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Started By
Message
Advice needed: Fixer Upper
Posted on 8/8/16 at 9:29 pm
Posted on 8/8/16 at 9:29 pm
Need the help of the professionals:
Wife and I are looking at Beautiful 4br 3 bath 4000 sqft home, hardwood floors, new fixtures and pool. Cosmetically ready to move in.
Private Owner offered to sell 33% below appraisal (4 year old appraisal)
Cons: built mid 70's, wiring is outdated, asbestos siding, 30 yr old slate roof, AC unit is questionable and a utility room floor needs to be replaced. Renters the last 5-6 years.
With a mark down this significant, how much negotiating room do I actually have?
Average cost of rewiring home?
Asbestos is safe if painted, right?
Thanks ahead of time.
Wife and I are looking at Beautiful 4br 3 bath 4000 sqft home, hardwood floors, new fixtures and pool. Cosmetically ready to move in.
Private Owner offered to sell 33% below appraisal (4 year old appraisal)
Cons: built mid 70's, wiring is outdated, asbestos siding, 30 yr old slate roof, AC unit is questionable and a utility room floor needs to be replaced. Renters the last 5-6 years.
With a mark down this significant, how much negotiating room do I actually have?
Average cost of rewiring home?
Asbestos is safe if painted, right?
Thanks ahead of time.
4
Posted on 8/8/16 at 9:53 pm to GetMoney11
Get some quotes, should be fairly easy. Hard to say more. Slate roofs can last a very long time, so without knowing more it's hard to say.
Make an excel file of th costs to repair and don't add 25-50% at least for unexpected issues. Then add what the time and effort is worth to you.
Make an excel file of th costs to repair and don't add 25-50% at least for unexpected issues. Then add what the time and effort is worth to you.
Posted on 8/8/16 at 10:42 pm to GetMoney11
quote:
Pros: 30 yr old slate roof.
FIFY
Are you sure it is slate and not asbestos?
quote:
Asbestos is safe if painted, right?
Yes, you could have a problem with insurance, but that stuff is not dangerous...
This post was edited on 8/8/16 at 10:48 pm
Posted on 8/8/16 at 11:26 pm to GetMoney11
Slate roof should last forever if installed correctly, a home built in the 70's will have 3 wire grounded Romex into a breaker panel and should be fine - I could understand if you want to add capacity, but the house should not require a re-wire. The A/C unit(s) likely will need replacing and the asbestos siding is fine.
Posted on 8/9/16 at 12:02 am to GrantTheFan
What do you mean by outdated? If it's outdated knob and tube, complete rewire. Outdated just older wiring and copper, then nothing "needs" to be changed. If it's aluminum, it doesn't NEED to be changed, but I highly suggest you do. Especially if it's coupled with a federal pacific panel, which is something else that needs attention, and is definitely a negotiation point.
Also, if you get a home warranty AC will be covered for only a few hundred a year. I bought a house a few months ago with similar issues and the AC went out, which was covered by warranty. About 15k worth of work done for 4.5k. But I had lots of modifications done compared to old units. Up tonnage, moved units, completely new duct work, air cleaner attached (bad allergies), etc.
Also, if you get a home warranty AC will be covered for only a few hundred a year. I bought a house a few months ago with similar issues and the AC went out, which was covered by warranty. About 15k worth of work done for 4.5k. But I had lots of modifications done compared to old units. Up tonnage, moved units, completely new duct work, air cleaner attached (bad allergies), etc.
Posted on 8/9/16 at 7:53 am to GetMoney11
I'd get a new appraisal before doing anything. A lot can change in 4 years.
Only big concern I see on your list would be the AC. Slate roof should last many years, but have it checked real well. Friend of mine had a slate roof damaged in a storm that insurance covered, and it was around 50K to replace. The wiring is probably fine.
Only big concern I see on your list would be the AC. Slate roof should last many years, but have it checked real well. Friend of mine had a slate roof damaged in a storm that insurance covered, and it was around 50K to replace. The wiring is probably fine.
Posted on 8/9/16 at 9:09 am to The Spleen
quote:
I'd get a new appraisal before doing anything. A lot can change in 4 years.
Exactly. And a thorough home inspection. You really can't tell if this is a good deal or not at this point. The cost of a home inspection is well worth it. Better to spend $300 and walk away from a money pit than skimp and regret it for years.
You don't mention anything about the location. Is the neighborhood on its way up or down? How's the local public school? (maybe you don't care, but it will help to determine resale value) Drive around and look for yourself. Ask about the neighbors, make sure there isn't a major road project fixing to rip through an otherwise sedate area.
Posted on 8/9/16 at 9:51 am to GrantTheFan
quote:
a home built in the 70's will have 3 wire grounded Romex
A home built in the 70's wouldn't have asbestos, I think the home is older than that.
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