Hey all.
Finally in my 40s I’m fortunate enough (with a lot of family help & a mortgage) to be buying a home. It’s end-of-terrace; just spoke to the surveyor today after he’s done most of the inspection and he’s found a lot of structural problems.
Feeling a bit defeated, it’s taken so long to get to this stage of having an offer accepted, and being close to exchanging contracts. It’s an old house so while I wasn’t expecting it to be fault-free, I’m quite disappointed and I guess looking for some advice / reassurance.
Not got the report in text yet but he mentioned potential subsidence; rising damp; cracked walls; problem with the chimney stack; window frames; and others. Said it’s all stuff that can be fixed, but potentially expensive. My plan is to wait for the text report next week, then contact the estate agent and attempt to negotiate a price reduction in line with the cost of the repairs, which imo will run into at least £15k. Considering it’s on the market for £85k, and the owner wouldn’t even put the electric on for viewing because she didn’t want to pay £1 a day standing charge, I’m anticipating some pushback.
But, should I even bother? Is this ‘sunk cost fallacy’ at play? I certainly feel like if they’re not prepared to negotiate re repairs then I have to walk away as I could buy a well-maintained property round here for the total cost of around £100k!
Any advice much appreciated.
owner wouldn’t even put the electric on for viewing because she didn’t want to pay £1 a day standing charge
I bet the real reason is that turning on the power would reveal more trouble.
Walk away. If they’re cheap on electricity, they’re probably cheap on maintenance.
Agreed. I’d already had some thoughts that it wasn’t the one but after all the advice I’ve gotten here, there’s no way I can buy this house.
I’d just recommend not settling for something in poor condition just because you feel beat down or overwhelmed by the grind.
You will be filled with constant regret if you wind up buying some dilapidated property simply because you’re tired of the back and forth because once you sign the papers, you’re stuck with it. The process isn’t enjoyable, but try not to let that get to you.
Not sure what the exact condition of house is nor what contractors charge for work in your area, but in my area of the US, $15k isn’t going to get you very far on most projects. One of my coworkers just spent $27k to have an HVAC system installed and $40k for new windows. I think he got fleeced, but even halving those prices, you’re still being given a rough quote equivalent to these somewhat basic tasks for what sounds like serious structural work.
Ok, I have to ask- what the hell kind of place do they live where HVAC costs $27k and windows cost $40k? Were these new installations where there had never been ductwork or windows before? Because those are way, WAY out of line for replacements in a typical single family home. By about an order of magnitude.
But to your larger point, yes, structural work can very easily (and quickly) hit 6 digits. I wouldn’t accept it unless the terms are that the original owner makes the repairs first.
Yes the HVAC was a full install as he had an oil burning furnace with radiant floor heating prior to this. They installed an AC/furnace and ducting. The windows were through one of those sleazy companies like Renewal by Anderson and like I said I think he got fleeced on both jobs.
When you buy something that’s going to be with you till your last day, it should give happiness. You shouldn’t be anxious and sleepless at night because of that.
Op… their transparent lie about not wanting to pay 1 pound a day to turn the electricity on should have told you to walk away let alone the structural issues.
Yeah I took the explanation at face value, at first… but the more I think about it, in conjunction with not turning the water on it feels very much like they’re trying to pull a fast one.
Walk away. Seriously.
Once you have the written report in hand get a quote from the best remodeling firm around. Have them check over the report and give you an estimate based on how much it will cost for everything.
Use that report and estimate as your bargaining position. Be prepared to walk away, as it already sounds like this lady isn’t taking very good care of the place.
If you aren’t comfortable with managing repairs, walk away. The repairs will likely take months and can be very disruptive.
It sounds like there are some very pricey repairs, chimneys are generally expensive and require specialized masons. Replacing windows can be expensive, but if the house doesn’t have double pane windows, the insulation benefits can offset the cost.
The biggest worry is the moisture issues, rising damp and bad window frames could mean significant water damage is discovered as part of repairs. Cracked walls can also be a big deal depending on the root cause, foundation issues are really bad.
Walk away unless you plan on doing a large, time consuming, and expensive renovation. Don’t fall in love with the idea of what the property could be. Make sure it suits your needs now and the seller is much more transparent.
Walk away NOW. If the issues are known ahead of purchase insurance won’t cover them. You do NOT want to have to declare subsidence on your insurance quotes - most brokers just won’t cover you. Almost everything you said is a huge red flag and there are probably more “nice surprises” to come. If you have a mortgage approved already then go and find another property.
If this is your dream house, at least get a building & contents insurance quote before you go any further. You don’t want any further surprises.
Edit: source: bought a money-pit house, thought we had subsidence, we didn’t but it was a huge hassle and a lot of stress regardless. We got a bonus moth infestation out of it, though!
