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/u/turtle_girl17
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My husband and I have a bit of a weird situation. Our realtor owns an investment property that they are looking to sell once the current lease is up (early 2025). This house is in a very ideal location (walkable to both a small town center and a metro stop). It was built in the 30’s, had an addition in the 70’s and the kitchen was updated in the 2000s.
We’ve been lucky to be able to get a quote from a contractor to completely remodel the kitchen and add a screened in deck for around $150k (which is less than we expected). We think we could update the bathrooms ourselves (new paint, fixtures, maybe new sinks and toilets). The basement is not tall enough to have finished, we would have to excavate down about 6 inches or more to have the proper ceiling height. We were hoping to find a house with a basement.
The house itself is in pretty decent shape, the basement is waterproofed but not finished, new roof and windows were installed last month. The original wood floors are pristine (were covered with carpet for most of their life). It would probably need a new water heater and sump pump.
We are in a HCOL area. This house is 1700 sq ft and the asking price is 950k. Most other houses that we like are easily 1.2m and up and will probably all go for above asking. 1.2 is the higher end of our budget. We’ve seen a few other houses around these prices and feel the price for this house is still a little high, knowing the amount of work it needs.
We’d be able to buy this house before selling our current one, and then expect to put most/ all of the proceeds towards a remodel. Our current house is smaller and in a less desirable area (not walkable at all, worse school district) but was completely renovated in 2017. Because our realtor is selling this house, it would be an off market purchase and they would waive their fees.
Does it make sense to buy this house? Are there other things we aren’t considering?
submitted by /u/turtle_girl17
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Would you buy this house?
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We’ve been lucky to be able to get a quote from a contractor to completely remodel the kitchen and add a screened in deck for around $150k (which is less than we expected). We think we could update the bathrooms ourselves (new paint, fixtures, maybe new sinks and toilets). The basement is not tall enough to have finished, we would have to excavate down about 6 inches or more to have the proper ceiling height. We were hoping to find a house with a basement.
The house itself is in pretty decent shape, the basement is waterproofed but not finished, new roof and windows were installed last month. The original wood floors are pristine (were covered with carpet for most of their life). It would probably need a new water heater and sump pump.
We are in a HCOL area. This house is 1700 sq ft and the asking price is 950k. Most other houses that we like are easily 1.2m and up and will probably all go for above asking. 1.2 is the higher end of our budget. We’ve seen a few other houses around these prices and feel the price for this house is still a little high, knowing the amount of work it needs.
We’d be able to buy this house before selling our current one, and then expect to put most/ all of the proceeds towards a remodel. Our current house is smaller and in a less desirable area (not walkable at all, worse school district) but was completely renovated in 2017. Because our realtor is selling this house, it would be an off market purchase and they would waive their fees.
Does it make sense to buy this house? Are there other things we aren’t considering?
submitted by /u/turtle_girl17
[link] [comments]
Would you buy this house?
Continue reading...