Seller refuses to renegotiate after bad building survey

StuC75

The house is priced to sell, its not the vendors problem that you do not have the ready funds to do the house up.

You are wanting a c £170k house when done up for a cost of 140k + 12k spent now and wonder why they wont reduce it to 131k..

It doesn't really seem that you have a budget for such a level of renovation - yours is more in the 'modernising' range that a different property may provide for you. As without experience or skills to take on some of the work, the 12k budget could easily be spent without much to show for it..

Annie1960

You've offered £140,000 and it's been valued at £140,000 in its current condition. I don't see why the vendors should reduce the price.

Personally, I would be concerned about the movement, and would want to get this checked out before going ahead with the purchase.

Leeds_House_Mover

If the house was advertised as 'needing renovation' and it looked old and dated to the untrained eye it must have been pretty obvious that you would need to spend a fair bit of money to get it to a decent standard.

I think there are two points here.

1. If I were selling such a property and had an acceptable offer come in after one week there is no chance I would renegotiate and accept any sort of lower offer. Obviously I don't know the circumstances but I would put it back on the market immediately and wait a few more weeks.

2. It's up to you if you want to continue or not. It sounds like you could have a nice old house if you had the time, money and contacts to do it up. If not, walk away. You may feel emotionally attached and financially attached as you've paid for a proper survey but it's better to stop now if this house is definitely too much for you. You can always try and 'sell on' the survey report to any new buyers to get some of your money back.

zaax

1. Get some (3 or more) builders to give you quotes
2. Get a full survey
3. Walk away

Bigbenning

I personally think your on to a loser straight away even with a lower offer of £131,000..

Even the cost of surveys for movement and infestation will set you back £1500.. A complete refit out will in the end be somewhere in the £40/£50K and then you have blown the ceiling price by the looks of it.

I wouldn't do.

makeitstop

Bigbenning wrote: »

I personally think your on to a loser straight away even with a lower offer of £131,000..

Even the cost of surveys for movement and infestation will set you back £1500.. A complete refit out will in the end be somewhere in the £40/£50K and then you have blown the ceiling price by the looks of it.

I wouldn't do.

I'm totally on board with this view.

This house is going to cost you serious cash to renovate, and that's just the stuff that you DO know about FOR SURE.

New windows and doors (if all required) is going to cost upwards of £3 / £4K, electrics could be half of that, to the same again, boiler and central heating would be circa £3k, plastering the entire interior of a 3 bed semi is going to be a likely £2K +. These are competitive prices I'm quoting here too and are by no means over the top. When you start to get into the roof (unknown issues) drains (unknown issues) structural (unknown issues) and then add the costs to refit bathroom, kitchen and then finish and dress the house, it looks like a £110 to £120K house all day long.

I could go on here with estimating work costs for an average 3 bed semi, but it's dependant on location in the UK. However, no matter what, you're saved £12K is going to disappear rather rapidly, and unless you can do a significant amount of the nasty work yourself, you will find you are still living in a virtual construction site while you try to save to fund further work.

Project it is yes, but there seems to be little in it at the end of all the hassle you are going to have to face. Usually, when a project like this is taken on, the work put in is visible at the end in that it shows some level of profit or value increase, whereas in this case, it looks like you may actually be down.

This sounds like a potential money pit. Consider your next move very carefully.

StuC75

In short; its best for you to walk away, its beyond your capabilities and finances - it needs a builder who can do the work at a 'materials' only cost and so not blow the ceiling price for the area - as the Cost plus labour would soon add up.

This survey has saved you from making a big mistake so has been money well spent.

ethank

This may not be a good short term investment but a good opportunity to add long term value. What is it that you want from this purchase?

RobMoney

I'd walk away if I was in your situation. Your mortgage provider (assuming you have one) may not be keen to lend on a house with that sort of survey result too.

Verdasson

You are exactly in the same position as me. And believe me, I have had a lot of crap in the last few weeks regarding Solicitors and Estate Agents. You had a bad survey, you want the house? Get estimates for work needing done and get your Estate Agents to renegotiate for value of said works. If the seller doesn't....more fool them....because some prospective buyer down the line certainly will.