Homebuyers Report: Valuation doesn't seem to take into account cost of repairs

keeko

We've received our Homebuyers report and are surprised to see the valuation at the end of the report doesn't seem to take into account the costs of repairs for the property - is that normal?

The survey reveals urgent repairs needed to walls - some history of movement, wind damage to gable wall potential issues with electrics. The survey recommends a full structural inspection and a test of the electrics.

Would the surveyor usually reduce the valuation to take into account the cost of repairs? Or is it that because the full scope of the problems won't be known until a full structural survey is done the surveyor's current valuation assumes the property is ok?

Confused. The survey doesn't seem to give us much scope for negotiating with the vendor.

[I'm writing while awaiting a return call from the surveyor]

G_M

The Valuation will take account of the condition.

I don't see how you can say "the valuation at the end of the report doesn't seem to take into account the costs of repairs" - the survayor will have had those costs in mind when he came up with the Valuation figure.

questionss

It means he thinks that in it's current state it's worth whatever he wrote - which I suspect from your post is the same as your offer.

You don't have to show the whole survey to the vendor so you could try negotiation but it's likely the condition was taken into account when pricing & accepting offers.

ReadingTim

The real question is therefore did your offer take into account of the cost of the repairs, or were you hoping to knock them off the price once you'd got the survey back?

If the former, then happy days. If the latter, I'd suggest you revisit whether you can actually afford the place and the urgent repairs it needs...

Hoploz

A survey is to report to you on the condition of the house. It is not written for the purpose of ammunition for you deciding to reduce your offer.