Deducting repair costs
Friday, June 4th, 2010
Here is another advice for those who wish to acquire beach front property.
Be observant of any signs of damage. Most sellers of property are actually well aware if their homes are in need repair and updating to conform to current market value standards. Look for any areas of the house that need particular repairs and upgrading and see if you can deduct their costs from the market value of the property. Try to be cautious about this though, because instead of clinching that property, you might drive the seller away instead.
One way to have a relatively win-win situation is to offer a close to current market value that is based on recent sales prices of neighboring properties. Next, present the seller with a list of the repairs and upgrades that are needed to be done on the property and ask for credits. This way, the seller is assured of your seriousness as a buyer while at the same time he is made aware of the work needed to be done about the property.