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Surveyor's estimate for repair costs
GreatBigBookcase
Posts: 238 Forumite
Hello All,
I've just had a building survey done on a house I'm in the process of buying. It needs a lot of work so I wasn't expecting a glowing report, I took a (known and trusted) builder on the second viewing with me so was aware of most of things the survey threw up, except we didn't stick our head in the loft space and it turns out there's a few patchy bits in the tiling. However, the surveyor ends the report with an estimate of 30-40k for the repairs, whereas I was thinking (hoping) to get the work done for around 25k.
I was just wondering whether it was normal practice for surveyors to put an estimate of costs on their surveys? And, if it is normal practice, do they tend to over-estimate to cover their backs somewhat?
I've seen the builder today and passed him a copy of the survey, he thinks it's an overestimate, but he's now getting various trades people together to go back to the property next week to get quotes from them. I've also tried to contact the surveyor to pick his brains a bit but he's now out of the office for a few days. So, I was just wondering if anyone had any thoughts on this whilst I was waiting for the quotes.
Thanks.
I've just had a building survey done on a house I'm in the process of buying. It needs a lot of work so I wasn't expecting a glowing report, I took a (known and trusted) builder on the second viewing with me so was aware of most of things the survey threw up, except we didn't stick our head in the loft space and it turns out there's a few patchy bits in the tiling. However, the surveyor ends the report with an estimate of 30-40k for the repairs, whereas I was thinking (hoping) to get the work done for around 25k.
I was just wondering whether it was normal practice for surveyors to put an estimate of costs on their surveys? And, if it is normal practice, do they tend to over-estimate to cover their backs somewhat?
I've seen the builder today and passed him a copy of the survey, he thinks it's an overestimate, but he's now getting various trades people together to go back to the property next week to get quotes from them. I've also tried to contact the surveyor to pick his brains a bit but he's now out of the office for a few days. So, I was just wondering if anyone had any thoughts on this whilst I was waiting for the quotes.
Thanks.
0
Comments
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The eventual cost normally turns out less than the surveyor's estimate.
You've had the diagnosis from the GP. Now it's time to get the specialists' opinions of the cure needed.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Hehe...thanks kingstreet. 0
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Hello All,
I've just had a building survey done on a house I'm in the process of buying. It needs a lot of work so I wasn't expecting a glowing report,
Thanks.
just wondering, are you planning on getting a mortgage, or are you buying for cash?
will the mortgage company do a retention or expect you to fix the problems before completion?0 -
In my experience the surveyor is quite generous with their estimates BUT there are always extra things that come up when you're renovating that you hadn't foreseen so it's a bit swings and roundabouts really.
too many comps..not enough time!0 -
wannahouse wrote: »just wondering, are you planning on getting a mortgage, or are you buying for cash?
will the mortgage company do a retention or expect you to fix the problems before completion?
I'm buying cash wannahouse, so I'm not sure what would happen if I were getting a mortgage...
chickaroonee, good to know re surveyors' estimates, but yes, noted re the unknown-about stuff that will inevitably crop up! 0
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