when a home needs extensive updating, how do you know what to offer?

Asked by Mkbsmom, Weymouth, MA Sat Jun 9, 2012

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Christine Sm…, Agent, Canton, MA
Sat Jun 9, 2012
Well, the first question is whether or not the condition has been taken into consideration already in the listing price or is it priced as if it needs no updating. But beyond that this is where your buyer agent can really help you out. He or she should be able to do a market analysis of the property comparing it to similar homes in the area and making adjustments for condition. Your buyer agent is there to help assess all of this and help you decide what to offer.

Good luck with your home search!
1 vote
Lynne Hagopi…, Agent, Framingham and Southborough, MA
Sun Jun 10, 2012
Hi..I agree with the other comments written. You need to talk with your buyer's agent to determine if condition was reflected in the asking price and pull sold property comparisons to help determine market value prior to making an offer. If the property is an "as is" sale, be sure to still have the home inspected so you know what you are getting in to in regards to repairs, but note that the seller may not be adjusting price or fixing anything, so your offer would need to take those items into consideration ahead of offer but are to still be contingent upon home inspection so you if you decide not to purchase you have an out without losing your deposit. If a regular sale and the home inspection detects anything major, you can ask the seller to please take care of it or issue you a credit towards closing costs. However, remember you viewed the property in the condition it is in so anything apparent you would see now. If it is all cosmetics that you are talking about, try to get some estimates on what it would cost to update each area so you have an idea of what you are looking at for future expenses if able to live there while you update. Good luck and hope this helped!

Lynne Hagopian
508 648-0393
0 votes
Mark Letourn…, Agent, Wrentham, MA
Sat Jun 9, 2012
Hi Mkbsmom - Your buyers agent should be able to pull some recently sold and listed properties that match the condition and attributes of this particular property. If the home is priced accordingly it should be currently priced to reflect the condition of the home. But you may find that is not always the case.

Other considerations is the costs that will bring the home up to par and matching that cost plus purchase price to other recently listed and sold homes in the area. Same as above, but you would be looking at total end costs (after repairs). Again a good buyers agent should be able to work with you on this!.

Most important thing to remember is to have the property inspected by a qualified home inspector and to protect yourself in the offer and/or P&S with that stipulation. This will cover you in backing out if need be or to renegotiate the purchase price for any issues not seen at first glance!

Best of luck with your search and purchase!!
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Kevin Vitali, Agent, Tewksbury, MA
Sat Jun 9, 2012
There should be similar homes in the market place that require similar levels of updating. So, real simply you would find three or more homes of similar size, finish and locations to give you an idea of fair market value. If you can't find homes that are of a similar finish then you work backwards from homes and adjust prices accordingly.

Check out this article about fair market value. http://merrimackvalleymarealestate.com/2011/04/understanding…

Hopefully, you are working with a buyers agent. A buyers agent will help you determine fair pricing on the home, structure an offer and talk about a negotiating strategy.
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