It is sensible to have a survey done when buying a property, even if it is brand new. No house is completely free of faults, even if it has been well-maintained by the current owner. A survey will help highlight any more serious problems and let you make a more informed decision before you buy. Unfortunately, surveyors do sometimes find more serious problems and a survey can end up reading like a horror story. If you have your heart set on buying the property, this can be a massive disappointment.
Here’s how to handle a bad homebuyer’s survey.
Make Sure You Understand the Report
Homebuyer surveys are usually set out logically. They have a simple traffic light system to denote how serious the issue is, with green being there is no problem and red meaning urgent repairs are needed. A building survey carried out by a house surveyor in Norwich goes into a lot more detail and adds extra information about how the problem could be fixed and how much it might cost.
It’s a good idea to go through the report you have been sent and make sure you fully understand what the surveyor is saying. If there is anything you are not clear about, ask the surveyor to clarify or explain in simpler terms. Your surveyor should be happy to do this for you. Give them a call or ask for additional detail via email.
Focus on the More Serious Issues
When you receive a bad survey on the house of your dreams, it is easy to get bogged down with every last problem the surveyor has highlighted. However, while there may be a ton of issues, not all of them will be serious enough to make you reconsider buying the property.
Some issues, like dangerous electrical wiring and structural problems, are more serious and may require considerable expense and disruption to put right. Others, such as damp, could have a relatively simple underlying cause such as a damaged gutter or blocked drain.
Ignore the minor issues for now and focus on the ones that need fixing immediately.
Get Realistic Quotes for Repair Work
Your surveyor might have indicated likely repair costs but it is sensible to obtain several quotes from independent contractors. Don’t allow the seller to ask their mate to give you a quote and don’t let the seller’s estate agent do it either. Once you have an idea of the repair costs, it’s time to consider whether the price you agreed to pay is fair.
Renegotiate the Purchase Price
A bad survey is a good reason to renegotiate the purchase price of a property. If you have been told it will cost £5,000 to fix the roof, it is reasonable to ask the vendor to reduce the asking price by £5,000. They might say no but then they will have the same issue with the next buyer that comes along, so really, it isn’t in their interest to be difficult if they want to sell the property.
Remember, it is OK to walk away from a house purchase any time before contracts are exchanged. If you have lost faith in the house or don’t feel comfortable inheriting all these problems, call it quits. There will be another house out there for you, one with fewer issues (hopefully!).
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