Am I being ridiculous? 72 page RICS 3 building survey - Am I living in a dream world?

Lyd00

I'm a 31yo single woman, FTB, live 2 hours from family. 

After searching for well over a year I've offered and been accepted and had a RICS level 3 done on a house in an area I can see myself living in. It's a 3 bed quasi terrace (end one with a garage). 

The asking price was £20k lower than one 3 doors down that sold last year because it needs a lot of work doing (kitchen and all rooms of the house replastering/decorating).

Since there's literally nothing else I want or can afford in a decent ish area I really wanted this house. I'm happy to do things slowly and live amongst dust and decoration but I'm being told that I'm living in a dream world and that I'll need to spend much more than its worth.

It went to best and final offers and I ended up offering £3k above asking because 2 others apparently also had but I wasn't in a chain so they went with me (no idea if this was true).

I'm a midwife in the NHS so no bonus's will ever come my way to pay for unforeseen costs, I've no financial help from family and no other big lump sums to rely on. So once I've paid for a new kitchen and the whole house to be redecorated that's basically my money gone.

The RICS 3 is 72 pages long and says that whilst its structurally sound it needs a lot of maintenance. I'm feeling disheartened and that I'm out of my depth. I knew about the artex on the walls (I've had it tested and no asbestos), I knew all the carpets needed changing, and I knew it needed a new kitchen. I was hoping that was it (naive I know).

 My family are encouraging me to get it and reassure me that it's habitable and work can be done over time as and when I can afford but others are telling me not to be ridiculous.

Interpreting the report is difficult in itself. Translating it into whats important and what isn't is impossible for me!

Is there anyone willing to read it or any advice anyone can give?

Thanks for reading 

Slithery

Lyd00 said:

Is there anyone willing to read it or any advice anyone can give?

Yes. That's what we're all here for

But until you actually tell us what it says then we have nothing to advise you about.....

[Deleted User]

My property had no major issues and was 70 pages. As long as the property is sound and there are no major issues like a hole in the roof etc it may just be a normal outcome.

spoovy

So you're buying a house that needs redecorating and maintenance. That's what people do.

You need to give us some indication why people are saying the purchase is "ridiculous".  What are the three "most serious" things the surveyor has identified?

boxer234

I think your fine as long as it’s structurally sound.  I know how you feel it can be overwhelming buying alone.  

theartfullodger

Most of the wording will be standard a*** covering garbage.  Just read it, you've paid for it.

I once asked a surveyor to check particularly for dry Roy and woodworm.  Got several pages explaining why that couldn't be assessed....

Ultimately one has to take a guess over if something's worth buying.  Surveys, views of mates etc just help a bit, ultimately it's your shout.

Apologies to all but IMHO buying property is like getting married: You won't know until a couple of years later if it was a good idea or not.

Good luck, best wishes.

Artful: 2 divorces, 3 marriages, property purchases/sales probably 15-ish.

Thrugelmir

Lyd00 said:

The RICS 3 is 72 pages long and says that whilst its structurally sound it needs a lot of maintenance. I'm feeling disheartened and that I'm out of my depth. I knew about the artex on the walls (I've had it tested and no asbestos), I knew all the carpets needed changing, and I knew it needed a new kitchen. I was hoping that was it (naive I know).

If it's your long term home then there's no rush to deal with everything immediately. What priority issues were highlighted? 

canaldumidi

You've paid for the most detailed of the various optional surveys, so of course it is ... detailed. It will tell you everything about your property. The good, the bad, and the OK.

And yes, it will tell you what maintenance is needed, because every house needs maintenance (maybe New Builds are the exception - though I doubt even that!).

You work in the NHS. Imagine looking at your personal medical records held by your GP, including all the input from any hospital consultants etc. It would be massive.

It would list your vaccinations since birth, and all your ailments,past and present. It would show your current state of health, and it might also suggest changes you could make to your lifestyle to imprve your health and life-expectancy (if your records didn't, your GP certainly could/would discuss this with your).

So 'stop smoking', 'excercise', 'eat more x,y,z', 'take these blood pressure pills', blah blah are the same as the survey report's 'maintenance recommndations'. They don't indicate the house is falling down, just as the GP's advice does not indicating imminant death - but they are useful pieces of information for you as a new home-owner.

stuart45

theartfullodger said:

Apologies to all but IMHO buying property is like getting married: You won't know until a couple of years later if it was a good idea or not.

Disagree with that, try selling your wife in 20 years time.

Rosa_Damascena

stuart45 said:

theartfullodger said:

Apologies to all but IMHO buying property is like getting married: You won't know until a couple of years later if it was a good idea or not.

Disagree with that, try selling your wife in 20 years time.

Very droll!

OP - take a highlighter to the report and work out what needs to be done and how soon, and let the EA know. Use this info to leverage the price down to accommodate all the additional stuff you will be doing. 

Lyd00

I'm trying to attach it from my phone as I'm not at home...will see if I can