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Adjusting Price for Condition

7 years ago

So how much does condition determine the price of a house? I am asking because I had a family member pass away a few months ago, and I'm interested in purchasing their house. The house was built in the early 90's and has never had any sort of updating (bathrooms and kitchens are original). The flooring on the main living area all needs to be replaced, the kitchen appliances almost all need to be replaced, there are some plumbing issues, and the house needs a new roof and gutters. I think the person who has inherited the estate (and who is planning on selling) may replace the roof prior to listing the house and fix the plumbing. Essentially, the house was reasonably well cared for, but needs some work. Aside from the plumbing, roof, and flooring issues, it really wouldn't need major work any time soon.

So how much does condition really impact the price, when it's clearly not a home that needs to be completely rehabbed? A house that is in pretty good condition, but not up to the same standard as the homes that surround it?

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