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Eugenie, Home Buyer in Far Northwest, South...

What $ to offer on an old house? I came across an old house for sale. The house is over 100 years old. The

Asked by Eugenie, Far Northwest, South Bend, IN Thu Nov 15, 2007

current owner bought it in late 2005 for $110,000. They are now asking for $194,000. They did a lot of work: new windows, NEW COPPER PLUMBING, HIGH EFFICIENCY FURNACE AND AIR. But given the market (no other old houses for sale are priced that high), I am concerned that the asking price is too hight. Would an offer of lower than 10% of asking price be too low?

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I am in FL, but do specialize in historic/vintage homes. The biggest question here is are historic homes generally valued in this particular neighborhood (since an investor put a great deal of work into this one, I'd say the chance for that is good)? Some neighborhoods take great pride in their historic/vintage properties, others consider them eyesores and tear-downs... Consider that the quality of building materials and "pride of craftsmanship" often exceed those of contemporary homes, and most charming: architectural details! There will always be a niche market for vintage/historic homes.

To determine the "market value" of the home, you should have a local REALTOR assist you as a "buyer's agent. Are the other vintage homes on the market as extensively remodeled as this one? Are they up to current code standards? He/she will help you determine a fair offer and represent your interests solely during the transaction. Also, when considering the costs of home ownership, don't forget to include insurance premiums (these can sometimes be higher than contemporary homes--it depends on the structure itself as well as local standards of practice). Best of luck and happy hunting!
1 vote Thank Flag Link Thu Nov 15, 2007
If the house is designated "Historical" the value could be very high. You will want to hire a local Realtor that can do a market analysis and tell you how much to offer. I don't know if you have this where you are but may be one that has a "Historical Home Specialist" designation. No matter how much you are willing to pay, if you are financing it, it will need to appraise for that amount anyway. WIll be happy to find you a local Realtor if you want.
0 votes Thank Flag Link Thu Nov 15, 2007
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