35k because the roof and appliances aren't new? I'd tell you to pound sand.

I agree with all of this. I don't think you can get a credit for things not broken.

I feel bad for the buyer, but they should have been smarter before putting an offer in. It should be obvious that the roof and deck aren't new. ACs actually have a year on their sticker that's easy to find when you're house shopping.

The seller was greedy in charging market price for old items and not maintaining their home.

That remains to be seen. A house listing is an offer to sell, not a bill you have to pay. The seller offered at a price they thought was reasonable for the house and location. If someone else buys it, then seller was right.

IME, the fairest price usually has both sides thinking they didn't get a great deal. Seller is used to the house's flaws while buyer is discovering them anew after spending a ton of money. That's normal.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

You should have offered less. Asking for a contengency after the fact seems unreasonable.

OP didn’t ask for a contingency after the fact, the sellers signed OP’s offer that included a contingency.

True, but that's an unreasonable ask on behalf of the OP. It's a used house. You don't get to put in an offer at the asking price knowing (or should have known) that not everything is brand new and then demand enough credit to refresh everything. That's not how home purchases work.

If something is broken, sure - ask for a credit if it's not already reflected in the price. Or if it's clearly beyond its usable lifespan. But $35k because the roof and appliances aren't new? I'd tell you to pound sand.

I agree with all of this. I don't think you can get a credit for things not broken.

I feel bad for the buyer, but they should have been smarter before putting an offer in. It should be obvious that the roof and deck aren't new. ACs actually have a year on their sticker that's easy to find when you're house shopping.

The seller was greedy in charging market price for old items and not maintaining their home.

That remains to be seen. A house listing is an offer to sell, not a bill you have to pay. The seller offered at a price they thought was reasonable for the house and location. If someone else buys it, then seller was right.

IME, the fairest price usually has both sides thinking they didn't get a great deal. Seller is used to the house's flaws while buyer is discovering them anew after spending a ton of money. That's normal.

Based on some of the sales I've seen lately, I'm pretty sure that the sellers are treating themselves to fancy dinners at DC's finest restaurants and laughing all the way to the bank based on what buyers are paying. It's pretty wild in certain desirable areas.

[Anonymous]

If you are using a lender, the credit can't exceed your closing costs anyway.

[Anonymous]

Not without concessions