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On the fence about my house...I might let it go

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bikramaddict
mommy-to-be

Member since 8/06

4376 total posts

Name:

On the fence about my house...I might let it go

DH and I had an offer accepted on an adorable house in Island Park. Really good price...everyone was shocked at what was accepted compared to what the house is.


It's a great starter home, nice location, etc. Everything seemed good; we were just going to do some work to the kitchen. And, the rooms are small but we'll deal.

Then we got the engineers report back. It's an old house (we knew this) and although things are fine now, there is a lot of expensive stuff that is on its way out and in need of repair. For example, roof, boiler, a whole lot of expensive things!

We spoke to the owner last night and said that we want to negioate the price further. He seemed open to it but we didn't give a figure. I was hoping he'd give one first...don;t want to negioate aganst myself. So I'm supposed to call him.

Now, DH and I are having our doubts since the house will need at least $15K of internal work (not beautification) in the next few years. On one hand, we're not prepared for that but on the other hand, the price is right, the location is great and the house seems like a good investment.

I already started to look at other listings online and I'm meeting with a real estate agent to see a few places tomorrow. All of the places are bigger and still in my price range.

What do I do?

-- hold off on the island park house
-- let the island park house go
-- suck up what needs to be done and buy the house anyway

I'm so confused! Advice please!!!

Posted 9/13/06 12:40 PM
 
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Stefanie

Member since 5/05

23599 total posts

Name:
Stefanie

Re: On the fence about my house...I might let it go

I would let it go. There are so many houses out there now that you don't have to settle. I just went through the same thing...

Posted 9/13/06 12:46 PM
 

MegZee
My bunny

Member since 5/06

8777 total posts

Name:
Meaghan

Re: On the fence about my house...I might let it go

prices are coming down and there a ton of homes on the market.

but if you really like the house, and the owner is willing to negotiate, i would try to negotiate with him first.

Posted 9/13/06 12:48 PM
 

SweetestOfPeas
J'taime Paris!

Member since 3/06

32345 total posts

Name:

Re: On the fence about my house...I might let it go

what does your gut tell you?

if you love the location and the house, I say go for it. most homes on LI are not new and will need this kind of work at one point or another. so if you can negotiate this work into the price of the house, I think that is a good thing.

Posted 9/13/06 1:07 PM
 

SweetTooth
I'm a tired mommy!

Member since 12/05

20105 total posts

Name:
Lauren

Re: On the fence about my house...I might let it go

I don't think you should settle, but if youlove the house, it is worth fighting for. Negotiate with the owner and see what happens.

Posted 9/13/06 2:04 PM
 

architectnycity
LIF Adult

Member since 1/06

2592 total posts

Name:

Re: On the fence about my house...I might let it go

Keep in mind the engineers report is what might need to be done when. If the house isn't brand new it is probably going to need repairs down the road. Someone I know was told the garage door needed to be replaced immediately but it lasted 15 yrs.

Posted 9/13/06 2:36 PM
 

CunningOne
***

Member since 5/05

26975 total posts

Name:

Re: On the fence about my house...I might let it go

Is this a town/location you really want? We were faced with the same decision a few years ago when we bought our house. The engineers report listed so many things that "might" go wrong and their estimated cost. They included a new roof (already had 2 layers); a new cesspool system; a new hot water heater; upgrade electricty to 200 amp; new furnace; regrade yard to prevent flooding (we are at bottom of a hill), etc. We decided that this was a location/area we wanted and we took the house. Over the years, when we saved, we tackled each thing. There are still things we haven't gotten to and knock on wood they are holding up fine. My point is that not everything that is listed will need to be taken care of at once, unless of course that is how you want to have it. OVer time you can work ot make the house yours, so its really a decision you have to think about.

HTH

Posted 9/13/06 5:24 PM
 

Karen
Just chillin'!!

Member since 1/06

9690 total posts

Name:
Karen

Re: On the fence about my house...I might let it go

Posted by architectnycity

Keep in mind the engineers report is what might need to be done when. If the house isn't brand new it is probably going to need repairs down the road. Someone I know was told the garage door needed to be replaced immediately but it lasted 15 yrs.



great point!!

We are entering year 8 with an AC unit that "could go any day". You just never know!

Posted 9/13/06 5:34 PM
 

MrsA
.............................

Member since 1/06

2012 total posts

Name:

Re: On the fence about my house...I might let it go

Posted by SweetestOfPeas

what does your gut tell you?

if you love the location and the house, I say go for it. most homes on LI are not new and will need this kind of work at one point or another. so if you can negotiate this work into the price of the house, I think that is a good thing.



I agree, $15k is a very reasonable amt to spend to update an old house IMO, esp if you think you are getting it for a good deal. But Id look at some other houses while you're trying to negotiate the current house. You never know, maybe something better/bigger will turn up.

Message edited 9/13/2006 6:29:38 PM.

Posted 9/13/06 6:07 PM
 

smdl
I love Gary too..on a plate!

Member since 5/06

32461 total posts

Name:
me

Re: On the fence about my house...I might let it go

$15K is relativelly cheap.

My boiler would cost $10K by itself to replace.

Just make sure the report is complete. Read the fine lines and get estimates on the repair. Don't take the Engineer's word for it on how much it is going to cost. Everything is expensive when it comes down to work on a house.

Then you can negociate when you have quotes by professionals. Afterward, if it's still a deal or what you are willing to pay for the house, then I would go for it.

Message edited 9/13/2006 7:30:55 PM.

Posted 9/13/06 7:30 PM
 
 

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