Hey all.
Finally in my 40s I’m fortunate enough (with a lot of family help & a mortgage) to be buying a home. It’s end-of-terrace; just spoke to the surveyor today after he’s done most of the inspection and he’s found a lot of structural problems.
Feeling a bit defeated, it’s taken so long to get to this stage of having an offer accepted, and being close to exchanging contracts. It’s an old house so while I wasn’t expecting it to be fault-free, I’m quite disappointed and I guess looking for some advice / reassurance.
Not got the report in text yet but he mentioned potential subsidence; rising damp; cracked walls; problem with the chimney stack; window frames; and others. Said it’s all stuff that can be fixed, but potentially expensive. My plan is to wait for the text report next week, then contact the estate agent and attempt to negotiate a price reduction in line with the cost of the repairs, which imo will run into at least £15k. Considering it’s on the market for £85k, and the owner wouldn’t even put the electric on for viewing because she didn’t want to pay £1 a day standing charge, I’m anticipating some pushback.
But, should I even bother? Is this ‘sunk cost fallacy’ at play? I certainly feel like if they’re not prepared to negotiate re repairs then I have to walk away as I could buy a well-maintained property round here for the total cost of around £100k!
Any advice much appreciated.
I’d just recommend not settling for something in poor condition just because you feel beat down or overwhelmed by the grind.
You will be filled with constant regret if you wind up buying some dilapidated property simply because you’re tired of the back and forth because once you sign the papers, you’re stuck with it. The process isn’t enjoyable, but try not to let that get to you.
Not sure what the exact condition of house is nor what contractors charge for work in your area, but in my area of the US, $15k isn’t going to get you very far on most projects. One of my coworkers just spent $27k to have an HVAC system installed and $40k for new windows. I think he got fleeced, but even halving those prices, you’re still being given a rough quote equivalent to these somewhat basic tasks for what sounds like serious structural work.
Good advice re constant regret of being stuck with a lemon. I checked the prices for subsidence repair and the average in my area is £12500.