So I have found a nice fixer-upper I’d like to buy and renovate for myself as a permanent residence.
Some of the things “wrong” with it that need fixing:
Interior is very dated from the late 70s (There’s carpet on the walls of one room…. Seriously Boomers, how was this a thing?) Roof is severely leaking and needs to be replaced Many rooms have drywall / ceiling staining / damage from the roof leaking Exterior doors are rotting / damaged and need replacing (we’re talking there are literal holes through the door) All interior doors have been dog damaged and need to be replaced Carpet smells like dog and needs to be replaced Old electrical panel that needs replacing Structural damage to chimney the owners accepted money for from government but never fixed Trim is heavily damaged throughout Exterior flashing has some rot Kitchen appliances very old / need replacing
Toured with my General Contractor and he didn’t find any showstoppers.
Homes in the area that have been recently flipped with a modern interior are selling for $260k.
Was talking with my Realtor today and they suggested we offer $250k, then try to negotiate once we get the formal inspections done.
To me that seems like a bad idea, as formal inspections will not include things like the dated interior, drywall replacements, updating appliances from the 70s / 80s, etc…
The market here is starting to cool a bit, this house has been on the market for a month with no other interest…
I was thinking an initial offer of 200k would be reasonable, but my Realtor is arguing on the “comparables” which I have looked at, and they are all beautiful, move in ready houses with no work needed.
There is one fixer upper in the area that does NOT need a new roof and it sold for $185.
If I got the house for $190-200k I’d be happy…. My thoughts were to offer $190k as-is based on our contractor’s quote and the comparable fixer-upper in the area, but my Realtor seems dead set on a much higher price…