Under contract. Is this house worth buying?

Question

I’m under contract for a property 100K less than upgraded properties in the same area. However I’m running into the following problems:

1.iron cast plumbing. House is almost 60 years old. Replacing it would run about 20k

2. A/c units- 1 is 2006 and may need replacement soon and the other one is 30 years old and doesn’t work.

3. Outdated electrical panel

I like the house I’m just not sure if it’s worth it with these kind of needed repairs. What can I do to make sure this house is worth it?

Raymond J. Rodrigues · Answer

@Eunice Villarroel ask for the seller to make the necessary repairs/replacements.

Billy Daniel · Answer

Those are all fairly typical problems.  Can the repairs be made and still allow you to come out ahead?  If so, go for it!  Everything is negotiable!

Josephine Breign · Answer

Yikes, I purchased an older property in Florida recently and here's what I wish I knew before:

Termites: especially if the property was a rental, there could be years of termite damage hiding in the walls. Tenting is around $1600, prepare for damaged studs, roof, crawlspace.

Crawlspace, or slab: Slab is much better, less likely to have issues. Crawlspace, means it could have structural damage. Check if floors are out of level or soft spots.

Roof: if there are any roof leaks, it's usually a sign that the roof needs to be replaced. Patching leaks doesn't work at all in the long term.

If you're flipping it and your timeline is short, your decisions are different than if you are holding and renting out. I'm planning on holding mine long term, so it made sense to invest in longer term solutions. I also bought in an upcoming area, so appreciation is a consideration. Guess it depends on what "worth it" means to you.

Eliott Elias · Answer

Condition doesn't seem bad, use these items as negotiation tools