Hi all,
When negotiating with a seller, should we attempt to get a discount because the property has a septic tank vs. public utilities? If so, aprox. how much would it be a fair discount?
There’s nothing wrong with the septic tank at the moment but this property is right in the city and I am afraid that it may be a turn off for prospective buyers when trying to sell it in the future.
Any feedback will be appreciated.
Thx.
Idont think there is anything wrong with a regular septic tank. Anyone that used to live in the country has had a septic tank, my parents have had one forever and the concrete ones work for a long time. It wont hurt to ask though.
Check the local laws…some states require that the seller pay to have the tank cleaned within XX days of the property transfer…
Keith
realy depends on what typical in a particular area. in some (many?) cases, a septic tank is much cheaper in the long run to operate.
The comps should be based on what other homes with septics are selling for in that area, so it shouldn’t be a problem unless there’s an issue with it. I’d get a septic inspection to make sure since they’re about 15-18k in our area.
It should not be a turn-off. Anyway, you’ve presumably gotten neighborhood comps, and these comps probably have septic, too, so there is probably no diminished value.
Having said that, you should budget about $500 for having the tank pumped (it will cost about this much if they can’t dig it by hand), and once it’s opened who knows what they will find…roots, etc.
Did I learn this one the hard way? You bet.