this post was submitted on 09 Nov 2023
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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.

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[–] ryathal 21 points 1 year ago (1 children)

If you aren't comfortable with managing repairs, walk away. The repairs will likely take months and can be very disruptive.

It sounds like there are some very pricey repairs, chimneys are generally expensive and require specialized masons. Replacing windows can be expensive, but if the house doesn't have double pane windows, the insulation benefits can offset the cost.

The biggest worry is the moisture issues, rising damp and bad window frames could mean significant water damage is discovered as part of repairs. Cracked walls can also be a big deal depending on the root cause, foundation issues are really bad.

[–] [email protected] 2 points 1 year ago (1 children)

I do have somewhere within walking distance where I can stay while works are being completed. Windows I'm not so much worried about, as estate agent said she had similar issues and just did the windows one at a time as budget allowed. The damp / potential subsidence though is my biggest concern. It's likely the provider would pull the mortgage offer based on that, and there's no way I'd get building insurance with issues like this.

[–] ryathal 4 points 1 year ago (1 children)

If you really like the location you might consider trying to negotiate a vastly reduced price for the land and do a demo and rebuild.

[–] [email protected] 2 points 1 year ago

Am not sure I'd be able to do that, it's attached to another house; planning permissions I imagine would be a nightmare; it's likely they'll balk at any reductions in price let alone a massive reduction; and iirc the terms of my mortgage are specifically for a house purchase not a house build.

Dream idea though, I was looking at land the other day thinking how cool it would be to be able to just buy some land and build a house on it. Potentially cheaper than buying, just a huge project to manage.