Home Buying in Worcester>Question Details

Cooza, Home Buyer in Worcester, MA

How can I tell if an asking price is reasonable if the home requires several updates: 2 bathrooms, kitchen, inground pool.?

Asked by Cooza, Worcester, MA Fri Jul 13, 2012

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7
The first step I would do is talk to someone in home remodeling. Ask them how much the renovations would take that you want done. After that, use those prices in figuring out your asking prices. It would be good to factor that into the total costs. http://hlremodelingandlandscaping.com/Remodeling.html
0 votes Thank Flag Link Mon Aug 18, 2014
Figure out the price to upgrade the kitchen, bath and fix the pool and weigh that against comparable properties that are already updated. I'd estimate $20k easy but could be double that depending on the size and scope of the project. You could get by "updating" each bath for $1000 if you pinch pennies and do some of the work yourself (see article link below).

If the location is great and you see the value in the property then proceed.

According to consumer reports for a bathroom/master bath remodel - A rule of thumb is that the total project—including materials and installation—should cost no more than 5 to 10 percent of your home’s value. http://www.consumerreports.org/cro/2012/03/bathroom-remodeli…
0 votes Thank Flag Link Thu Sep 27, 2012
If it is 2x the prevailing income in the zip code during the last census, it's just overpriced. If it's more than that, it's just insanely overpriced.
0 votes Thank Flag Link Mon Sep 3, 2012
A buyers agent will do a comparative analysis for you to help determine fair market value. The home inspection is an informative tool but is only used for renegotiations IF there is something unknown discovered during the home inspection. Your offer needs to reflect any issues you were able to decipher in your own. Good luck!
~Jen 508-944-4954
0 votes Thank Flag Link Sat Jul 14, 2012
Cooza

If you have to ask then you should not be buying it without a buyers agent. If you were familar with the market you would not have to ask.

I suggest two things,
1) get a buyers agent
2) go out and look at as many homes in your price range so that you will know what a fair price is in the market place.

Leave the updates and repair items to your home inspector who will guide you.

Good luck



Louis
0 votes Thank Flag Link Fri Jul 13, 2012
Do you have a buyers agent? If not you should. he/she could help you figure this out.
0 votes Thank Flag Link Fri Jul 13, 2012
Are you saying you feel it needs an inground pool or that it has one already?
0 votes Thank Flag Link Fri Jul 13, 2012
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