Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
What would you offer?
DH and i are looking to buy an old victorian home. It is underpriced for the area but is a handy man special. The home is priced at 180k. It needs a new roof asap, has some asbestos in the basement, bats int he attic, and needs major upgrades in every room.
I dont want to nickle and dime the woman (elderly moving to assisted living), but if the roof proves to be extremely costly i want to make sure we have the liquid cash to make the repairs.
So my question is, what would you do for your initial offer?
TIA
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Re: What would you offer?
Life and Love at #16 | our married life blog
I think you are right and the price does take into account the need for a new roof... I would say 199 would be a reasonable asking price if the roof were in good condition. (based on others in the area)
I would love an old home like that. But if you search this board, you'll read what a money pit they can be. Do you know about the other expensive details? E.g., insulation, knob & tube electrical, plumbing, etc.?
If I were you, I would revise your thread title and solicit opinions on purchasing an old victorian home that has been owned by a nice, old lady. I hope you have a cushy repair fund.
I am fully aware that these houses can be a lot of work and a lot of $ to repair. I grew up in fixer uppers, my dad is extremely handy and has taught all of us to be too. Of course a thorough inspection will be needed. I was only asking what would be a reasonable offer for a home like this given the climate of the housing market.
I wouldn't put in a really low-ball offer if the house is already priced under the comps in the area. If it's already priced low, they've taken the repair costs into consideration when pricing the house.
Make sure you get a very thorough inspection so you know exactly where the problems are and what repairs will need to be made ASAP. You don't want surprises coming up ... especially not really expensive ones like electric and plumbing problems. It sounds like you're willing to do some repairs and won't be scared off if some issues come up in inspection, but it's still a good idea to know exactly what repairs are needed and what the estimated cost will be so you know what you're getting into.
Also, depending on what kind of financing you're using, there may be some repairs that need to happen before closing. FHA and VA loans are sometimes more strict and you can't get financing without fixing things that could be a hazard.
Mr. Sammy Dog