Buying house that needs underpinning

jukes_2

We have been looking for a buy to let property and a 2 bed one is for sale (£90,000 advertised price) in perfect location. However it needs underpinning and is cash only purchase (we have this) the vendor is housing association. It's a semi detached house with no sign of problems to the other house.
It also needs central heating, new kitchen/bathrooms, decorating but is worth about £140,000 once done. My husband does property refurbs as a job but we've never done our own property.
Would it really lower eventual sale price even if we've had it underpinned? it seems fairly usual here for properties to have been underpinned.
We are thinking to offer £75,000?
Should we expect to see survey previously done that identified problem rather than pay for our own? Other suggestions welcome.
Thanks

maninthestreet

For God' sake, don't buy a house that the vendor admits has subsidence and needs under-pinning!

BitterAndTwisted

Walk away now while you can!

maninthestreet

BitterAndTwisted wrote: »

Walk away now while you can!

no, run!!!!!

olias

In theory you could do it and potentially turn a profit....however,

Underpinning could cost a lot, anything from £5-35000 depending on the severity of the problem, access issues etc etc.

You may be limited as to the insurers who would cover you once the work is done, and they may have an exclusion for further similar problems, or a huge excess.

It may put off future potential buyers, or their mortgage providers may not accept the risk.

Having said that, if the problems are minor (relatively) and you go into it with open eyes and are experienced, then why not. There are tens of thousands of properties successfully underpinned around the country that are bought, sold and lived in.

Olias