I'm considering making an offer on a 2-story, 2400 sq ft modular home with three dormers, but there's a significant problem: the siding needs to be completely replaced, and some gutter repair work is needed too. The house appears rectangular from the outside, but up close, there are numerous holes in the siding and the back soffit siding is falling off. Additionally, the back gutter is on the verge of falling off, and all the downspouts are missing. Given that the home is from 2004, it seems like it's time for these repairs. In this cooling market, I'm contemplating asking for a discount of around $25K to $30K off the asking price. Is this too much? What do you think?
3 Answers
First off, it’s smart to think about this before you make an offer! From your description, it's clear that the siding isn't just cosmetic—those repairs are going to cost some serious cash. Based on my experience, siding can run you anywhere from $10,000 to $20,000 depending on the material. If you opt for something high-end like fiber cement, expect the costs to go up. Gutters typically add a couple of grand to the total too. Considering the market shift, a discount of $25K to $30K seems reasonable, especially with all the damage you mentioned. Just make sure you get a detailed estimate before making your offer; that will strengthen your negotiation position really well!
It sounds like you're doing your homework, which I respect! The siding issues are a big deal, and the holes and rotting decks add up quickly. Given that you’re probably looking at a minimum of $40K in repairs based on what you've noted, asking for $30K off is totally justified, if not conservative. The current market might work in your favor, so leverage that. Just make sure to get a detailed inspection to identify any hidden issues. That way, you can proceed with confidence in your negotiations. Keep us posted on how it goes!
Appreciate the reassurance! Just want to be fair but also need to cover these repair costs.
Before you jump to conclusions, I’d suggest getting a couple of estimates. The owner might have priced the house based on its current condition already, so understanding the repair costs will help you a lot. Don’t forget, this isn’t a new place! Repair costs pile up quickly, and you might find that the seller's price reflects the true condition of the house. You’ve noted significant issues, but still, I’d advise you to gather solid numbers to back your offer. You could aim for $30K off as your base, but check those quotes first!
Thanks for the insight! I’ll make sure to get those estimates in before making my offer.
I didn’t realize you had to deal with siding issues too! I have heard estimates can vary a lot, so getting a contractor in is definitely a good move.