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.
Ok, I have to ask- what the hell kind of place do they live where HVAC costs $27k and windows cost $40k? Were these new installations where there had never been ductwork or windows before? Because those are way, WAY out of line for replacements in a typical single family home. By about an order of magnitude.
But to your larger point, yes, structural work can very easily (and quickly) hit 6 digits. I wouldn’t accept it unless the terms are that the original owner makes the repairs first.
As someone who just replaced all his downstairs windows for under $4k I also would like to know where this is so I can avoid it at all costs. Literally an order of magnitude difference is wild
Yes the HVAC was a full install as he had an oil burning furnace with radiant floor heating prior to this. They installed an AC/furnace and ducting. The windows were through one of those sleazy companies like Renewal by Anderson and like I said I think he got fleeced on both jobs.