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

[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.

When I bought my home, one of the windows nearly chopped my finger off when I tried to open it, it unexpectedly slammed down on me. It was all very dramatic and resulted in a very large credit. Were all of the windows broken no, but if one was it was an indication that maintenance was deferred on all of them. People should fix these basic things before putting a house on the market and hoping that the buyer doesn't find out for themselves the hard way.

[Anonymous]

Anonymous wrote:

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.

I replaced the 35-year old HVAC in my house when it was finally on the verge of giving up the ghost. We had bought the house 10 years earlier. The salesman honestly said not to expect any new units to last as long.

[Anonymous]

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

[/quote]

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. [/quote]
I replaced the 35-year old HVAC in my house when it was finally on the verge of giving up the ghost. We had bought the house 10 years earlier. The salesman honestly said not to expect any new units to last as long. [/quote]

+1. Our 25 year old HVAC units leaked expensive, outdated refrigerant and would fail usually during the hottest weeks of the year. Our state offered a rebate on heat pumps so we replaced everything and added an additional return. Glad to have it done and it should be more energy efficient. We plan to be in this house for 5-10 more years.

[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!

What is market value?
What price? What neighborhood? No of bedrooms? Baths? Fire places? Cost I’m about to list one in zip code 20854 with all of that updated

[Anonymous]

Anonymous wrote:

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.

When we bought our house the inspector said our AC unit was old and might go the next day, or we might get a few more years out of it. That was eight years ago and it’s still working, knock on wood. I think we’d have lost the house if I had tried to get a credit for it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

I replaced the 35-year old HVAC in my house when it was finally on the verge of giving up the ghost. We had bought the house 10 years earlier. The salesman honestly said not to expect any new units to last as long.

The issue is that the new refrigerants aren't as good. This is also (one reason) why your refrigerator doesn't last as long.

[Anonymous]

Anonymous wrote:

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.

It's been a couple of years, but I don't think you're required to list any systems on a disclosure form in VA. I think that's an MD thing.

[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.

A 25 year old house shouldn't have needed updating? Everything was new 25 years ago. How often do you expect people to do expensive renovations? Why should he replaced things that are still working for your convenience?

[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.

I think you have a skewed view on upkeep. Why would the seller have replaced a furnace / AC Unit / or roof that are in perfectly good shape?

[Anonymous]

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

[/quote]

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. [/quote]
I replaced the 35-year old HVAC in my house when it was finally on the verge of giving up the ghost. We had bought the house 10 years earlier. The salesman honestly said not to expect any new units to last as long. [/quote]

+1. Our 25 year old HVAC units leaked expensive, outdated refrigerant and would fail usually during the hottest weeks of the year. Our state offered a rebate on heat pumps so we replaced everything and added an additional return. Glad to have it done and it should be more energy efficient. We plan to be in this house for 5-10 more years. [/quote]

People hate heat pumps. Not sure you added any value here.