Negotiating price after survey

Damerel

Hello all!
I wasn't sure where to post this, so sorry if this topic has been discussed before. But I'm after some advice....

My wife and I have an offer accepted on a house we both love. It was on the market for 180,000, and after a little negotiating, we have an offer accepted for 172,500. That includes several items they are leaving in the house, probably worth around 1500. We are aware we haven't got an amazing deal, but we both have found the perfect house for us after 6 months looking. Also, on zopla it is valued at 210,000, so we feel we are still getting a good deal.

However, the survey has indicated that the roof needs work immediately, and will cost around 1500. We also have three quotes (although only 1 in writing) stating within 10 years (and possibly 5), it will need to be completely redone. This was quoted at between 6500 and 8500 pounds.

So I'm asking for some advice about what to do. I think we are definitely going to try and renegotiate the 1500 that needs immediate repair, and lower our offer by 1500. But should we try and negotiate on the whole roof needing repair? My wife and I want to get a fair price and could be financially stretched if we do need to get the roof repaired within 5 years.

Many thanks for you help on this matter.

R_P_W

I think they will politely tell you to sod off if you try and net off cost of a roof repair that won't need doing for 10 years!

G_M

When I started reading the post,I thought "OK, £1500, not too bad for an urgently needed new roof".

Then realised this was for some remedial work. What the *! What are you getting for for £1500????

Must be a big roof. Or a huge % needing repair. If repairing such a huge %, why not do the whole roof?

kingstreet

What's the value after essential repairs?

househelpme

Hi all, I am the wife of Damerel who started this thread. Here is the report and quote that we got from the roofer:

Roof Survey findings.
Upon an inspection to the above property on the 16/6/2013.
I found the roof to be of Asbestos slates and around 30 years old.
There are new rain water goods to the front but old to the rear of the property.
The front lead valleys are worn thin and will need replacing sooner rather than later.
The rear lead gutter has a small split to it and will need replacing soon.
There is a crack on the chimney at the rear , this will need to be looked at more closely.
It is in my opinion that as the roof is around 30 years old and could need replacing within the next 10 years.
Asbestos slates will need to be removed professionally and can be costly to dispose of.
All lead works will need to be replaced within 5 years.
This is a price to renew the roofs £6500.00
This price is to erect safety scaffold and renew the lead valleys, gutter, and repair the crack to the rear chimney £1600.00

I believe that the value of the property once the roofing repairs are complete will not be much different than now, as the house is beautiful but on a busy road which the original survey stated 'makes it a challenging property to market'. It was initially valued at what we offered to pay for it (172,500). Like my husband said, we are planning on reducing our offer by 1600 for repairs, but we are unsure if we should reduce our offer by a percentage of the cost of renewing the whole roof, as it does lower the value of the property to us, as we are going to end up having to pay for it and we had not initially anticipated this. Does this sound reasonable and appropriate? We don't want to drag things out longer than necessary.

Thanks everyone for the advice!

martinsurrey

househelpme wrote: »

It was initially valued at what we offered to pay for it (172,500).

If I was the vendor and you raised issues after survey, I would request to see the survey, and on reading that point I would tell you there will be no movement.

the house as it stands is worth atleast what you have offered, so that is what I would expect you to pay

A house comes with the unavoidable costs of maintenance, if you cant afford them, is home ownership for you?

you have nothing to lose from trying, but would you walk away from the house over this?

if the answer to the above was yes, I would ONLY look at new builds from now on if I was you.

Richard_Watters

I always think it's a good idea to put yourself in the other person's shoes and think what would be fair if you were them.

If I was the seller I'd be open to some sort of compromise. If not I'd be aware that I'd probably have the same problem with the next potential buyer.

StuC75

All well and good, but as valuation 'as is' has come in at whats been accepted then it looks a fair price..

5/10 years is part & parcel of home ownership, and there is such as thing as pricing according to the condition - and that appears to be the case here..

By all means you can try, but what youve disclosed here does suggest it is spot on..

Richard_Watters wrote: »

I always think it's a good idea to put yourself in the other person's shoes and think what would be fair if you were them.

If I was the seller I'd be open to some sort of compromise. If not I'd be aware that I'd probably have the same problem with the next potential buyer.

christopher1977

see if the vendors will split the £1500 with you.

if they won't it all depends on how much you want the house AND realistically if you can afford £6500 in the future......

if you can't walk away

GL

househelpme

Thanks everyone! We have decided to lower our offer by the amount needed for immediate repairs, but not include any deduction for future roof renewal. Your advice has been really helpful!