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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=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)

[/quote]

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. [/quote]

You should have offered less.  Asking for a contengency after the fact seems unreasonable.[/quote]
OP didn’t ask for a contingency after the fact, the sellers signed OP’s offer that included a contingency.[/quote]

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.[/quote]

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.

[b]The seller was greedy in charging market price for old items and not maintaining their home. [/b][/quote]

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. [/quote]

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