Hi everyone! I'm new here, and my husband and I are searching for our first home.
We found a great house, in a great neighborhood, and a great town. It's been on the market for about 80 days, and the price has already come down from 385K to 360K (motivated sellers?).
Anyway, when we went to see it, we noticed the aluminum siding was buckling in the back of the house. From what we understand, when it was originally put on in 1977, that one section was put on too tight, and has been buckling every since. The owners have a contractor come in every few years to fix it, but it still doesn't look that great. The other issue is that the roof is 19 years old - almost time to be replaced.
When it comes to the siding, we are definitely going to have to replace it in the coming years. Not only because of the buckling, but because it's just starting to look old. The cost to re-side would be between $25 to $30k. The roof replacement would run us about $12k.
Knowing that we're looking at 2 very big repair projects - what kind of room do we have to negotiate the sales price? Our realtor is pulling comps now, but I just wanted to get some other opinions.This message has been edited. Last edited by: ashleycas,
The comps will be your best indicator because normal maintainence is just part of owning a house.
I would however factor both the roof and siding into an offer if the comps show other homes in better condition that are the same price or less.
People often think that THEIR house is so special that comps don't matter. They deserve more than their neighbors because of that perceived notion.They don't.
Once you get the comps from your Realtor you'll have a much better feel for what to offer.
Say that every other comparable home that has sold recently sold for 375k. Then their offer of 360k is probably in line. BUT if the houses that sold for 375k had good siding and a newer roof then 360k is still too high given the amount of money it will take to bring them up to the condition of the other houses that were sold.
Good luck and keep us updated as to what your Realtor said the comps showed.
~Jean~ in garden zone 6b
Agree with My dog - totally depends on the comps, and really how good a shape the house is in... For example, the roof may be in good shape, and could have 4-5 more years so that you could delay that work for awhile - same with the siding. It doesn't look great - but is it doing it's job - that would be my question... I'd definitely have a really good inspection done, and maybe some folks to give real assessment and pricing on the roof/siding for that house. Those 2 items - on an older house - wouldn't make me not buy it. I replaced the siding on my Virginia house. BUT - I would make sure the house is priced appropriately for the age it is, and that depends on where you are.... (but we do like renovations and fixing things - my first house had to have everything done to it). If the issue was water damage, I would run away.. Again, just my quirks (also hate wallpaper, but maybe that's just me.....)
Deb, I hate all wallpaper except mine!
~Jean~ in garden zone 6b
shop on........this is a defect..IF THE SIDING IS BUCKLING COULD VERY WELL HAVE WATER DAMAGE,THAT WOULD ENTAIL REMOVING THE SIDING BEFORE PURCHASE TO SEE EXTENT. NO WAY TO DETERMINE REDUCTION IN PRICE UNTIL THAT IS ASSESSED. Many home inspectors use water meters
to measure dampness from the interior walls.
Not good enough in this situation..in my opinion.
The roof age is just another reason to shop on.
Believe me, you'll find something you love. Patience is a virtue, especially in this market.
If your market is a buyers market, your area has listings coming on everyday.Inventory is decent in most buyers markets.This message has been edited. Last edited by: real estate lady,
First, Welcome to the Real Estate Boards, ashleycas!
My question would be why haven't the owners simply replaced it and corrected the problem in the 35 years since it was installed instead of simply doing a "patch-up" job every few years? And my concern would be that it is symbolic of the general care and maintenance they have expended on the house in general. I also agree with REL re the dangers of water damage that may be hidden.
I also question the owners' explanation of the original cause, ie. that "it was installed too tightly in the first place." I think it is more likely that the WALL isn't straight which has caused the siding to appear "buckled" (for 35 years ) despite periodic attempts to fix it.
You say this will be your first home - don't buy one where you are already aware of a potentially major issue. You will find enough of them to take care of in the normal course of being a home owner! Keep searching...
I'm going to second--or third--the idea of moving on. Houses in GOOD condition take money to keep up, why start behind the 8 Ball?
IF they were going to drop the price $45k to cover the siding and roof I MIGHT consider it after I got a good inspector in there and looked for additional water damage.
I can tell you from experience there's nothing more stressful and expensive to eradicate than water issues.
It could be that the siding was installed improperly and they were too cheap (or just didn't have the money) to replace it but I'd want to be really sure that was the case and not something like RE and IR mentioned.
~Jean~ in garden zone 6b
Ashley, had the same reaction after reading your initial post. Sounds like a money pit to run (don't walk) away from.
Home inspections are terrific but one thing to remember and consider is that your inspector can't physically check everything - not everything is visible or easily inspected. Furthermore, those same systems he/she verified can simply break the next month or earlier than expected. You always learn plenty post-closing.
Believe me, you'll find an even better house, if you let this one go. They're like streetcars (or buses or trains), another one's always coming along!
IMHO.This message has been edited. Last edited by: SurfNow,
Thanks everyone! We decided to pass on the house. I loved it - but it was too much work!!
You guys are full of great advice! I'm sure I'll be back quite a bit during our house hunt!
Well good, now doesn't that take a load off! Take your time, and look around. Enjoy the experience of home buying. Avoid short sales,
but consider foreclosures. Make sure your Realtor is versed in foreclosures - you can save a bunch of money!! Some are dogs, some are nice..
I would tell you to sell the house immediately. You may have to do a roof replacement, and other repairs. You can go for a sell of this house and search for a good property which if not so luxurious but should be properly repaired and safe. You can consult sellmyhousequickly.com.au/property_mail.php. They are a genuine company , and never do false promises.
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