How important is an updated house to you when buying? (negotiating, commission)

[emm74]

This comes up enough that I figured I'd make a poll on it.

[MrRational]

Once you get past the location issues (schools, commute, safety, etc)...
and you get past the design/amenities issues (#of beds/baths, room size, garage, basement, etc)...
and you can get past the costs and financing (down, fees, pmi, etc)...
you still need to define who this particular "you" is.

If it's the prototypical 30something family with a couple of young kids...
they aren't likely to have time (even if they have the skills) to do any sort of fixer.

[jaynarie]

When shopping, I considered both. They key is whether or not it is priced accordingly. I'm not going to pay the same for a house that needs updating compared to the house that is already done. On the flip side, I'm not going to pay a bunch of extra money for a flip with cheap materials.
When I shopped, I was shopping in an area I've known my whole life and I have paid attention to prices for many, many years. So, when looking at a house, I basically ignored the list price when viewing it. I went in knowing what homes in the neighborhood sold for, and the general condition of the homes in the neighborhood. From there, I'd add or subtract based on the condition of that particular house. When done, if I was no where near the list price, I'd just watch it to see if it came down.

For example- I viewed a small, older (1960s) condo listed for $80K. I knew the condos in that development typically sell from $50-90, depending on the floor plan and condition. I knew by the pictures they were overpriced, but I thought it was within negotiating range. This condo had one of the worst floor plans (smallest one, no storage) and it was disgusting. It was very dirty, smelled awful, it had damaged cabinetry in the kitchen, appliances were 20-30 years old, it had wall paper on the wall with the stairs, so it would be very difficult to reach to remove (two stories high). Most of that couldn't be seen from the pictures. I walked in thinking carpet and paint. It needed everything before you could move in. I would have had to get it for $40K or less to make it worth it. Since that was half of asking, I knew it was off the list. (It eventually sold for $52K.)
On the flip side, there was another condo in the same development I looked at. Asking $75K and looked slightly updated and clean. Better floor plan than the other. It was an end unit with a basement. By the pictures, it looked like it was priced correctly and would be a decent buy. When I went in, everything was very cheaply done. Very cheap laminate flooring that was already showing wear. Water damage on ceiling in the kitchen. The second bedroom didn't have pictures- I knew why. 1970s orange carpet. Yeah, not paying for your cheap 'upgrades'. (It eventually sold for $62K.)

I ended up buying an over improved house, which made it a pretty good buy. Immaculately clean. Very well maintained and cared for. Cabinets are the 80s/90s honey colored oak, but they are solid oak. Bathroom is the original 1950s tile, but it was sprayed a light beige color. (It was pink originally- part of me wishes it still was.) Every room has nice crown molding. Living and dining rooms have a chair rail. Original hardwood floors in great shape. The bathroom that was added in the 80s/90s is dated looking- more oak and the shiny brass fixtures. So, while nothing in my house is 'modern', I am totally OK with it. I really don't favor modern anyway, as it will soon be dated. I prefer classic, and my 1950s ranch is just that. I will eventually stain, paint, or replace the cabinets in the kitchen. I live alone, so I never use the second bathroom. While I want to update it (it is ugly- worst room in the house without question), my practical side tells me that is a dumb financial move. The house already has more finishes than the rest of the neighborhood.

[rrah]

What is and is not acceptable as far as updates go entirely depends on the price. Top of the market--it better be move in ready or new; way underpriced --updates are fine in general.

[twingles]

It's really a factor of price for me. I'll take non-updated and do it myself but don't price it with the other kept-up houses in the neighborhood.
When we were house hunting for our current house there was another house we were looking at in the neighborhood. Wallpaper in every room, brass everywhere....big ole hot tub built in to the middle of the deck ... kitchen was nice. It was $30K more than the house we ultimately bought which was pretty updated, no wall paper and had a screened in porch.
I would've liked that house, but I was not overpaying by $30-$50K for it.

[CarnivalGal]

We've done the "needs updating" thing before. Don't want to do it again. It's a lot of work and a lot of stress that I don't want to deal with again.

[goldenlove]

I don't want a house with the avacado and mustards of the 70s, but as long as it's been updated some since that era, I am good. We tend to do updates about once a year to our homes so that when we are ready to sell, we don't have to undertake a huge project. Besides, why not enjoy the updates while you are living in the house?

The house we currently own was built in 1996. It had not been updated at all since that time. We got it for a significant amount less than the owners had paid 10 years prior and the house we sold ended up being listed for $30K more than we had expected and then sold for over asking, so we had a bit of money to put into some updates. For the first time in the 25 years that my husband and I have been married, we have granite counter tops! In our last house, after investing in having a lot of tiling done, including our master shower (which I loved!) and having the house painted, we didn't have enough left over to put in granite counter tops, so we put in faux granite, which still looked very nice and didn't scare off potential buyers when we put it on the market.

We also put in new windows in this home (and our previous one) and had the interior painted along with the deck. Oh, and we had to put in a fence for the dogs. All things that will eventually help with resale, but that we will enjoy while we live here.

[AlaskaErik]

We got a killer deal on a house that was on and off the market for four years. Only nine years old and in excellent condition, it was nevertheless, very dated looking on the inside. We scooped it up after a ridiculous lowball offer was accepted. We completely redid the interior and now it would sell for at least $75k more than we paid for it. Were we to sell today, we would clear about $40k after our upgrades and selling commission expenses, and that's after owning it for only three years.

[RunsOnCoffee]

Our first house needed updating. We gutted the second floor and put in a new bathroom and walk in closets in the bedrooms. Downstairs needed wallpaper removed and new paint. When we moved onto our second house we were done with fixing stuff so we bought new construction. Our third house was another fixer upper since that's what we could afford in Boca Raton. We are relocating again and just couldn't find a house that met our needs or taste. After adding costs such as new kitchens, baths, floors and sometimes a pool we would had invested well over what the neighborhood could support. We ended up going with new construction again.

[bookspage]

I wanted an updated house and had the budget for it but could not find one in our target area
Not happy about it

We were going to update but I don't think I care right now