Profile picture for aa_weber

Plumbing vs. Home Value

We are seriously considering purchasing our rental, and are aware of several major projects needing to be done.  One of them is the plumbing.  The house was bulit in 1950, and the pipes are atrocious.  We have old silver metal pipes about 1.5" in diameter that we can only stick a pencil through due to all the "goo/sludge/grime."  Our concern is how much home value is lost due to this particular issue.  Zillow estimates the home at about $350k, but if plumbing is that bad, wouldn't the value be much lower?

  • December 01 2010 - Pleasant Hill
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Answers (4)

Profile picture for the_country_hick
If you have to do the repair work take off some extra for the hassle factor. Yes, value after repair minus repair is the way to go. Then take off a bit more for the hassle factor and unforeseen expenses. Things always cost more than the estimate says (it seems).
  • December 05 2010
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If 'non-gooey' plumbing is typical for your area - which I assume it is - the value of the home is $ XXX minus the cost of a copper repipe and main line, where XXX is the value of the home...simple.
  • December 05 2010
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Dear aa_weber, Home value is based on comparable property values. And, this means all properties, not just the ones in the multiple listing service, but also neighboring bank owned properties (which are sales, but not in the MLS), and those properties bought by third party investors on the court house steps. It is also a good idea to see how many, if any, homes have received notices of default in the area, as this is an indication of downward pricing pressure over and above the  pressure we are seeing in the east bay market. Personally, I would ask a reputable real estate agent to give you a complimentary comparative property analysis.  Then, I would obtain at least two bids from reputable contractors to fix the items that are in disrepair. This will give you a better value of your property. Also, be sure to consult with a lender and/or loan broker to be sure you can qualify for the mortgage before approaching your landlord. You can also hire a Realtor as a "buyers agent" and they can represent you if you wish.

Sincerely, Ann
annsullivanrealestate.com
  • December 05 2010
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Profile picture for Mills Realty
Don't use the Zestimate as a way to value the property.  If you are serious about buying the property then spend the money and hire an appraiser to establish the value.  Prior to that you should get a few bids from plumbers and any other tradesman to quote the repairs that need to be done.  Make sure the appraiser is aware of the deficiencies and how much the repairs will costs.  With all of this information you will be able to make a well research offer to your landlord and then you can start negotiating.
  • December 01 2010
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