So, I am looking to buy a townhome in Philadelphia. I have been searching for a long time and finally found something that checks off most of my boxes, i.e. location, size, layout, style. It also has not been renovated in a very long time, which is a huge plus for me, because I want to be in charge of that myself.
The price of the home is 550k, but the home inspection just came back noting pervasive repairs that need to be done before any renovations can happen, potentially to the tune of 100k. This will obviously will eat a lot of my reno budget, and potentially derail my whole plan for this house.
What are some reasonable negotiations to consider? How much credit would you ask for? Seller wants to sell as-is, so requesting they do the repairs is off the table.
I am a first-time homebuyer and would love a project. This feels like a great opportunity to restore a historic home and actualize some interior design ideas I have. Prior to the inspection, I saw the condition of the home as a gift, allowing me access to a property and neighborhood that would otherwise be out of my reach. Now, however, I am concerned this 550k property is really a 650k property in disguise…which as I type that out, I guess it is?
Any tips, thoughts, or advice would be greatly appreciated. Thanks!