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Then you expect far too much out of a 40 year old house. Even brand new houses have issues. I know. I built one. The inspection turned up a number of things that they can was ticked off about because the subs were paid and didn’t do their jobs. Things happen. Things break. Nothing lists forever. If tightening some screws on some outlets is too much work for someone then homeownership may not be for them.
Once again, NO ONE is referring to something as simplistic as tightening screws.
Of course things break. And when they do, you fix them. I do that in my house. My house is almost 26 years old now. Nothing in it is "broke". Even my driveway cracks have been repaired.
If you sell a house that is in crappy condition and has not had proper maintenance, you will attract only those buyers looking for a deal. And there is nothing wrong with that, but lots of us have no interest in such a home. Expecting a 40 year old home to be kept up and maintained is a completely rational expectation.
Once again, NO ONE is referring to something as simplistic as tightening screws.
Of course things break. And when they do, you fix them. I do that in my house. My house is almost 26 years old now. Nothing in it is "broke". Even my driveway cracks have been repaired.
If you sell a house that is in crappy condition and has not had proper maintenance, you will attract only those buyers looking for a deal. And there is nothing wrong with that, but lots of us have no interest in such a home. Expecting a 40 year old home to be kept up and maintained is a completely rational expectation.
Again, the house from the OP's description is not crappy. The inspection showed only one, maybe two items of concern, the rest is trivial. It is like complaining about dust on a car.
You also keep ignoring the OP's market, if he used your criteria, he would never buy a home because none will ever fit the criteria. An inspector will always find things wrong with a home, always.
You also are not understanding that the home us priced in its as in condition, if a buyer wants all of that fixed, welk, prepare to pay more for the house then, and the OP is already offering 20 thousand over already,
Again, the house from the OP's description is not crappy. The inspection showed only one, maybe two items of concern, the rest is trivial. It is like complaining about dust on a car.
You also keep ignoring the OP's market, if he used your criteria, he would never buy a home because none will ever fit the criteria. An inspector will always find things wrong with a home, always.
You also are not understanding that the home us priced in its as in condition, if a buyer wants all of that fixed, welk, prepare to pay more for the house then, and the OP is already offering 20 thousand over already,
The OP was asking if he should walk away. In MY opinion, he should. It's priced over market - for me, that is a no go. OBVIOUSLY an inspector will always find things wrong. That is NOT the discussion here. The discussion is that with THAT MANY ISSUES, whether he should pay whatever the asking is. It's not "dust on a car" LOL.
He is asking for opinions. You have yours. Others have their own.
The OP was asking if he should walk away. In MY opinion, he should. It's priced over market - for me, that is a no go. OBVIOUSLY an inspector will always find things wrong. That is NOT the discussion here. The discussion is that with THAT MANY ISSUES, whether he should pay whatever the asking is. It's not "dust on a car" LOL.
He is asking for opinions. You have yours. Others have their own.
How could you possibly conclude from the information presented in the thread that the house is "...priced over market?"
I have a 40-year-old house that I bought 15 years ago.
In those 15 years, I have replaced the HVAC system, the roof (a couple of days ago!), the flooring, the hot water heater, the stove, the dishwasher (twice), the decks, the front porch, most of the light fixtures, the toilets, and so on. The list is so long that I forget. I also installed a drainage system since water was intruding from the sides of the house. And that doesn't really include the cosmetics, which are many. And it doesn't include whatever the previous owner(s) addressed before I bought it.
I would at least expect most of those things to have been addressed over the last 40 years by the seller of this house. Probably a couple of times like the HVAC system and appliances.
That is what maintenance looks like on a 40-year-old house.
The OP and his inspector really know best if this particular house has been maintained.
As a first timer, you may want to reconsider purchasing a home that old
Quote:
Originally Posted by calgirlinnc
I understand what you are saying, but in this case half a million is quite a budget for a "starter home."
The home we just sold was also priced over half a million. Our first offer was from a first time buyer, and she walked because the house was not "perfect".
People in this situation should look at a lower price point to account for some repairs, or buy a brand new build/renovation. In a strong seller's market, it is unrealistic for buyers to nickel and dime sellers to death. In the hottest markets, winning bids are those without inspection contingencies, or only major issue contingencies.
It's in NJ. Housing stock is older, much of it from the 1920s-1960s. In many areas of NJ, a 1979 home is a newer home. Brand new builds are not easy to come by since all the areas within commuting distance of NYC are already densely built up. In those areas they're tearing down some of the 1920s houses, 1200 sq ft on 50' x 100' lots, and replacing them with new construction that can go for 800K+
Prices are so inflated compared to the rest of the country (except for CA, which is another story) that half a million is what you can expect to pay for a starter home.
It's a real seller's market. The NY Times has been running articles about people leaving their apartments in the city for houses in the suburbs in NJ, Westchester and Long Island, getting into bidding wars etc. We live in one of these areas and have gotten flyers from realtors asking if we want to sell. A house near us, built 1929, 1400 sq ft, on a 4800 sq ft lot, just sold for 710K.
I have a 40-year-old house that I bought 15 years ago.
In those 15 years, I have replaced the HVAC system, the roof (a couple of days ago!), the flooring, the hot water heater, the stove, the dishwasher (twice), the decks, the front porch, most of the light fixtures, the toilets, and so on. The list is so long that I forget. I also installed a drainage system since water was intruding from the sides of the house. And that doesn't really include the cosmetics, which are many. And it doesn't include whatever the previous owner(s) addressed before I bought it.
I would at least expect most of those things to have been addressed over the last 40 years by the seller of this house. Probably a couple of times like the HVAC system and appliances.
That is what maintenance looks like on a 40-year-old house.
The OP and his inspector really know best if this particular house has been maintained.
While that’s nice that you did all Of that, that’s not the case for others. Our thirty year old home still had twenty year old appliances, an older furnace, roof was original to the house, one ac unit was at least 15 years old, flooring was largely dated 80s 12 x 12s, original brass fixtures, original pool equipment, original sprinkler system...and yeah we bought the house. It’s a custom home on a large lot and the homes are now selling for far more than we paid. I have no intention of replacing appliances multiple times over the life of the home. I’ll only replace them if they truly die. I am under no obligation to replace any flooring, or fixtures or anything else. I’ve replaced things to suit my preferences but I don’t intend to replace again for someone else unless they fail. That doesn’t mean that a home hasn’t been “maintained.” Our home was well maintained and Honestly I’d take the opinion of an appraiser or real estate professional as to whether something has been truly maintained.
I’ve looked at the inspection list provided by the op. The issues are largely minor. Erosion of the caulk and the layer of cement protecting the foundation happens.. it not that big of a deal. He lives in a sellers market in the northeast...people seem to not realize that...even more so a seller won’t make any repairs. In my area of Austin Texas, a seller can turn out a similar house and it’d still get full price if not more..
It's in NJ. Housing stock is older, much of it from the 1920s-1960s. In many areas of NJ, a 1979 home is a newer home. Brand new builds are not easy to come by since all the areas within commuting distance of NYC are already densely built up. In those areas they're tearing down some of the 1920s houses, 1200 sq ft on 50' x 100' lots, and replacing them with new construction that can go for 800K+
Prices are so inflated compared to the rest of the country (except for CA, which is another story) that half a million is what you can expect to pay for a starter home.
It's a real seller's market. The NY Times has been running articles about people leaving their apartments in the city for houses in the suburbs in NJ, Westchester and Long Island, getting into bidding wars etc. We live in one of these areas and have gotten flyers from realtors asking if we want to sell. A house near us, built 1929, 1400 sq ft, on a 4800 sq ft lot, just sold for 710K.
Yes I know. I’m a New Yorker.
I still say he should buy a condo.
Though Things are getting pricy here too. My friend sold his small old house on a small lot in a hip centrally located part of Austin for over 800k.
House is located in NJ and from 1979 - we are first time buyers.
Listing price was 529k but we offered about 20k more since the supply is really short at the moment and the house looked nice at first before we did all these inspections
What part of NJ? North I assume? I grew up in Roselle, lots of homes from the late 60's to 70's.
You can come to South Jersey, brand new house for under $300k. Close to Philly and tons of shopping. Lots of North Jersey people down here because it's expensive to live up there. I surely wouldn't go back to Union County, I loved Watchung where our business was, wouldn't mind being in PA at the end of 78 to be by a good friend.
Even on a new house you can have the door issues due to the heat. You have to be comfortable buying what you can afford and with repairs that are not serious. Others have said what is the biggest concerns. My addition would be a possible bathroom remodel in the one with the mold issue. Back then they did not make showers like they do now. You may find tons of water damage behind those tiles, you could find it in a newer build too because someone didn't caulk.
The house is what it is. Supply is short up there. If the location is good for you that's one of the most important questions.
You will find a lot of help videos on you tube to fix stuff on your list to learn to do it yourself like we do. Even when an appliance breaks, my hub googles for the issue then you tube video to show how to fix say the dryer part that went bad.
I would want a better opinion on the stuff Diana pointed out. Does the bathroom need remodeled? Our 1967 house had blue tiles in the 1st floor apartment, the 2nd floor had pink.
Quote:
Originally Posted by Diana Holbrook
Most of what is in there is cheap.... unless it's not... and that's when it's a good idea to ask the seller to fix it, unless buyer is either very willing to do the work or seller will agree to a worst case estimate in a price reduction.
The loose pipes in the wall are semi-cheap, unless they've been leaking.
The masonry fix is cheap, unless the chimney is structurally unsound and should be removed or substantially repaired.
The sewer clog is cheap, unless it needs to be dug up and replaced.
It's the unlesses that'll getcha. If this is a savvy buyer with an attitude and budget that can handle those things going wrong, it's one thing. If it's a first time buyer family that really can't afford to fix these things in cash, soon after sale, then either seller fixes these items, or they should walk. Negotiating a price reduction doesn't necessarily give a buyer the cash to make the repairs on a financed purchase.
I would add unless there's mold in the bathroom behind the tiles too
Half a million dollars is barely a starter home in the greater NYC area. Here is a small, 1500 sq ft house for sale for $440K. Built in 1954, taxes are $11,000 annually. Schools are decent, but not exceptional.
I forgot the link for the house in Dumont NJ. Bergen County:
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