1st time house buyer, potentially serious structural issues found... anyone have advice re negotiating price reduction / if I should pull out? (lemmy.world)

submitted 1 year ago by Transcendant@lemmy.world to c/asklemmy@lemmy.world

55 comments fedilink hide all child comments

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.

you are viewing a single comment's thread
view the rest of the comments

[-] Emperor@feddit.uk 2 points 1 year ago

We went for a full survey, the guy is RICS-registered

Yeah, they're chartered surveyors, you'd be wise to get a structural engineer to look it over if you were thinking of having underpinning and they might spot other things. I stopped getting chartered surveyors and asked a structural engineer I know to do the surveys - they a lot harsher.

Someone else said that a reduction of 15k is almost unheard of.

Percentage wise it's a big chunk of change but, depending on the amount of underpinning required, it might not be enough.

even then it’s going to be a shitload of hassle

If the underpinning is not accessible from outside the floors will have to come up. Cracks in the walls may have to be dealt with by removing the plaster and tying the bricks back together then replastering. Depending on where the damp is coming from you might need a new roof - did they get up there or use a drone?

I don’t mind roughing it a bit, but managing a project like this I would think isn’t really in my wheelhouse and will be very stressful.

And money aside, this should be your deciding factor.

[-] Transcendant@lemmy.world 1 points 1 year ago

The surveyor said he was actually surprised to find the roof in quite good condition... seems like at least one area where it's either been properly maintained, or had very high-quality work performed.

I'll definitely do some shopping around for structural engineers in the area for future surveys, might as well go in deep for the most expensive & important issues before moving forward with any future potential purchase. Great advice, thanks.

this post was submitted on 09 Nov 2023

48 points (100.0% liked)

Ask Lemmy

27225 readers

1012 users here now

A Fediverse community for open-ended, thought provoking questions

Rules: (interactive)

1) Be nice and; have fun

Doxxing, trolling, sealioning, racism, and toxicity are not welcomed in AskLemmy. Remember what your mother said: if you can't say something nice, don't say anything at all. In addition, the site-wide Lemmy.world terms of service also apply here. Please familiarize yourself with them

2) All posts must end with a '?'

This is sort of like Jeopardy. Please phrase all post titles in the form of a proper question ending with ?

3) No spam

Please do not flood the community with nonsense. Actual suspected spammers will be banned on site. No astroturfing.

4) NSFW is okay, within reason

Just remember to tag posts with either a content warning or a [NSFW] tag. Overtly sexual posts are not allowed, please direct them to either !asklemmyafterdark@lemmy.world or !asklemmynsfw@lemmynsfw.com. NSFW comments should be restricted to posts tagged [NSFW].

5) This is not a support community.

It is not a place for 'how do I?', type questions. If you have any questions regarding the site itself or would like to report a community, please direct them to Lemmy.world Support or email info@lemmy.world. For other questions check our partnered communities list, or use the search function.

6) No US Politics.

Please don't post about current US Politics. If you need to do this, try !politicaldiscussion@lemmy.world or !askusa@discuss.online

Reminder: The terms of service apply here too.