Be ready to compromise on repairs
Q: I just got inspections done on a house I’m trying to buy which was built in 1915. Most things are working but are really old. I want the seller to replace all of them and they don’t want to. What should I do?
A: Every house is different and so is every negotiation for repairs. No one can tell you what will make the house work for you, but there are some things to take into consideration when asking for repairs. It’s often hard to convince a seller to replace something which is old but is working well. That said, there may be room for compromise.
First, you need to ask yourself what’s most important to you to have fixed or replaced and which items you might be willing to deal with in the future. After all, you’re not buying a new house. You can’t really expect every single thing to have been replaced unless the house is being marketed as “completely remodeled” and unless you’re paying top dollar. That leads us to the second question.
You should ask your Realtor to help you figure out how much the house would be worth if all of the items were replaced. Many systems will fall under “maintenance” and won’t necessarily raise the value significantly but it would likely bring the house up to the higher part of the price range it’s already in.
All of that said, try to find a balance that allows you to feel good about the house you’re buying and also gives a little so the seller feels there is some compromise. If you can’t find that balance, then you can always walk away from the house and find another one, but before you do that be sure to ask yourself how you will feel in a few years. Will you feel you overpaid and be dissatisfied with your house? Or, will you be happy in the house and enjoying the life you’re building there. Only you can decide how to move forward but make sure you’re not walking away from a property which will make you happy for years to come.