Do older houses in great areas comp the same as updated ones? (disclosure, appraisal)

[USAGeorge]

Now,,,get on with it...Get your thumb outta your mouth and wrap it around a paint brush..Having to sweat a little isn't going to ruin your happiness....Even in heaven, I'm sure theres a little dust on them clouds...

[willow wind]

OP-- please try to get yourself under control.

You asked this question on another forum and got four pages of responses. Evidently no one was telling you what ever it was you wanted to hear. So you came to this forum to ask the same question and are getting the same responses. That is, you're freaking out over nothing.

Do you read what you wrote? One of your questions is what might be going on under a switch plate cover. Will it match the wall, will you have to paint. I have an idea- why don't you go get a screw driver, take off a few covers and see what is underneath. You do know what a screw driver is- you do know who to work one? You don't need to be on an internet forum for that kind of question.

Why do you want a lawyer- to do what ? You made an offer on a house- it was accepted, you bought the house. Where is there a problem? There is no legal definition of " good deal ".

I don't know whether you are just seeking attention or like to create drama, but somehow you are not facing reality. The reality is that you bought a used house. Over time, you make it your house to your taste, Now go find a screw driver. Or maybe sign up for some classes at Home Depot on home repairs.

[K-Luv]

I was always told to buy the worst house in the best neighborhood

Originally Posted by Sunshinegirl7

I believe i made a mistake paying too much for the house, I did the comps with my realtor and we both came up with $113 a square foot based on the location that a house updated went for $120. I offered, $113 a square foot. Now that I moved in,not only am I running into HUGE problems that weren't disclosed, I am looking around seeing EVERYTHING needs updated, should I have offered way less? You know how houses get sold cheaper to people who flip them because of the condition? This one seemed so nice, it had a lot of issues on inspection but we picked the electrical, plumbing and roofing ones to be fixed, the safety, maintenance and some others we decided to let go since we offered less. We messed up big time, discovering so much now. My inspector told me person to person now that he is no longer working for me, that he would not have bought this house, I would have loved for him to have said that during inspection but they are not allowed.
I live in a GREAT neighborhood, which is what I feel and know I paid for, but I am now wondering if I should have offered way less?

I am not sure what the problem is here? You had the home inspected, I would assume you gave it a thorough looking over yourself prior to agreeing to sign on the line, no?

Also, the inspector may not have legal standing to voice is own opinion, but did you not read the inspection report? None of this should have been a surprise to you.

Sure, you might have to shell out more of your own money, but chances are you are sitting on a diamond in the rough.

[davebarnes]

Suncc49 gave you great advice.
Stop obsessing over $/sqft. Houses are not sold/bought that way.
All houses (even brand new ones) require "stuff" to be done. My house is 3.3 years old and I make regular visits to the hardware store and lumber yard.

[coastal chic]

We bought the worst house in the best neighborhood 2 years ago- built in 1975 and in a time warp ever since. Nothing had been updated. When we bought the house I had grandiose plans for improving it, but here we are still living with the daisy laminate kitchen counters and no dishwasher! The truth is, we love the neighborhood so much that the annoying things about the house stopped bothering me. You'll get there. Everything you mentioned is cosmetic. Have fun and enjoy the neighborhood!

[Ohiogirl81]

One can only imagine your consternation if you'd purchased a house built in 1925.

You're getting stuck on superficial, cosmetic stuff. And you want to contact a lawyer? Good luck with that. Let it go and get busy fixing up the house to your tastes and needs as your are able. Home ownership is and always will be a work in progress.

[funflyer99]

Here is a before and after of our master bath. New vanity with granite top, sinks, faucets, toilet and tile floor. We used rustoleum formica paint to go over the mauve tub, then used a sponge and enamel paint over the rustoleum to make it resemble the vanity granite and topped it with an automotive clear. Total cost was just under 1K and took us 3 days.

[funflyer99]

Originally Posted by Sunshinegirl7

Thank you so much FunFlyer, How about the HUGE lightbox in kitchen and the fireplace with the thick beige tiles around it? I can't get a picture now but you guys might know what I mean, anyone have any before and afters?

Also we bought all new lightswitches, outlets and covers but I am noticing the ones here are SO big! Will there be marks around the wall where the big one was when I remove it and place a standard size?

When you say a huge lightbox are you referring to rectangular florescent lights? Are they flush with the ceiling or recessed?

Tiles can be painted or you can apply a stone veneer or another tile right over the top of them to change the look.

Your switches and outlets should be a standard size. It's the covers which are oversize and they most likely will leave marks. If you want to make the wall look perfect before installing small covers, use some compound to fill the marks, sand flat and shoot a light texture over the top using the canned stuff from Home Depot then paint. I've done many spot repairs this way and now I can't even notice where I patched.

[seedy]

I don't like homes under 100 years old, they feel too flimsy. I grew up in a home built with dimensional lumber, which means a 2 x 4 actually measured that. We had a tornado go down the next street when I was a kid and it didn't even quiver.

Addressing your situation: An older house, even mid-80's, might be a bit stouter for being from that age. Or perhaps not, depends on the builder. You should watch out for decaying plastic pipe, esp. if it's grey, also have the feed lines and hoses to toilet tanks and sinks checked for deterioration, if they crack and flood the house you really will have a full restoration on your hands.

You should install safe GFI outlets in the bathrooms and kitchen if that hasn't been done (if you're lawyer-prone, your friends might be as well), and have someone good check the electrical service for decaying or crap wire.

I'd also ask around down the block about neighbor's experiences with homes from the same builder, what weaknesses they found and what they know about the previous owner's work on those areas. It would have been best to do that before buying, but not all realtors do that kind of follow through.

In general, you made a decision, now make it right. That will make you happy. Having things to fix and upgrade means you get to make choices without losing something that's nice but you don't like. You get to have it your way.

[bpollen]

Originally Posted by Zippyman

You're not going to get many homes in good neighborhoods for "way less" than $113 per sq ft. "Everything updated" to a flipper usually means cabinets painted, new flooring & paint - which isn't really that expensive to do in Phoenix. The "going rate" for painting inside and (or) out is about $1 per sq foot, and flooring - (tile or carpet // builder-grade) might run you $2-3 per sq ft (installed). Figure $1k for a pro to paint cabinets. If your "typical" flip is pulling $120 per sq foot in that neighborhood, you didn't get a "deal", but you're not underwater either. Flippers don't typically touch mechanical systems, windows, doors, etc unless those items are on fire or completely ripped out.

Don't be too hard on yourself & personally, I wouldn't care what a random "home inspector's" value opinion was. If they were that awesome at picking up "deals", they wouldn't be inspecting houses, they'd be busy counting the fat stacks of cash they made over the past five years.

It may depend on where you live. I'm in Dallas, in a neighborhood that is being flipped voraciously, as well as McMansions going up after bulldozing the older houses. A flip in my neighborhood is extensive and expensive. You can figure on at least $30k to $50k, unless you go really, really cheap. It usually includes removal of carpet and refinishing and repair of wood floors (figure on $10k for that), replacement of countertops (count on $5k), complete interior painting, complete exterior trim and door painting (several thousand dollars), landscaping, kitchen cabinet refacing or painting, stainless steel appliances, new ceramic tile in bathrooms if necessary, redoing walls if necessary (or if you have a retro bath, you're lucky if you leave it...or some have the tiles epoxied, which I detest), new light fixtures, new door handles throughout, new doors if you have the cheapo flush ones of old, fence repair or replacement. Then there are actual repairs: electrical, plumbing...brought up to code.

The flippers in my neighborhood are able to make a profit, I think, because they have contractors they use regularly who give them great rates because of the volume of work. If I were to do that to my house, it'd cost about $60k, I think.

When I sell my house, it won't be "updated" like a flipper. So I'll get less for mine. BUT there's a floor price in my neighborhood. A decent 3-2 house in my neighborhood w/my square footage and yard size, without being a "fixer upper," is still going to sell at a nice price. So if someone wants to get into this neighborhood, but can't afford, or doesn't want to pay, for the higher priced flippers, they can get in at a lower price in my house and gradually update it on their own, and choose their own counters or whatnot.