Should we pay for improvements if we buy a home?

Question

My husband and I would like to buy a home (not a new one). We just saw one that we like, but it needs to be painted, it needs new carpet throughout and it needs some new appliances.

I think that this would make a really beautiful home if we did those improvements.

But should we pay for them, or should the owner pay for them? Or should we get a better price?

Any experiences or advice? Thanks.

Answer 1

Good questions, but the answers depends on the fair market value and the sales price. If you're getting the house for less than fair market value then you will probably have to pay for the repairs. Also depends on how motivated the seller is. You could always ask the seller to pay for them, or to discount the sales price because of them, but everything is negotiable...

Rick
www.fairwaymortgagelending.com

Answer 2

Now that you have found a home, you need to decide if it is worth the asking amount the way it sits. Generally, you are buying a house, not a home. It is up to you to put your style into it. The bonus of your cosmetic changes are that you will immediately increase the value of the house.

Answer 3

Try to negotiate the repairs in the price of the house. If this doesn't work reduce the offer price by the amount you think the repairs will cost.

Answer 4

The asking price of a house is ususally based upon what is actually being sold, and not for what the house could be like.

The Seller is selling house as is.

The Buyer makes whatever changes suit you after you own it.

Good Luck

Answer 5

1. You should do them yourself. That way they are to your desires, Also, the selling price should reflect any necessary repairs.

2. If improvements are made by the owner, chances are they will be tacked onto the price anyway. I know I would.