Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
We have been looking at homes for our pending relocation.
We have looked at several brand new homes and several not so new homes...
We found an older home that we feel has potential however we feel it is overpriced,especially in today's market and the area in which it is located.
Our question is this.. is a new roof and a new furnace system considered to be an upgrade to a home or isn't it just a necessity? after 20-25yrs, these things have to be replaced,sometimes sooner?
The current owners of the home haven't done what we consider to be very many cosmetic upgrades. The kitchen is extremely dated,especially the appliances,the floor is laminate (it is wood laminate,but it is laminate) ,the bathroom (only 1) has linoleum flooring and some of the paint colors are not our taste.
The current owners however are including the roof and furnace as upgrades to the home? They have no intention of making any other changes to the home but feel that because of these "upgrades" ,that their price is justified.
Sometimes they are upgrades... kind of depends on what was there before.
As far as dated goes... if it's dated long enough it will be back in fashion.
I had a 1920's craftsman home that I bought from the original owner... at 18, she and her husband bought it when they married. Everything was 1920's down to the stove, kitchen and bath... even the electrical system.
Many of the neighborhood homes had been remodeled many times over the years... when I sold, my home set a new price record in the neighborhood because it was an original, unmolested 1920's home.
All that matters is will you and your family be comfortable there and/or how much you will need to spend to make it comfortable compared to finding something more to your liking now.
Location: Visitation between Wal-Mart & Home Depot
8,309 posts, read 38,768,892 times
Reputation: 7185
Quote:
Originally Posted by NYMD67
We have been looking at homes for our pending relocation.
We have looked at several brand new homes and several not so new homes...
We found an older home that we feel has potential however we feel it is overpriced,especially in today's market and the area in which it is located.
Our question is this.. is a new roof and a new furnace system considered to be an upgrade to a home or isn't it just a necessity? after 20-25yrs, these things have to be replaced,sometimes sooner?
The current owners of the home haven't done what we consider to be very many cosmetic upgrades. The kitchen is extremely dated,especially the appliances,the floor is laminate (it is wood laminate,but it is laminate) ,the bathroom (only 1) has linoleum flooring and some of the paint colors are not our taste.
The current owners however are including the roof and furnace as upgrades to the home? They have no intention of making any other changes to the home but feel that because of these "upgrades" ,that their price is justified.
A new roof is a big deal, same as a new furnace or A/C. You would certainly expect to pay less for a home that had a roof or furnace that was at the end of its useful life, right? It would probably help to know what geographic region this house is in, the stats of the house and what they're asking.
We found an older home that we feel has potential however we feel it is overpriced,especially in today's market and the area in which it is located.
Our question is this.. is a new roof and a new furnace system considered to be an upgrade to a home or isn't it just a necessity? after 20-25yrs, these things have to be replaced,sometimes sooner?
The current owners of the home haven't done what we consider to be very many cosmetic upgrades. The kitchen is extremely dated,especially the appliances,the floor is laminate (it is wood laminate,but it is laminate) ,the bathroom (only 1) has linoleum flooring and some of the paint colors are not our taste.
The current owners however are including the roof and furnace as upgrades to the home? They have no intention of making any other changes to the home but feel that because of these "upgrades" ,that their price is justified.
They probably wouldn't be offering it if it weren't something that they know is pretty much a necessity and would probably/possibly be noted during inspection. Offering it at a higher price may allow them to receive what they actually want for the house without giving anything back in the process. IE: We want $250,000 but know we will probably need to replace these things, so let's charge $265,000 so we don't lose anything.
A dated kitchen is something that should have an effect on the price as it's one of the main selling points. Not every house even comes with appliances though.
Part of it depends on how the value of your property is calculated. In some areas, the house itself is as large or a larger factor in the cost, in others the land or area it is located is the primary value.
When you're dealing with potential in today's market, you're not guaranteed a good return on renovations because the housing market is so unstable right now. You could put another $15-20,000 beyond cost into it and who knows when that will result in any equity, especially if it's already priced over market for the area?
If there are any, check comparable houses in the area, even if you're not particularly interested in them. There may be a couple where you can go to them and say, "Listen, you want this but these houses are more up to date and cost the same or less." Depending on how long houses are staying on the market there, it's possible they could be grudgingly talked down. It could come down to just how badly they want or need to sell.
A new roof is a big deal, same as a new furnace or A/C. You would certainly expect to pay less for a home that had a roof or furnace that was at the end of its useful life, right? It would probably help to know what geographic region this house is in, the stats of the house and what they're asking.
Yes, absolutely, I wasn't implying that they WERE NOT a big deal, they are expenditures and obviously necessary ones that are extremely expensive.
The house is located in the Harrisburg,PA area and we have compared other homes in the area,in this particular neighborhood,all of the homes are pretty much the same ,as far as layout and age.
This home is one of the most expensive when compared with the others and does have a little more room and we love the yard,etc... so there is potential to make it a really nice home....
The fact that we know the roof and HVAC units are new is a great positive...
Just looking at the rest of the home, the appliances appear to be original ,and as stated before,just not many upgrades at all.
We could do the "work" but just didn't want to spend the extra $$ today...
I would not consider the roof and furnace to be upgrades. I would consider them to be selling points if they were recently replaced. I would make whatever reasonable offer you felt worked for the home considering what you think you would have to actually "upgrade" if they don't take the offer, I would move on to another house. kitchens are huge selling points and if they had truly upgraded their home, you would see it there. sounds like they are pretty fixed and I would just move on to something else. unless, you truly love the house and are willing to sink your extra funds into upgrading.
dont get emotionally attached to the house. Figure out what you can afford - the upgrades that you need/really want = offering price. They can take it or leave it. You do have to add in the fact that you will not have to worry about the roof or furnace. and of course figure out what needs to be done in the next 3-5yrs and whether it is worth the cost to you(is the wiring up to code, plumbing, do windows, ac need to be replaced?) those are all factors.
When we sold our old house after the housing crunch started, we sold real quick. Why? in my opinion it was because all of the "old house stuff" was replaced and or upgraded. we didnt do but one decorative upgrade. that was knocking out one wall. did some basic stuff to the kitchen but for the most part it was original.
When we bought our new house in tx. this is how we did it. Had our absolutes that we wanted. priced homes that already had it and had our max amout that we were willing to spend.(250k) To get everything we wanted in the area we wanted to live in we were looking between 300-350k.
intstead we ended up with a home that had the bare min. except no updated kit., no pool, and no driveway for our camper. the size and everything else worked though. the cost of this house was 153,900. we put 60k into it and now have exactly what we wanted.
just my 2 cents
we are now living way below our means and have the exact house we need with some wants.
Location: Visitation between Wal-Mart & Home Depot
8,309 posts, read 38,768,892 times
Reputation: 7185
Quote:
Originally Posted by NYMD67
Yes, absolutely, I wasn't implying that they WERE NOT a big deal, they are expenditures and obviously necessary ones that are extremely expensive.
The house is located in the Harrisburg,PA area and we have compared other homes in the area,in this particular neighborhood,all of the homes are pretty much the same ,as far as layout and age.
This home is one of the most expensive when compared with the others and does have a little more room and we love the yard,etc... so there is potential to make it a really nice home....
The fact that we know the roof and HVAC units are new is a great positive...
Just looking at the rest of the home, the appliances appear to be original ,and as stated before,just not many upgrades at all.
We could do the "work" but just didn't want to spend the extra $$ today...
Thanks for the replies so far
I see. In that case I'm going to agree with you. Those are still big deals but the amount of money you need to spend to get the house the way you want it has to be a consideration as well. Tiling the bathroom, replacing the laminate, new countertops and new appliances are also a big deal. Is their price per square foot in line with comps in the neighborhood?
they are not upgrades per se, every house needs them. But if they installed a high efficiency HVAC system and a better than standard roof, I guess those could be considered upgraded. If the house price isn't in line with comps for the area, then the owner may not see a return.... a lot of people selling now are losing $$.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
