Survey results...please help a confused first time buyer!

Rickles

But regardless of the survey you should also budget for some repair/maintenance bills over that time. It comes with the territory Im afraid.

Yep, looks like the 40inch plasma is going to get downgraded! How much is a black and white tv licence these days?

I've actually got a copy of all the recent annual management company invoices so I'll go over that and see what has been paid for historically and then add a bit for internal fixes. All good advice - thanks.

anselld

Well, you have come to the right place to save money!
You must realise property is an investment and it can down as well as up. There have no-doubt been times when it is better to rent but usually if you are sensible what you buy it will be better to buy - and it sounds like you are being sensible - good luck!

G_M

Rickles wrote: »

When you put it like that you are obviously quite correct.

I'm saying the obvious here but the whole property buying game is just so expensive. I can afford it (in the sense that I'm not overborrowing) but all these extras really scare me. But it's clearly a better use of my money than renting so I need to keep reminding myself of that.

Renting is cheaper, but you don't own.
Owning costs money, but it's your property.

Tenants often take for granted their reliance on their landlord to pay out for repairs/maintenance. Nothing wrong with that. It's the LL's property.

But it means it can come as a shock when FTBs get their first property!

Rickles

But it means it can come as a shock when FTBs get their first property!

Amen to that. At least I've come to realise this before I've moved in!

Thanks all - I may well return to this thread for more advice once I've spoken to my solicitor and got some quotes.

Cheers

chrisg1985

Rickles wrote: »

Hi all

I've just received the results of my Home Buyers Report on a 1 bed flat that I'm in the process of buying and I'm a bit confused.

My mortgage lender seemed to get the results of this before I did and verbally said that there were "no issues". Great I thought. But I've now seen the report and there is1 "urgent matter" (dampness and timber decay in a communal area skirting board and extensive wet rot timber decay to window frames which will need replacement ) plus 4 matters for "further investigation" (flat roof repairs, external joinery, fixed wiring inspection, gas safe inspection of boiler).

This has left me quite worried about what to do. The building is 100+ years old so I wasn't expecting perfection but it seemed in good condition to me. How much will it cost me to get all the above inspected/fixed? Am I being over-cautious - if the lender is happy then should I be? Will I be able to claim back any expenses from the current owners?

As a first time buyer I'm always concerned about being taken for a ride - does anyone have any advice about what to do?

Thanks all

I would not panick about the windows until you take a good look at them yourself. I can't remember the number of times with my fingers and toes a survey has highlighted windows as being a serious problem to go round and find out they have needed basic joinery repairs.

The surveyor is always out to protect himself and from his perspective better to overestimate the problem than under.

nollag2006

G_M wrote: »

Renting is cheaper, but you don't own.

That was probably the case at the height of the boom, but with lower house prices and mortgage rates (for those with a decent deposit), buying is often a cheaper option:
http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/6272089/Cheaper-to-buy-a-home-rather-than-rent.html

Plus you know that a LL can't kick you out, and you own the house at the end of 25 years, or earlier

:T