Home Buying in Woonsocket>Question Details

Lor, Home Buyer in Woonsocket, RI

is it wise to purchase home on annette avenue in woonsocket ri for 475000 when it needs complete updating?

Asked by Lor, Woonsocket, RI Thu Jul 22, 2010

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Hi Lor,

I will say that condition is in the eye of the beholder these days when buying/selling a home. This home is on an acre of land, which might contribute a little to the higher price, plus with over 3000sf and a finished basement to make it 4000sf will account for putting it higher on the market as well.

I would suggest looking at the homes that have sold in the area for the past 6 months, that are comparable in size and lot to this one, which is what an appraiser would do when valuing homes once a buyer puts in their offer on a home. If you are not working with a realtor, I'd be happy to assist you with this information and can also show you any homes on the market, at no risk or cost to you unless you would like to work with me as your realtor.

I would recommend driving by the property and taking a look inside the home as well - sometimes pictures can be deceiving! Get a sense of what you think it is worth and if any of your updates would truly enhance it's value if you were to re-sell it in the future.
If you have any other questions or would like to see more homes in the Woonsocket area, I am licensed in RI and MA (if you want to check out southern MA just over the border of Woonsocket). Take care and I wish you well on your search!

Angela Dolber
Prudential Prime Properties
0 votes Thank Flag Link Thu Jul 22, 2010
Lor, this is a great house. I would have your realtor run some comps in the area to be sure the property is worth the asking price. Another issue you want to consider is; how much money are you going to put into the property to get it into the condition you want. The statistics tell us that in most cases homeowners are LUCKY to get back 60% on their upgrade investment. In thiscase the house is already priced at $50,000 over the assessed value. Granted an assesment is not an appraisal, however, these are isssues you need to be concerned about. I am sure your contract would be subject to the property appraising at or above the purchase price, financed or not. If you do not have a realtor, I would be glad to help you, otherwise these are issues that your realtor should be able to guide you through. Joe
Web Reference: http://www.joedelsesto.com
0 votes Thank Flag Link Thu Jul 22, 2010
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