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

[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

[Anonymous]

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

THIS. In every house I've owned we only replaced those big appliances when they died. Who proactively replaces a working HVAC??? They're so expensive and there's a good chance the new one would only last a couple of years. Even my washer and dryer only get replaced when they die.

I am a homeowner who keeps my house running perfectly like a well oiled machine too. I like everything to look nice too.

[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.

I don't think it's unreasonable at all. The buyer could just say nothing and walk away. Might as well ask, and give the seller a chance to decide if the haircut is worth it or not. It's not personal it's business.

[Anonymous]

Anonymous wrote:

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.

This. Present the inspection report.

[Anonymous]

Your agent doesn’t sound great if you wrote for the same price the most recent comp went for, yet the comp had all of the systems recently done. Any decent agent can tell the age of the systems. If it doesn’t list any as recent, that’s a give away.

[Anonymous]

Anonymous wrote:Your agent doesn’t sound great if you wrote for the same price the most recent comp went for, yet the comp had all of the systems recently done. Any decent agent can tell the age of the systems. If it doesn’t list any as recent, that’s a give away.

Agree. And aren’t the ages of the roof and systems listed in the disclosure form anyway? You don’t even need an inspection. Can test the windows yourself too.