Buying a PRC repaired house

UK0106

Hi all

I’ve just been made aware by my broker that the property I have had an offer accepted on is a PRC repaired property (only become apparent after the lenders valuer has advised that they are awaiting a copy of the PRC certificate for the adjoining property otherwise I’m not sure I’d have even been told!). 

I’ve never heard of PRC and my internet searching has brought up a whole load of stories about future sales and prices that have left me slightly unnerved. I haven’t seen anything from the past couple of years though. 

This is a property we’re looking at living in for at least 10-15 years and we’re not fussed about making a profit on it when we do sell, mainly just breaking even. However, I feel like we may be overpaying based on the difficulties that people have talked about with reselling them. 

Obviously our offer is subject to the final valuation, but I feel that either the seller or agent or both have been quite underhand in not giving this information to prospective buyers at all. I’ve asked the agent to provide evidence of the nature of the repair so it’s clearer what we’re actually dealing with and currently waiting for their response. 

I’m really just looking for current views (and even experiences) on buying and selling PRC repaired houses. Should I run a mile now or progress with the process for the time being?

pbartlett

my advice is to run a mile and not touch the house with a bargepole 

UK0106

pbartlett said:

my advice is to run a mile and not touch the house with a bargepole 

Thanks for replying. Are you able to expand on why you’d give that advice please?

pbartlett

nothing sinister - i would just never take the risk of owning an asset that has negative associations and might be difficult to sell. I would buy a house of standard construction.

UK0106

pbartlett said:

nothing sinister - i would just never take the risk of owning an asset that has negative associations and might be difficult to sell. I would buy a house of standard construction.

Ok, thanks for clarifying. 

AdrianC

PRC is Prefabricated Reinforced Concrete.
(Well, it's also the People's Republic of China, but I'm assuming you aren't buying in Beijing...)

Back in the day, it was a popular way of knocking up cheap and cheerful housing when loads was needed in a hurry. Over time, the concrete cracks, the reinforcing steel rusts, and it all goes a bit Pete Tong. They're also reputedly quite unpleasant to live in.

Legislation designated quite a few types "defective", and they're unmortgageable.
Proper repairs ARE mortgageable... and involve taking the concrete walls down and building normal ones instead...

sarah539_2

UK0106 said:

Hi all

I’ve just been made aware by my broker that the property I have had an offer accepted on is a PRC repaired property (only become apparent after the lenders valuer has advised that they are awaiting a copy of the PRC certificate for the adjoining property otherwise I’m not sure I’d have even been told!). 

I’ve never heard of PRC and my internet searching has brought up a whole load of stories about future sales and prices that have left me slightly unnerved. I haven’t seen anything from the past couple of years though. 

This is a property we’re looking at living in for at least 10-15 years and we’re not fussed about making a profit on it when we do sell, mainly just breaking even. However, I feel like we may be overpaying based on the difficulties that people have talked about with reselling them. 

Obviously our offer is subject to the final valuation, but I feel that either the seller or agent or both have been quite underhand in not giving this information to prospective buyers at all. I’ve asked the agent to provide evidence of the nature of the repair so it’s clearer what we’re actually dealing with and currently waiting for their response. 

I’m really just looking for current views (and even experiences) on buying and selling PRC repaired houses. Should I run a mile now or progress with the process for the time being?

Hi UK0106,
Did you go ahead with this in the end? Interested to know as the house we are looking at is a PRC repaired house.....