We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Making an offer on a house that needs work
slateman
Posts: 3 Newbie
Hi All
Long time listener, first time caller.
Me and my wife have just put in an offer on a house. This is to be our first house.
The house was on at £185k but we've had an offer accepted at £180k. Now, on my first and second visit to view i noticed in the attic space that it still has it's original mid-1800s roof (terraced), but all the lime mortar as disintegrated and there is obvious mineral deposits on the beams and under tiles. It definitely needs re-doing and bringing up to scratch.
My question is, after i've had a building survey done by a RICS surveyor ( quoted £595) do I offer a lower quote base don how much it will take to be fixed and brought up to standard, or can I request the vendor has it fixed and I leave my offer at its current value. In essence tacking on the cost to the mortgage.
We're FTB, no chain and living with family. We love the house but are absolutely willing to walk away if there is no budge on the price or meeting in the middle.
Cheers
Long time listener, first time caller.
Me and my wife have just put in an offer on a house. This is to be our first house.
The house was on at £185k but we've had an offer accepted at £180k. Now, on my first and second visit to view i noticed in the attic space that it still has it's original mid-1800s roof (terraced), but all the lime mortar as disintegrated and there is obvious mineral deposits on the beams and under tiles. It definitely needs re-doing and bringing up to scratch.
My question is, after i've had a building survey done by a RICS surveyor ( quoted £595) do I offer a lower quote base don how much it will take to be fixed and brought up to standard, or can I request the vendor has it fixed and I leave my offer at its current value. In essence tacking on the cost to the mortgage.
We're FTB, no chain and living with family. We love the house but are absolutely willing to walk away if there is no budge on the price or meeting in the middle.
Cheers
0
Comments
-
until you get the valuation done you won't know whether you have offered more than the house value. If the valuation comes back as £180k in current state there may not be any negotiation to be had. If it comes back lower you can decide whether you want to negotiate down or walk away0
-
ditto above0
-
If the work does need doing, don't ask the vendor to do it. You have no way of knowing if they'll bring in a reputable contractor to do it properly, or bodge it on the cheap, meaning that you'll have to spend the money anyway.0
-
Thank you all for the advice.
So is it best to wait until the mortgage lenders have done their valuation, then have my building survey done? That way I'll know if I'm wasting my money I suppose.
The current market valuation of the street is around 160k but they've done a bit of work on the inside.0 -
Where did you get the valuation for the street? If it was Zoopla, factor-in potential error, which could easily be £20k
The current market valuation of the street is around 160k but they've done a bit of work on the inside.
Also, are you sure other houses haven't had 'work on the inside?'0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards