Hello, we are FTB's so would appreciate some help. Have gone sale agreed on property that was previously sale agree at €15k higher price but fell through. On receiving our survey report there seems to be alot to be done, namely alot of investigative work into dampness and decay to external walls, woodworm and maintenance on roof. The windows also need to be replaced (which we allowed for) and to improve insulation etc...That's fine...we are just very anxious as we have new baby on the way that we'll be walking into a big mess. The surveyor suggested opening up the property to investigate further!! Should we walk away?? Appreciate any replies or past experiences?
Problems uncovered during survey should we walk away?
- Thread starter Janelle77
- Start date
try to get an estimate of the costs involved and subtract them from the value of a similar house that needs no work and this is the value of the house that you are trying to buy. in my opinion it is perfectly legitimate to substact the cost of all this work from the asking price as any other buyer will surely encounter the same problems. to boot, you may not be able to live in the place whilst the work is going on so bear this in mind too.
P
phoenix_n
Guest
Whilst i can't comment on the property market in general , I feel compelled to advise ( because of your circumstances (FTB and baby)) you to analyse the current market and assess whether you are now in a stronger position that when you first negotiated the purchase. Your analysis may determine you to take account of these additional costs in your purchase price or to secure an alternative property.
Given that this is probably the biggest financial commitment you will make in your entire life you should tread cautiously. I would refer you to an article in todays Irish Times Property section [broken link removed]
from which I have posted an excerpt below:
"The PWKPs, I suspect, are sitting back and doing their sums, at the latest twist of the market. Yes, prices of second-hand properties have stalled - and will plummet. Yes, the agents' boards are up so long, the birds will nest in them come the spring."
If you're not sure, walk away.
P.s. It could be interesting to stall a bit, and see if you couldn't get them down another bit? (which might cover any additional work?) Given that we're in a buyers market, that last thing that you should do is buy in a panic.
from which I have posted an excerpt below:
"The PWKPs, I suspect, are sitting back and doing their sums, at the latest twist of the market. Yes, prices of second-hand properties have stalled - and will plummet. Yes, the agents' boards are up so long, the birds will nest in them come the spring."
If you're not sure, walk away.
P.s. It could be interesting to stall a bit, and see if you couldn't get them down another bit? (which might cover any additional work?) Given that we're in a buyers market, that last thing that you should do is buy in a panic.
investigative work into dampness and decay to external walls, woodworm and maintenance on roof. The windows also need to be replaced (which we allowed for) and to improve insulation etc..
TBH, as first time buyers and with a baby on the way - I would run a mile - just like the previous purchasers I imagine! Dampness could pose medical problems especially with a newborn baby. Do you really want to have contractors and work ongoing in your home with a small baby? Plus, with a new baby you'll possibly be spending quite a bit of time at home - dealing with the noise, mess and general inconvenience. Just my opinion!
TBH, as first time buyers and with a baby on the way - I would run a mile - just like the previous purchasers I imagine! Dampness could pose medical problems especially with a newborn baby. Do you really want to have contractors and work ongoing in your home with a small baby? Plus, with a new baby you'll possibly be spending quite a bit of time at home - dealing with the noise, mess and general inconvenience. Just my opinion!
would run a mile aswell, not worth the hassel esp with new baby on the way, it may sound great, doing it up, but when we renovated our mums house a few years back the house wasn't the same for 2 years with dust etc, we discovered problem after problem...your opening a can of worms and for the health of all 3 i would reconsider, unless u got the house at a reasonable price which allowed you rent out something more comfortable..
Regarding the cost of dealing with the problems outlined, a good idea is to think of whatever amount of money you think it might cost - then multiply it by four.
From your description it could cost up to €100k - depending on the extent of the damage to the external walls and roof etc. and the area you are located in.
Generally speaking, old houses do not have the cost of the work that is necessary to bring them up to a reasonable standard reflected in their price.
I would be very wary of buying something like this in the current economic environment.
From your description it could cost up to €100k - depending on the extent of the damage to the external walls and roof etc. and the area you are located in.
Generally speaking, old houses do not have the cost of the work that is necessary to bring them up to a reasonable standard reflected in their price.
I would be very wary of buying something like this in the current economic environment.
Headachecity
Registered User
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I would second this post. Best of luck but listen it's hard and emotional enough having a new baby besides all this crap with the house. I have 2 kids, one is 16mths and we bought a house lately and looked at several and some were in bits and there is no way I would bring my kids into it or have mental amounts of work going on around them.
Are you dead set on a particular area?, what else is for sale where you are or surrounding areas in your price range?.
We once had a survey done on a house we liked and we were told to walk away by the surveyor unless the vendor gave us the house for free!!
. You can bet that the more work you will have to do the more problems you will uncover.As I said, best of luck and if you can I would walk away. It'a a buyers market out there, you will get a better maintained house in your budget if you look around and so what if you have to move a bit further out.
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why do you think that the original sale fell through ( they obviously thought that the damage was going to cost more than 15k to rectify) you should walk away unless you get at least 50k off price.. anyway i dont think you are in best position to take advantage of this because the time and effort and stress will be massive and you have other priorities. Buy it for a song and rent while it is being done up and you face rent/mortgage/builder/hassle/stress/time etc pull out and buy a more straightforward house...save yourself alot of hassle!
Thank you for all your comments appreciate you taking time to do so...we have had a friend who's a builder look at the report. He reckons' will cost between €70-€90k to get the house right and 4-5 months work!!! Unbelievable...We are going to run, run run.
Had same problem,surveyor came across dampness and I got Protim out to get a quote which wasnt actually to bad (€2000+) But this was just treating the dampness,I on the other hand had to strip the inside of boundary walls up a metre,tiles would have to come off walls plus kitchen units pulled out to get at walls and a room would have to be re-slabbed. With costs for Protim plus work and skips etc I reckon it would cost between €15k-€20k. The EA said the Vendor wont budge on price...
We loved house but we walked away. Needless to say the EA was in total shock.
We loved house but we walked away. Needless to say the EA was in total shock.