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Old 10-28-2014, 08:51 PM
 
240 posts, read 347,026 times
Reputation: 149

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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?
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Old 10-28-2014, 09:15 PM
SMG
 
Location: Gilbert
490 posts, read 1,106,791 times
Reputation: 666
Lots more to consider than price per square foot when valuing property. The short answer to your topic is that if all things are equal, the updated property will carry a higher value. A newer property in better shape with nicer amenities will value higher. I can not address your specific property, so much data is considered when chomping property.
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Old 10-28-2014, 09:21 PM
SMG
 
Location: Gilbert
490 posts, read 1,106,791 times
Reputation: 666
Also, the property must have appraised. It does no good to sit and second guess your decision now. Buyers remorse in these situations is not uncommon. You may have some valid points on items turning up that should have been disclosed. That is an item to discuss with your Realtor to see if/what recourse you may have.
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Old 10-28-2014, 09:28 PM
 
Location: Rural Michigan
6,343 posts, read 14,622,663 times
Reputation: 10548
Quote:
Originally Posted by Sunshinegirl7 View Post
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?

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.
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Old 10-28-2014, 09:29 PM
 
191 posts, read 342,166 times
Reputation: 367
What kinds of things are we talking about? How many of these things are you able and willing to do yourself? Our 1800 square foot home needed updating and we did just about everything ourselves from paint, laminate flooring, kitchen cabinets/granite counters, bathroom vanities, toilets, sinks, light fixtures, faucets ceiling fans, and new dual pane windows throughout. We did everything for about 18K which included the labor charges for installing the granite and carpeting in 2 bedrooms. We found some great places in and around Phoenix to buy new fixtures, fans and flooring cheap and they were good quality.
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Old 10-28-2014, 09:40 PM
 
240 posts, read 347,026 times
Reputation: 149
Yes we plan to get a lawyer if needed, it appraised only for 1500 more than the price I offered. I thought I was getting a deal but everyone and the realtor told me they will always appraise for the amount or alittle over the amount you are purchasing it for and all the houses I had before did also.

I do have buyers remorse so bad right now.
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Old 10-28-2014, 09:48 PM
 
240 posts, read 347,026 times
Reputation: 149
The house is 1985 and EVERYTHING in it is 1985 except for one section of floor. Original carpet, all fixtures, they painted the rooms and put wallpaper up. THey did awesome landscaping and a roof over the balcony. When I moved in EVERYTHING stood out, stained carpet, floor peeling up in bathroom, I found a handyman to help me, he is going to give me prices tomorrow, I can't do it all at once but I will pick one job at a time. Some issues that inspector should have caught were door won't shut right (sliding) unless you slam it, some windows need a lot of push to get them open and shut, the list really goes on
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Old 10-28-2014, 10:02 PM
 
191 posts, read 342,166 times
Reputation: 367
Before you do anything or pay for anything please post your plans and what your handyman is doing or not doing. You can get tons of help and ideas on these forums from people have gone through what you are going through. We're here to help.
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Old 10-28-2014, 10:42 PM
 
240 posts, read 347,026 times
Reputation: 149
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?
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Old 10-29-2014, 05:55 AM
 
Location: NC
6,032 posts, read 9,181,904 times
Reputation: 6378
Listen up you have many positives here:

1) Buying an older home in a great neighborhood in a fully built out area is not a losing proposition
2) You won't be wasting money by doing gradual upgrades and or maintaining the home
3) If the home passed inspection then you really don't have much recourse, but it sounds like these items are cosmetic in nature, but you are overwhelmed by the work

Take a systematic approach. Start area by area with your improvements and go from there. Most people spend alot of the time in the kitchen and family room. Does the kitchen need updates? Start with considering cabinet refacing and or resurfacing. You can completely change the look on a budget.

I also suggest taking some improvement courses at the local big box home improvement store and learning to use a hammer and do some of your own home maintenance. You can save big $$ just by doing demo or other things yourself in a remodel.

I am closing on an older well built home in an amazing area soon. I knew going in that it was an older home. You don't expect perfection. I bid alittle above the going rate per sq foot, but I was comfortable knowing that it had some VERY desirable features that you cannot buy in the area (detached 2 car garage 2 story etc)....

Relax and get a plan of attack going. Bit by bit.

The last thing you should do is hire a lawyer. GEESH maybe if you feel this way, you should have bought a condo.
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