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I saw a house in East Brunswick, 4 bedrooms 2.5 baths. Nice location, excellent school system. The original owners own the home. The house is 30 years old. However, the house NEEDS updating on the inside.
Paint the entire house – every room is wallpapered (including the closets)
Popcorn ceilings
1 bedroom has 70’s paneling (including the ceiling)
All bathrooms are 30 years old and definitely showing their age.
The kitchen has Formica cabinets and all original appliances.
The house is carpeted but has hardwood floors underneath.
All light fixtures are from the 70’s.
I like the size of the rooms and the location. The outside is beautiful. The asking price is $650K. I think it is too high for what needs to be done. Could you offer a suggestion as to the offering price for this type of situation. Thanks.
Last edited by kristene; 02-25-2008 at 11:12 AM..
Reason: Font Problems
It depends on what other homes in the neighborhood are selling for with all of the upgrades you're talking about. If the other homes are selling for $650k updated, you've got some room to negotiate- if they're selling for $750k, you're already at or below the value of the current improvements. Other than the kitchen and bathrooms, you're talking about some pretty minor stuff- for probably less than $10k, you could take care of all the other issues you listed. The kitchen could be updated for anywhere from $10-100k, and the bathrooms could run $5-20k each- depends on how crazy you want to get.
Houses in EB will go for more because of the schools. It really depends on the neighborhood, some neighborhoods have kept their values, regardless of whether it is an updated home or not. Which neighborhood is this..I grew up there.
I saw a house in East Brunswick, 4 bedrooms 2.5 baths. Nice location, excellent school system. The original owners own the home. The house is 30 years old. However, the house NEEDS updating on the inside.
Paint the entire house – every room is wallpapered (including the closets)
Popcorn ceilings
1 bedroom has 70’s paneling (including the ceiling)
All bathrooms are 30 years old and definitely showing their age.
The kitchen has Formica cabinets and all original appliances.
The house is carpeted but has hardwood floors underneath.
All light fixtures are from the 70’s.
I like the size of the rooms and the location. The outside is beautiful. The asking price is $650K. I think it is too high for what needs to be done. Could you offer a suggestion as to the offering price for this type of situation. Thanks.
Reasonable offers today are around 5%-10% below original listing price. The OLP is on the MLS and the realtor will know what it came to market at and how long it has been on the market. If the seller is testing the market and holding out for a high price you might have to find another house. If the OLP is $650, you can offer $585-$620. If the house needs that much work, then offer in the low end of that range.
This is a tough question. You can offer anything it doesn't mean the seller will accept it. As others have stated it depends on the comps. When I sold my mom's house 2 years ago I was well aware that it needed work but I listed the house as is and I priced it accordingly (about 30K lower than the comps) so when I received an offer for 30K less then asking I told them to take a walk. They tried a couple of more times and eventually paid the asking price. I wasn't in a rush to sell so I could wait and I felt that I had priced the house fairly.
Reasonable offers today are around 5%-10% below original listing price. The OLP is on the MLS and the realtor will know what it came to market at and how long it has been on the market. If the seller is testing the market and holding out for a high price you might have to find another house. If the OLP is $650, you can offer $585-$620. If the house needs that much work, then offer in the low end of that range.
currently there is a home in that area for Colonial Oaks.Freshly painted. Gourmet kit w/granite counters for 25,000 less.
At that sell price why would you bother? Just think.... you buy a home and now you have to share it with workmen for the next 6 months. For that type of project done with quality workmanship and material I would budget $150,000. For $650,00 there are plenty of good clean modern homes...... Monroe Twp is just one example.
I saw a house in East Brunswick, 4 bedrooms 2.5 baths. Nice location, excellent school system. The original owners own the home. The house is 30 years old. However, the house NEEDS updating on the inside.
Paint the entire house – every room is wallpapered (including the closets)
Popcorn ceilings
1 bedroom has 70’s paneling (including the ceiling)
All bathrooms are 30 years old and definitely showing their age.
The kitchen has Formica cabinets and all original appliances.
The house is carpeted but has hardwood floors underneath.
All light fixtures are from the 70’s.
I like the size of the rooms and the location. The outside is beautiful. The asking price is $650K. I think it is too high for what needs to be done. Could you offer a suggestion as to the offering price for this type of situation. Thanks.
Location and schools are the most important things to consider when buying. You will alway pay more for the better locations. If you like this house make an offer that you can live with knowing you will have to upgrade in the future. Don't make the mistake of buying a nicer house in the wrong location.
Good luck,
E
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