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It doesn't sound perfect to me, because of the financial strain you would have to go through to get it and fix it up.
I'd offer a low enough price that you could afford to fix it up too. I'd make sure it was presented as my "best and final" offer. If they didn't accept it, I'd move on and keep looking.
But then I'm awfully picky! Good luck no matter what you decide.
We found it ourselves..our agent didn't show us it. She said it would probably appraise for what he is asking for but it doesn't hurt to put in an offer just so we know...hoping maybe he drops the price soon but apparently he already rejected an offer.
I would give him his price. Have your realtor or banker figure out the monthly payment difference between 325,000 and 350,000. Sometimes that helps put it into perspective.
You said it was perfect....and it looks good. Beautiful location.
Outdated is a personal opinion. I live in a 1880 house....lol.
I think just from the couple of pics the house looks well kept. Paint can be the best and least expensive fix.
If you can't afford it, it's not the perfect house.
Is $350k a fair price for the house "as is"? If so, then why should they lower the price $25,000 in order for you to buy it?
Not knowing the market, it's tough for us to tell. Talk to your lender about mortgages with renovation loans rolled into them, that might be an option. But if you can't afford the mortgage, and you don't have the money, then it's a moot point.
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Quote:
Originally Posted by dblackga
If you can't afford it, it's not the perfect house.
Is $350k a fair price for the house "as is"? If so, then why should they lower the price $25,000 in order for you to buy it?
Not knowing the market, it's tough for us to tell. Talk to your lender about mortgages with renovation loans rolled into them, that might be an option. But if you can't afford the mortgage, and you don't have the money, then it's a moot point.
If it speaks to your heart, if you LOVE it, if you can get it for the price you need to get it for, and IF you can afford the updates/repairs you need or want...then I would get it.
But that's a lot of IFs. I would NOT go over my initial purchase price range.
Even if you never quite get around to doing everything you want as far as updates, you will still love it. Later on you may decide you can live with the outdated bathroom or whatever.
Even if you would find a house perfectly updated, you would STILL want to change things. So don't get hung up on wanting vs needing to change countertops or tubs.
Tackle the projects over time...a weekend here, a weekend there, on this project or that. Do you work? How limited is your time? What are your work hours and are they likely to increase?
When I was doing projects on my house years ago, what happened was...my work hours increased, so my time became very limited. I also found that it was easier doing projects myself than arranging to take off work to be there while others did it for me. So I learned to do basic plumbing, carpentry, minor electrical.
You have a spouse, so between the two of you, you can do quite a lot over the course of years.
A home you love is worth the sweat. But I would NOT go over my initial purchase budget.
I found the perfect piece of property about 17 years ago. Between buying the land, and buying a cheap single wide mobile home, I was maxed out. But I was exactly where I wanted to be and adored the views and property. It took me 6 years to save enough money for a down payment to have a house built. Now Im exactly where I want to be with a 12 year old house that could use updating.
But Im exactly where I want to be, with a perfectly fine livable house.
Decide whats most important to you. Housing you can always change. Location you cant.
I would give him his price. Have your realtor or banker figure out the monthly payment difference between 325,000 and 350,000. Sometimes that helps put it into perspective.
You said it was perfect....and it looks good. Beautiful location.
Outdated is a personal opinion. I live in a 1880 house....lol.
I think just from the couple of pics the house looks well kept. Paint can be the best and least expensive fix.
Lots of possibilities for this home.
I would love to see more pics.
It sounds like 325 with updates needed is stretching it as is. I wouldn't go above that if she's stretching it at 325 to pay 350.
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