Having doubts after offer accepted

Slinky

Haven't read the report, but unless you buy a new build, whatever you look at on your next attempted purchase will also have a list of things that will need repairing/replacing at some point.  Our report came back that there had previously been subsidence, and we still bought it. Nothing in your list would put me off.

orangecrush

- Flat roof - we had the same warnings when we bought our current property.  Roof is still sound - we've had it inspected annual by roofers, no work needed.  I think flat roof coverings just get surveyors worried.  It's not immediately needed.

- Bay windows - repointing and see if that does the job with the damp.  If there even IS damp once you've moved in.  You can probably do this yourself.

- Timber windows - get the timber stripped, treated and painted.  You can probably do this yourself.  I particularly liked this line:  "Single glazing is a safety hazard when broken." Anything can be a safety hazard if broken! 

- Floors in bay window - see above.

- Water tank - why is this an issue?  Even the surveyor hasn't said so.  And just get the seller to service the boiler and provide you with a certificate.  Job done.

- Electrics.  I would maybe, MAYBE, get an electrical survey if I was particularly paranoid. 

D.L

Have you talked to the surveyor? I found mine to be very helpful at discussing everything raised on the survey.

phoebe1989seb

Nothing there that would put me off either......but then we're two years into a restoration project on a 400 year old Welsh cottage purchased as a repossession with no survey 

My experience of surveys - not had one done on our last four houses which were all significantly more ancient/decrepit than the one you are in the process of buying, OP - is that there is an awful amount of backside covering and recommendations to do stuff that isn't always even remotely necessary. For example I certainly wouldn't be replacing timber windows with plastic, but would look to renovate what's already there.......

I would definitely be looking to discuss with the surveyor  - DS did this when he and his GF bought their (grade 2 listed) flat in Brighton a few years back. They found it more helpful than reading and re-reading the doom and gloom survey report. His verbal input put their minds at rest that they weren't purchasing a money pit 

danlightbulb

Thanks all.

Didnt mean to imply I expected lots of people to read the whole report, sorry if thats how it came across. I had identified the major issues raised and provided the report for reference. I know there is !!!!!! covering in there, its the big stuff Im worried about.

The problem I have is that I cant decide / dont know how to find out:
1. if the repairs / condition is properly reflected in the price, and what it would be worth after renovation
2. if i can stomach an immediate £7-10k outlay on the big stuff

The vendor has no money for doing any checks/certs because they are acting as an executor for the owner who has dementia i think.

Any further inspections (eg sub floor damp) I would have to pay for.

I have had conversations with the surveyor and a friend who is a builder. I have a good idea on what needs doing and how much it will cost but that doesnt help me decide if i should take that kind of commitment on or not.

NewShadow

danlightbulb said:

 I have a good idea on what needs doing and how much it will cost but that doesnt help me decide if i should take that kind of commitment on or not.

Toss a coin... 

Slinky

danlightbulb said:

2. if i can stomach an immediate £7-10k outlay on the big stuff

How much are you paying in rent at the moment? How long have you been looking? How much has this cost you in rent since you started looking?

Presumably you're still looking online at what else there is available. If you pass on this one, how much longer will you be shelling out on rent before finding/agonising over/buying (or not) the next one.

Skiddaw1

I honestly can't see why you'd need an initial outlay of 7-10k @danlightbulb. I don't think anything on that list is so urgent that it needs to be done tomorrow.

orangecrush

danlightbulb said:

The problem I have is that I cant decide / dont know how to find out:
1. if the repairs / condition is properly reflected in the price, and what it would be worth after renovation
2. if i can stomach an immediate £7-10k outlay on the big stuff

The vendor has no money for doing any checks/certs because they are acting as an executor for the owner who has dementia i think.
Any further inspections (eg sub floor damp) I would have to pay for.
I have had conversations with the surveyor and a friend who is a builder. I have a good idea on what needs doing and how much it will cost but that doesnt help me decide if i should take that kind of commitment on or not.

Where are you getting this additional 7-10k from?  You knew you'd have to do work on it, right?  So that's already factored in.  I don't think anything the survey has raised is telling you you need to spend £7-10k.  What did the mortgage valuation come back as? 

As to whether you should take it on, I dunno.  I can't decide whether I should go to the refectory and get another coffee (which may lead me to spend extra money on a cake... and I'm on a diet).  Nobody can tell me what's best, and nobody can tell you what's best.  But if you're going to pull out, please do it soon as if the seller's executor already has a family member with dementia to handle, they will already be dealing with a lot, and it's not fair to string them along. 

danlightbulb

@orangecrush i have it in the bank, it was going to be my refurb budget. But the windows will eat £4k of it straight away and the surveyor is as sure as can be that this is what is causing the saturated brickwork in the bays. The plan was to do a combi switch at the same time as the bathroom refit straight away. The windows will use up most of that budget, and surely I cant risk leaving them if they are causing a bad damp issue.

I really do want to like this house but if it turns into a money pit im in trouble. Im strugging to nail down in my head exactly what I am and am not / should or should not, compromise on. I guess this house wouldnt be my first choice in all honesty, because it does have limitation, but choice is so limited / non existant. 

Im not asking for people to decide for me Im looking for help in determining how I make the decision considering all the factors (including the longstanding driveway issue).

I am the third person to have the house surveyed, previous two both pulling out after survey. Clearly its not priced attractively for a professional house flipper, so maybe it is on the high side.

But even if i did get a reduction, still need to find the cash.