I currently live in Michigan. Unlike the other folks of this state, I was lucky to find a decent job out of college here. I live in Lansing. I am looking for homes in Dimondale, Eaton Rapids, Grand Ledge, Mulliken, Delta Township and Mulliken, if you feel like searching on my behalf.
Now, the meat of my question.
Other than the SEV value being roughly 2x the price of the house, what are some other basic things that I should watch out for?
What price should i expect per/sq ft?
What is the difference between SEV, Assessed value, and taxable value, and which serves what purpose?
What is an estimated TCV?
What types of heating/cooling systems are the most expensive?
What heating/cooling systems are considered a "selling point"?
What determines square footage?
How much (average)is the price of a typical roof for a 1000 sft house?
What can I expect to pay to recarpet/re-drywall?
How much of paint/drywall/carpet/roof can i deduct from the cost of house upon offering?
2007-09-13 14:02:50 · 2 answers · asked by OhioFantastic 3 in Home & Garden ➔ Decorating & Remodeling
Wow - someone who's right here in my back yard!
I live in this area. I can't speak for you, but I like it here. We've been here for about 11 years.
I can't answer all of your questions, as I don't know the answers. I will answer what I can, though.
On the heating - electric heat will be the most expensive. Natural gas will probably be the cheapest, unless you're willing to buy, store, and split your own firewood. And then you're trading your work for the cost.
Square footage is determined by the area of living space, I think. If the foundation is 1000 square feet, and the house is 2 stories plus a finished basement, only the 2 stories above ground count. The basement is generally not counted.
Carpeting costs can vary dramatically, depending on where you shop and what kind of carpet you pick out. I really would recommend you go to a reputable flooring store, not one of the discount places. We did that, and were sorry with the results.
You can deduct some from the asking price due to work that needs to be done, or that you want to do, but unless a market analysis shows that the house is overpriced, don't go too low, unless you think that the sellers will really go for it or are desperate. A market analysis is a comparison of this house to similar houses nearby that have sold recently. Your realtor can do this for you, and should. The seller's realtor should take the condition of the property into account when they set the price.
Some things you didn't ask about, but should know, IMHO:
ALWAYS use a realtor, especially if you're new to buying a house. The seller pays the commission in this market, so their services are free to you. It's worth having someone help you in this case. Go with one of the larger realtors in the area. They didn't get big by being bumblers or incompetent. Interview several before you choose one, as your relationship with them makes a difference in the deal.
Ask if they will perform as a buyer's agent. This means that legally they represent YOU in the deal, not the seller. As crazy as it sounds, the realtor you select will legally represent the seller, unless you do this. That means that they have to consider the seller's interests over yours if there is a conflict.
ALWAYS insist on an inspection of the property, and make it a condition of your offer. If the inspector finds something really wrong with the house, you need to be able to get out of the deal and get your earnest money back. It's cheap insurance.
ALWAYS have an attorney look over your paperwork. In this market, you're probably looking at $125-175K, right? It's cheap insurance again.
Good luck!
2007-09-13 14:22:03 · answer #1 · answered by Ralfcoder 7 · 2⤊ 1⤋
Why don't you find a good REALTOR who is a buyer's agent and let him or her help you find a good house and educate you in the process? Usually the agent's commission is paid by the seller so you as the buyer are getting a free service. Some agents require a written agreement and a retainer fee. The fee is usually credited toward your closing costs when you purchase a property. If you waste his or her time then he keeps the deposit. Only someone who knows the local market can help you with your many questions and many of those questions are not even important in negotiating the price of a house.
2016-05-19 00:08:23 · answer #2 · answered by ? 3 · 0⤊ 0⤋