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How much do older AC's effect homes value?
Posted on 10/8/20 at 12:06 pm
Posted on 10/8/20 at 12:06 pm
I have a 15 year old home with original AC's, yes they are old. I've never had an issue with them outside of one capacitor. Had a full price offer in 2 days that fell through because after inspection they wanted $17,000 in concessions...mostly for the AC replacement. Had a back up offer $2000 less than full price.
We just had the carpet replaced (I know) and it professionally repainted. So outside of the AC's that the inspector noted worked normally, house is move in ready and in fantastic shape. Especially for the price, as its a good $40,000 less than any new builds in the area.
TLDR; I understand older AC's taking a value down to a degree, but its not less than the value of new AC's right?
We just had the carpet replaced (I know) and it professionally repainted. So outside of the AC's that the inspector noted worked normally, house is move in ready and in fantastic shape. Especially for the price, as its a good $40,000 less than any new builds in the area.
TLDR; I understand older AC's taking a value down to a degree, but its not less than the value of new AC's right?
3
Posted on 10/8/20 at 12:10 pm to baldona
I had a buyer that tried to do that to me and I told them that the money to replace the A/C was already factored into the asking price so they could take it or leave it. They took it. Of course, being in a "seller's market" helped a lot.
Why in the world do they think replacing an HVAC would cost $17K? Did they ask for duct work too?
Why in the world do they think replacing an HVAC would cost $17K? Did they ask for duct work too?
This post was edited on 10/8/20 at 12:12 pm
Posted on 10/8/20 at 12:14 pm to AUHighPlainsDrifter
That, and everyone has a buddy or relative that can do it for xx less under the table.
Posted on 10/8/20 at 12:24 pm to AUHighPlainsDrifter
quote:
Why in the world do they think replacing an HVAC would cost $17K? Did they ask for duct work too?
I was going to include that but in order to keep the OP short left it out. No I think they asked for $15,000 for the AC's and they are both small 2-3 ton I can't remember so that's likely very high.
They asked for $20,000 initially. LOL, both the front and back door have very minor wood rot that if I had repainted no one would have seen, They wanted to replace both doors plus some cosmetic stucco work they had a quote for $4100 and I have a stucco guy that quoted me $500.
Their requests were absurd. I own rental houses so AC is not something that makes me nervous, I as you said, factor that in. I'm just not sure what the "avg" buyer would do.
I think I could likely get the AC's replaced for $7-8000. I'm trying to figure out if I should do that, or let it ride.
I may get a quote and leave it for any potential buyers. The AC's look good and as said function normally. Its not like they look to be falling apart.
Posted on 10/8/20 at 12:38 pm to baldona
Because of the type of refrigerant that's probably in the old units, they wouldn't be worth doing heavy $ repairs on. I ran into that situation a little over a year ago with a unit that was also about 15 years old. But if they still work, you're right... why replace them?
And like you said, you're in a sellers' market. Any ridiculous ask that I see right now just gets rejected, or I don't even bother countering. But if you're in a tight spot for time, you could throw them a small "take it or leave it" concession to get the deal through.
And like you said, you're in a sellers' market. Any ridiculous ask that I see right now just gets rejected, or I don't even bother countering. But if you're in a tight spot for time, you could throw them a small "take it or leave it" concession to get the deal through.
Posted on 10/8/20 at 12:45 pm to Jag_Warrior
quote:
But if you're in a tight spot for time, you could throw them a small "take it or leave it" concession to get the deal through.
I did, offered $10,000. I honestly think I'm underpriced too. They were smoking dope, I mean if its got new carpet in the bedrooms, new paint, and new AC's its basically a brand new house. Tile roof too so that's good for 50+ years.
I just don't want to screw around for 2 months in a sellers market when I could replace them for $8000.
Posted on 10/8/20 at 1:04 pm to baldona
What happened to the backup offer you mentioned?
Posted on 10/8/20 at 1:10 pm to ItzMe1972
I would have offered them a one year homeowners service agreement.... for 600... and call it a day
Posted on 10/8/20 at 1:14 pm to baldona
(no message)
This post was edited on 12/27/20 at 2:40 pm
Posted on 10/8/20 at 1:33 pm to natsoundup
quote:
I would have offered them a one year homeowners service agreement.... for 600... and call it a day
I bought a house last winter in a crazy seller's market and this is what we had them do. It had a 29 year old furnace and a 23 year old A/C. Both worked perfectly, just inefficient and on borrowed time. I replaced both for $9K last month(5 ton AC and 120K gas furnace).
I thought about pushing the issue, but there were other buyers waiting in the wings and house had polybutylene pipes the seller agreed to completely replace so there was some give and take.
If it is a true seller's market, there will be other buyers if they won't accept this.
Posted on 10/8/20 at 2:15 pm to ItzMe1972
quote:
What happened to the backup offer you mentioned?
As of now it fell through. Have a 3rd offer also but it’s a little low so we are negotiating.
It just would blow me away that you would buy a non new build house and expect it to have everything new. I got the feeling these were first time buyers maybe.
ETA: and yes a home warranty was offered.
This post was edited on 10/8/20 at 2:16 pm
Posted on 10/8/20 at 2:15 pm to baldona
Sold mine for full asking price within 24 hrs. The ac in that house had to be the original. Still worked but was on its way out. House was built in 82
Posted on 10/8/20 at 2:22 pm to baldona
quote:
I'm just not sure what the "avg" buyer would do.
I would have my family friend come by during one of our visits/inspections and give me a breakdown of what I'm looking at over the next 5-10 years. I'd ask for a reduction to have it replaced on market value, but unless he said it's on the way out in the next 3 years I'd accept your rejection in hopes of getting some of the other shite covered.
Posted on 10/8/20 at 2:24 pm to AUHighPlainsDrifter
quote:I had mine replaced last year. It was $14k (2 units); $17k is not out of the question depending on tonnage and SEER rating.
Why in the world do they think replacing an HVAC would cost $17K? Did they ask for duct work too?
This post was edited on 10/8/20 at 2:24 pm
Posted on 10/8/20 at 2:26 pm to Tiger_n_Texas
What I don't understand is putting in a full price offer then expecting a ton of money back during negotiation. I guess that's what is frustrating. The house wasn't worth the full price to me and they jerked me around for over a week.
They should have offered what they thought it was worth given the age of the HVAC.
They should have offered what they thought it was worth given the age of the HVAC.
Posted on 10/8/20 at 2:38 pm to baldona
(no message)
This post was edited on 12/27/20 at 2:39 pm
Posted on 10/8/20 at 2:41 pm to baldona
You offered a home warranty which would be my first option. Next I’d offer a credit for the reasonable cost of replacement (with quotes if necessary). Then finally offer to replace the unit(s).
If it was a full price offer that you’d be willing to accept say $10k less, sounds like you could come out ahead anyway by replacing the units for $6-8k.
Ultimately, people don’t want to buy a house and immediately have something fail. Inspectors don’t do a good job of explaining how they report findings. They tend to point out everything, even if it’s not a “problem”. It’s for information to the buyer. Many inexperienced people don’t know how to interpret that and end up asking for a lot of concessions, without realizing it is priced into non-new homes.
If it was a full price offer that you’d be willing to accept say $10k less, sounds like you could come out ahead anyway by replacing the units for $6-8k.
Ultimately, people don’t want to buy a house and immediately have something fail. Inspectors don’t do a good job of explaining how they report findings. They tend to point out everything, even if it’s not a “problem”. It’s for information to the buyer. Many inexperienced people don’t know how to interpret that and end up asking for a lot of concessions, without realizing it is priced into non-new homes.
Posted on 10/8/20 at 2:55 pm to TheWalkoff
quote:
Do you expect every potential buyer to order an inspection before placing an offer?
It’s annoying, yes, but it’s part of the process.
No, but its a 15 year old house and items like HVAC very clearly state the age on them. It doesn't take an inspector to look at the age, and I know most realtors don't do this but it wouldn't be unreasonable for a realtor to help point that out also.
A 15 year old house is likely either going to have pretty new AC's or old AC's right? I wouldn't put in a full price offer and then ask for $20,000 in concessions for items that work normally. An inspection is supposed to be for items that don't work and the avg person won't catch. Its not supposed to be a point of negotiation on cosmetic items. That's just wasting everyone's time.
I buy properties fairly often, I don't sell very often. That's why I'm asking.
This post was edited on 10/8/20 at 2:59 pm
Posted on 10/8/20 at 3:54 pm to baldona
I replaced a single 3 ton with a new variable speed seer 22. It cost 13k. Woulda been 26k for 2.
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