Conflict in value between valuation survey and full structural survey

shupufski_2

Jowo wrote: »

I understand why a shoddy refurb would deter a potential buyer but don't understand the obsession between the purchase price, cost of refurb and sale price (i.e. complete hang up about the potential profit being made.

Ultimately any property is only worth what a buyer wants to pay for it.



Sounds like basic capitalism to me - selling for greater than cost. I wasn't aware that many property investors do it as a charity service.



It's not the time spent between previous purchase and getting it to market, is it, that determines its rise in value?! Few buyers these days, even those from conventional sellers rather than a property investor, get very far by saying 'but you only paid x for it x time ago therefore it's not worth it'.

The quality of the refurb is a factor in adding value to it, plus how it compares to others of a similar size and standard in the locale. A seller doesn't have to 'discount' it because they've turned it round quickly for sale...

I reckon that it's probably not worth an investors time buying a property and selling it on for less than 20% anyhow. You may have costed the new kitchen and rewire as being significantly less than 57k but you have amnesia when it comes to someone's time for the 3 month period, expenses associated with the purchase and sale, etc. Very lopsided.



Diddums. This is between the previous purchaser and their lender and is of no concern to the current and prospective owners. Lots of us buy properties that are put up for sale following the financial problems, relationship breakdowns and deaths of the owners.



If it seems so easy, join 'em.

My advice is to get quotes for the work outlined and re-negotiate the price you are offering.

My my, bit of a charmer aren’t you?

paul1964_2

debsirn wrote: »

You will need to budget for re-rendering all elevations and the possibility of subsidence existing in parts of the flank wall.”

Unfortunately, vendor doesn’t allow me to remove render coat for further investigation.

Sounds like a property for an experienced developer / builder not a FTB.

Don't waste any more time and money on this. Walk Away.

debsirn

Many thanks for all useful comments.
I arrange local builder to have a look at the crack on pebbledash. Here is his comments
"We have worked on several properties in this road and have found that most of
the cracking is connected with the rendering, although a few of the cracks may be
due to old movement over time. If after taking off the render we find severe cracking to
brickwork we would be able to install retaining straps across the openings. In our opionion
the costs would be no more than an additional £500.00 if indeed this will even be required."

However, another builder (recommended by friend) is concern becasue the crack start about 2 feet from the floor and straight up to the first floor (about 3-4 meter long)

I talk to the surveyor over the phone and he reckon that properties in this area have been built on solid soil which should not cause subsidence. The severe crack on this particular property is probably due to poor maintenance ( or never been maintenance)

The survey report point out that property hasn't got any damp problem. Is it a good sign that such crack is just the rendering?