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 say it’s priced at 85K, repairs 15K. Would you buy it if it was in perfect condition for 100K? If so, buy it. If not, walk.
I don’t know what your local market is like, but in most places a seller won’t entertain that much price reduction.
This is very sage advice. I mentioned this comment to my dad and we both didn’t take a heartbeat before responding “Definitely not” to the question of if we’d buy it in perfect condition for 100k.