Home survey back. Work needs doing, but they valued it at what we paid? Offer Less?

martymcfarty123

Hello!

So we had an offer accepted on a nice home recently. Surveyor has come back today however and there are a number of issues, not least...
- asbestos in some ceiling areas
- back door has some rot and needs replacing
- bathroom lights are not up to standard and need replacing
- roof has signs of leaking and needs repair
- repointing needs doing to the exterior walls

Considering the above issues, how much would you offer for the property? It was £240k to buy. Asking price? Lower??? We're first time buyers and so any advice would be really really appreciated.

Thanks,
Marty

transgression1

Also FTB. We paid £230k for our house. Issues that cropped up inthe survey included Asbestos, Old electrics & potential issues around building regs. We are happy with the price we paid given we expected to have to do work.

All you need to ask your self is would you be happy paying the price you offered to live there, and also to have work done on top? I think unless you buy a new build you will always have things to do at a cost to your self to the property.

Hoploz

martymcfarty123 wrote: »

Hello!

So we had an offer accepted on a nice home recently. Surveyor has come back today however and there are a number of issues, not least...
- asbestos in some ceiling areas
- back door has some rot and needs replacing
- bathroom lights are not up to standard and need replacing
- roof has signs of leaking and needs repair
- repointing needs doing to the exterior walls

Considering the above issues, how much would you offer for the property? It was £240k to buy. Asking price? Lower??? We're first time buyers and so any advice would be really really appreciated.

Thanks,
Marty

I'll bet it said possibility of asbestos - which is what they write for any house built before about 1980's. It might not be there and even if it is it's fine if undisturbed.

Back door you would probably have noticed needed repairs/replacing when you viewed before offering.

Are you planning on redoing the bathroom? Part of the works will be modern lights won't it?

Roof - yes, if leaking that does need doing - either investigate yourself or get a handyman/builder type to have a look and give you an estimate. (was it flashing around a chimney perchance?)

Repointing - you can do DIY over a period of time, it's very straightforward although time consuming, or could get a man in in due course. Not serious unless signs of penetrating damp showing (survey said ...?)

So no, I'd say not much grounds for renegotiating, just standard maintenance, but have the roof checked over and take it from there.

I assume the valuation came back ok? If things were major and work was absolutely necessary the valuation would have been lower, or had a retention put in.

dominoman

There is nothing there that justifies lowering the price. In fact even if it had 20k of work needed that wouldn't necessarily justify a lower price.

I know it sounds like a cliche, but the "right" price is what you and others are willing to pay for it.

We lost out on many houses when we were first time buyers because we over-analysed. Looked at comparable houses nearby, deducted costs for work that was needed etc. Looking back it was a terrible mistake. We should have just bought.

If you like it, go ahead. If you think you can negotiate a reduction do it. But only negotiate if you are prepared to lose the house.

If you are unsure you like it enough for the price asked... then you haven't viewed enough houses!

Good luck!

TheCyclingProgrammer

Having bought our first house a year ago and spent the last year refurbishing it and knowing a lot more now than I did then, the only thing on that list that would concern me is the potential roof leak. It doesn't necessarily mean a price reduction but does warrant further investigation before you buy which MAY mean a price reduction if significant work is required. It could be an old leak that has been repaired and just requires decoration work.

Everything else...

So the front door isn't in the best shape. How bad is it? Did you notice anything when you viewed? Could it be repaired and redecorated? Is it secure? So long as it's secure I wouldn't worry. We put up with a wooden back door that had some signs of decay and stuck easily for almost a year before it expanded to the point it was almost impossible to open before we finally decided to replace it with a composite door. Cost us £600 for the new door.

Asbestos - almost certainly his refers to artex. Good to know it might be there but not an issue as long as it's not disturbed. Only worth bearing in mind if you need to drill it.

Bathroom lights - not up to what standard? Are they safe? If so not an issue.

Repointing - unless it needs doing immediately, just normal maintenance that you can do over time.

brightontraveller

Reductions depend on number of things how long its been on the market location availability area desirability, where its advertised greedy sellers tend use agents that price higher tight buyers use agents that are price lower etc.
The big one is are they desperate to sell? What it cost you not moving in extra rents etc
You can still buy run down houses in some parts of the country do nothing too them and they still increase in value (being habitual, needing works etc is a concern too you but not all property buyers) look at sale prices of others in the area when they bought and what they paid etc push your advantages e.g being first time buyers no chain
You can always up offers its much harder to lower them? Start 5 to 10 % below asking price if they bite straight away do further investigations ?

Most surveyors do very little and use get out clauses “ requires further investigation “ “recommend electrical/gas inspection “ etc as there not electrician /gas engineers most wouldn’t have a clue I find if they actually highlight something it tends to be glaringly obvious and in the case of gas/ electrics immediately dangerous?

Davesnave

The key point is that the valuer says it's worth the price you offered.

They are mostly small issues, with only the roof leak needing clarification.

If the roof doesn't need major surgery soon, as a vendor, I'd be unwilling to budge on the evidence you could present here. This year's market is yet young.

Smiley_Dan

The thing is with surveyor reports, they are so vague as to be useless. They at least provide a basis for knowing the current state of the house, but everything listed could range from "kick the can down the road" to "fix immediately" depending on the extent of the problem.

doughlove

In my opinion, it doesn't hurt to give it a go. I was unsuccessful with getting a discount or to split costs due to the unexpected cavity wall ties which came up during building survey. Had an independent specialist surveyor and it's estimated between £2k and maybe more if scaffolding is required. The estate agent was surprised that the property had wall ties and am glad I didn't go with their recommended surveyor.

dominoman

Yes I agree it's worth a try, but dont push it or you may lose the house. We asked for a discount because of some fairly substantial issues, one of which was subsidence related. We ended up losing the house and regretting it.

Mr.Generous

ok so you offer a lower price - it was valued at what you paid WITH the faults - so no reason to do so, but then seller just says stuff you, property back on the market, plenty if buyers out there at the moment. You loose cost of survey and any other costs you have incurred.
Read it carefully - does it say Ceilings DO contain asbestos, further more its the dangerous blue stuff. Or does it say MAY contain, because some early trade artex did contain it and they are just guessing. Did the bathroom light fall below standard at the time it was installed, building regs and electric safety regs are not applied retrospectively, they apply to new work.Is the roof leaking and if so where is the water damage? Back door probably wants changing.

If the valuation was lower than what you agreed you have a problem, at the same value dont worry.