First buyer - should I go ahead with purchase?

monkey_business_2

Hi,

I'm a first time buyer and have had an offer accepted on a house. The mortgage has also been approved. I got back the valuation survey from the bank today, and was surprised to learn that the construction of the house is concrete in-situ. I thought that it was a conventional masonry house and didn't think to ask the estate agents about it. The external finish is brick and render. At the rear of the house the render has crumbled of (a small patch) exposing reinforcement steels which are rusting. Being inexperienced I just thought it was a minor job to repair.

I was definitely going to instruct a full structural survey, but am in two minds about whether to go ahead and do this or just walk away now.

what are your thoughts.

thanks

steve1980

I'd be walking away before the steel snaps. But that's MY personal opinion.

wymondham

With a first time purchase I'd be looking at as few problems as possible, especially anything structual...

DannyboyMidlands

Often a bit of exposed reinforcement is neither here nor there so it may well be a minor job to repair. Get a survey done and find out.

lincroft1710

Have a read of this :

http://www.makingmoneyfromproperty.tv/articles/20090427

DannyboyMidlands

But this one is in-situ rather than precast and is mortgageable because the bank have made an offer.

I still reckon that a survey is the way to go.

monkey_business_2

Thank you for all the feedback. I did talk to a surveyor today and from the feedback he gave me coupled with my own concerns I have decided to pull out of the purchase. The house does have a lot of other problems which I was aware of and had budgeted for but this kind of pushed it over the edge.

will be looking at a more traditional built house now. I have learned a lot from this experience though, so when I'm looking at other houses I know a lot more about the questions I should ask and what I should look for.

Thanks again.