renovation costings/ reducing offer

pollyannaL

i have the RICS survey tomorrow. I really hope they provide recommendations re: valuation. As my lender did a AVM valuation so doesn't help me one bit in regards to reassuring me i haven't overpaid!

pollyannaL

hi,

I've finally had my survey report. To tell you the truth, I think it's fairly ok. No biggies.
However, do you think it's reasonable to ask for some reduction for any things below:


- 'condensation forming to face of front elevation, where bay window structure is likely to provide limited U-value and insulation levels. Upgrading of the insulation is recommended'.
- 1 exterior wall needs repointing.
- High meter readings under stair cupboard due to contaminated plaster. No works needed
- Insulation levels should be increased to comply with legislation
-Removal of staining to the internal face bay window structure with suitable fungicide solution.
-Recommends liquid damp proof membrane installed if renovating kitchen units.
-Isolated areas of de-bonded plaster; patch repair of plaster work may be required
- Cosmetic repair to hairline cracks above window openings.
-Dated windows & doesn't allow for natural trickle ventilation. Replacement in 5-10 years.
- Sub floor ventilation is required beneath suspended timber ground floors.

I obviously didn't know any of above when i offer was accepted 5k below asking price. I am willing to do the rewire and install boiler/ CH so not bothered about that.

Any advice?

Clutterfree

As you said there doesn't appear anything major so can't see how you could ask for a reduction.
For example, the pointing, hairline cracks you should have seen when you viewed, same re the dated windows so you should've offered accordingly at the start.

pollyannaL

Thanks.

i don't really agree with that, as there is only so much the untrained eye. (i.e. me) can see. What would be the point of a survey if I could spot damp/ repointing/ dry rot / trickle ventilation windows etc.

Like i said, to the untrained eye i was aware of central heating and rewiring, so am obviously not reducing price due to these things.

Now i know all the work that needs doing, think i will do a budget sheet of costings, and contact the EA and see where it gets me. The vendor seems pretty relaxed and i am sure he will understand.

goodwithsaving

Let this be a lesson in what to check and how to make a considered / informed offer on a property....instead of messing others around once underway. I did it on my own and was 'untrained' too, but did plenty of research beforehand....

pollyannaL

goodwithsaving wrote: »

Let this be a lesson in what to check and how to make a considered / informed offer on a property....instead of messing others around once underway. I did it on my own and was 'untrained' too, but did plenty of research beforehand....

yes, i agree. It comes with experience, like anything.
The majority of posts on this forum, and the timeframes of a house purchase, account for reductions after the surveys, so it is the norm. Not like i am doing this at a late stage either.

:T good on you for all your research. I have also done a lot too, but obviously not passed the test yet!

amateur_house

I don't think it's unusual for prices to be renegotiated after survey. When we last sold we agreed to reduce the price because the buyer's survey had found rotten window frames. I viewed a house today and when I mentioned to the agent that my viewing on a house down the road was cancelled as they'd accepted an offer within 5 days of going on the market. I was surprised it went for £10K under asking. The agent replied that it was probably reduced after survey as that happens a lot.

goodwithsaving

No you'll be fine. It's only really since my reno project that i've been able to go around on viewings pricing things up. I'd buy anywhere that needed however much work doing as long as it wasn't structural (except roof).

There were things in my survey I couldn't have detected and with no luck negotiating, am pressing ahead anyway because the house and my situation and need to move (to me) isn't worth arguing about 4k over.

If you like the house and they won't renegotiate, go with what you heart tells you.

amateur_house

goodwithsaving wrote: »

No you'll be fine. It's only really since my reno project that i've been able to go around on viewings pricing things up. I'd buy anywhere that needed however much work doing as long as it wasn't structural (except roof).
.

Out of interest, would you class a house needing wall ties as structural? I had a homebuyer survey, and decided not to proceed because they found a section of the wall was distorted and recommended a wall tie inspection. I had this and it found there were no wall ties, and quoted for installation. The homebuyer surveyor seemed to think it was nothing to worry about as it was straightforward to have them put in.

goodwithsaving

Not overly, although it would depend on the upheaval of getting them done and cost. Playing with walls is more intrusive than doing the roof (IMO).
If there was damage externally and cracks visible, I would think twice and I would seek investigation into other things that wear and tear with age.
Case by case basis with that one I'm afraid. If I liked the house enough and it was individual or the local market didn't have much coming up (like where I am buying), I may consider it. If I could get another house in the same approx location which was similar (e.g. a newish build as they're all similar), then I'd hesitate and perhaps look at another.