Talk

Advanced search

Help please!! Do we buy this house????

(24 Posts)
WhatTheActualFugg Fri 05-Feb-16 08:35:19

DH and I are supposed to be buying a house. It's a 2nd home primarily for investment purposes, just somewhere to put our money, but was also going to be for is to enjoy together as a family and let out for income.

It's a little cottage near the seaside in a little village. This is something we've always wanted to do, but there is no emotional commitment on this project - it needs to be a business decision.

So, anyway, we agreed on nearly 10% off the asking price and our surveyor says that is reasonable but at the very top of its value.

Now the survey has come back and I don't know if this is just more hassle than I want to get involved with.

The roof needs redoing, there's history of structural movement, there's a crack in one wall, another wall is about to come down if the morter isn't fixed, it's not certain if the beams are providing enough support and surveyor has said to not put too much heavy furniture upstairs!!!

The surveyor lists about £7k worth of work to complete immediately. This isn't such a big deal, but it's the future I'm worried about.

Is it silly to buy a house which has definitely 'moved' in the past, has been completely remodelled and cut up and the effectiveness of the work done is unknown?

Or am I being a drama queen and speculation for some accumulation is required?? We are unlikely to find anything else for this price again.

WWYD!!

Costacoffeeplease Fri 05-Feb-16 08:36:13

No

WhatTheActualFugg Fri 05-Feb-16 08:47:44

Wow. That's a very concise answer Costa

We haven't checked yet whether there were any building regulation certificates issued for the recent renovations. If not then it's a definite walk away in my mind. If there was that guarantee, would that change things?

Costacoffeeplease Fri 05-Feb-16 08:57:52

No I still wouldn't - you'd never stop worrying about it

firesidechat Fri 05-Feb-16 09:00:46

If this was your family home and you loved it, I might, just might say buy it.

You do not want a house like this as an investment property. You want something as hassle free as possible. This house is not he one.

WhatTheActualFugg Fri 05-Feb-16 09:02:29

Thank you both. I know you're right. But I have a habit of over-worrying so wanted to sound out some sensible people!

bakeoffcake Fri 05-Feb-16 09:02:42

I woulnt either.

Part of our house is Tudor and it didn't have anything highlighted, structurally in the survey. Your house sounds like it's ready to fall down! Sorry but I woulnt touch it with a barge pole.

WhatTheActualFugg Fri 05-Feb-16 09:06:24

It does sound like its about to fall down. But the surveyor is just saying "fix this, fix that" which we can do / get done. The heavy furniture comment scared me though.

It's so sad / annoying. I'd picked out my paint colours and have a basket full of Laura Ashley furniture all ready to checkout!!

firesidechat Fri 05-Feb-16 09:09:03

There are other houses out there. Just move on and don't look back.

SevenOfNineTrue Fri 05-Feb-16 09:11:25

I'd walk away. Sounds a bit unsafe to be honest.

steppemum Fri 05-Feb-16 09:13:25

wouldn't touch it with a barge pole.

If I LOVED it and it was in an AMAZING location, and I had the money, I might take it on as a doer upper, with the idea that we would basically end up half rebuilding it to make it solid.

So, in your circumstances, no way.

slicedfinger Fri 05-Feb-16 09:16:03

I read and expected to say yes of course you should buy it, but actually no.

Finola1step Fri 05-Feb-16 09:16:06

Walk away. This house sounds like a money pit.

swquestion Fri 05-Feb-16 09:18:15

I think I would avoid it too. If it has problems now you'll be trailing back and forth to oversee work and especially once you are letting it out you don't want to be worrying about heavy footed renters damaging your precious hard work.

WhatTheActualFugg Fri 05-Feb-16 09:19:56

Like step said I think we need to assume it needs mostly rebuilding. In which case we'll amend the offer accordingly.

WhatTheActualFugg Fri 05-Feb-16 09:21:16

It'll be let as a holiday cottage and is a short drive from where we live. I don't think that changes things though.

LonnyVonnyWilsonFrickett Fri 05-Feb-16 09:22:18

Oh no, walk away - unless you have the time and energy for a big renovation (which presumably you'll have to run from wherever you live now, rather than the location you're buying in?). Unless you can go back and get a very large reduction in price based on the renovation costs?

I do have to say you already sound emotionally attached - sorry! which isn't really the frame of mind you have to approach this in...

Bearbehind Fri 05-Feb-16 09:24:45

I'd maybe get a structural survey from an expert to look at it before giving up all hope.

If the survey you've had was for the mortgage and that's been approved without any holdback for works then they can't think it's too bad.

Surveyors are notoriously cautious but some of the things listed would worry me greatly, particularly in a rental property where you can't control what the occupants do.

The not having heavy furniture upstairs is the scariest IMO, what happens if you get a couple who are on the large side staying and engaging in some very energetic shagging? They could end up on the ground floor! grin

firesidechat Fri 05-Feb-16 09:27:18

I agree with Lonny you now sound too emotional attached and like you are weakening. If there is one piece of advice that I would give to all house buyers, it's to hold it all lightly and don't be afraid to walk away.

lavendersun Fri 05-Feb-16 09:29:28

I am not suggesting you buy it but my very old house has signs of old movement and tie bars which were probably inserted in Victorian times.

A history of movement wouldn't necessarily stop me buying it if the movement was 100 years old with no fresh signs of it. I can't remember what my survey said now but my surveyor wasn't remotely worried about it, because the movement was so old.

The mortar just indicates a lack of maintenance, that and the roof is fairly straightforward isn't it.

I had the heavy furniture upstairs comment in a half Elizabethan half Georgian house I owned before this one - still bought it.

The only thing that would concern me is the crack - is it a new crack?

WhatTheActualFugg Fri 05-Feb-16 09:50:25

The ties are old but there is some possible 'new' movement. Probably because the drain goes straight in to the ground ffs.

We are yet to see specific details and paperwork about the work done by sellers. Which I don't think will be good news. It has already been 'renovated' but on the cheap IMO.

There is no mortgage so the survey we had done was for us and it was as detailed as it could be without digging around / lifting floor boards etc. I don't want to pay for a structural engineer as well.

I've not spoken to DH yet, but I'd be happy to half our offer which will leave us enough to tear the place down and rebuild. The existing house could be cute with work but it's no beauty. Of course they won't accept that.

I'm not too emotionally attached. DH probably is though. I'm essentially v lazy and could really do without this hassle.

Finola1step Fri 05-Feb-16 11:53:48

Rental investments/holiday lets work best when there is minimal effort on the owner's part in the sense of no building work and it pays for itself. If you want to take on a project that you buy cheaply and do it up, fair enough. But as I posted up thread, this house is a money pit. And a worry pit.

Obs2016 Fri 05-Feb-16 11:58:30

Sounds like a whole heap of hassle.

specialsubject Fri 05-Feb-16 12:03:43

it will be let out. You cannot say 'no more than two people upstairs at any one time'. !!

either knock down the price to cover the repairs or run to the hills. I know what I would do!

Join the discussion

Join the discussion

Registering is free, easy, and means you can join in the discussion, get discounts, win prizes and lots more.

Register now