House valued at less than offered...

Moldy

Hi all,

Had an offer accepted on a 3 bed semi 2 weeks ago. Survey has highlighted a number of essential repairs needed. They include:

re-roof
upgrade electronics
solid floor (in hall and kitchen) is defective (?)
eradicate damp (rising damp in ground floor walls)

Our offer was £110k. The valuation values it at £105k in current condition and £115k repaired. The surveyor estimated the costs of repair at £7k.

We are going back to the estate agents with a revised offer, should I show them this document? I am concerned that the vendor will only agree to £7k off if he sees this document but the repairs may cost more than £7k. Is that a realistic amount to fix those problems?

Any help appreciated,

Rob

Sonofa

105K is the value in current condition, asking the vendor to drop 7k sounds a bit unfair given that the repaired house will increase in value to 115k.

I'd say go with the current valuation, then you effectivley spend 2k for a 3k increase. If you feel like being fair...

I'd trust the surveyor's estimate over any suggestions you might get here on the cost of repairs, he's had the benefit of actually seeing the place after all.

pawpurrs

Agree with above bit unfair to want more off than the valuation.

poppysarah

Might cost 7k. Might cost 10k. You never know with building work and repairs.

1 new roof is about 3k, rewire 2-3k , dpc depends but will be a few hundred plus replastering and dec.
Bear in mind rewire and damp work will ruin existing decor so that'll need doing. And then the carpet will look old, and then ....

PLus if you buy it and can't live in it or have your stuff in it there's costs with that. Only a few weeks but it's a PITA.

105k starting to sound generous?

Moldy

Thanks all,

I should have included a bit more information sorry! The house is empty at the moment. We will be spending £15k moving walls around, kitchen, bathroom, plumbing etc etc. £110k was our maximum offer. We cannot spend more than that on the house so I can't agree to £105k if repair will cost more. Not sure what to do!

Rob

pawpurrs

its actually fairer to meet in the middle, as no survey is ever perfect.

Sonofa

Understand where you're coming from, get some accurate estimates and work from there then.

It's a bit hard to guestimate the cost of a new roof without knowing to what extent it needs redoing; without knowing the structure or covering, even with the description of 3 bed semi.

Floors sounds like dig out, re-concrete and ashfelt. Electrics, total re-wire or not? Damp total damp course or partial? Makes a big difference to the costs.

domcastro

no - don't listen to the first couple. probably sellers. Yes - go back - you cannot pay more than what the house is valued at - you'd be silly.

Moldy

Sonofa, roof needs completely re-covering, basic 2 side shape eg. /\

total re-wire, chemical injection damp proofing and re-plastering around 3 walls.

My concern is that the vendor might agree to £7k off but it might still cost more than that to repair it. Any advice re: prices would be great!

Rob

Sonofa

domcastro wrote: »

no - don't listen to the first couple. probably sellers. Yes - go back - you cannot pay more than what the house is valued at - you'd be silly.

Not a seller, just Karma

hethmar

Blimey £3k for a new roof? Must be a small house?