Head over heart? Run away?

(19 Posts)
StillCounting123 Wed 16-Sep-20 16:37:21

Long story short: gorgeous house we have money to buy. It's in great location, and we know we'd be happy living there.

It's an old house, poorly maintained over the years. We could tell buy looking at it that the bricks, slates, windows needed attention and have budgeted accordingly, as much as we can guess regarding costs.

Surveyor looked at it and did report. Report was stark so we rang to discuss. Out loud, but off the record, we were told "do not buy this house". Basically it will just suck up all our money for years, maybe in 6-figures in repairs.

At this point the bank is looking at it to even see if it is mortgageable.

Has anyone else been in this position? Advice please?

Are we fools to be blinded by the looks and potential, or is the surveyor just being over-cautious?

We have a healthy budget, but not limitless!

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LizzieMacQueen Wed 16-Sep-20 16:47:37

Are you a young couple? Perhaps he/she is trying to protect you.

Do you have a link?

When we were younger a surveyor said similar to us, this case was subsidence; we're glad we were warned.

PotteringAlong Wed 16-Sep-20 16:48:27

Run run run

YellowNotRed Wed 16-Sep-20 16:53:30

Oh that's a tough one.

But I would heed the surveyor's warnings I think, sounds like he knows it really will be a huge project and swallow a lot of cash.

JoJoSM2 Wed 16-Sep-20 16:54:59

An old house that needs a complete overhaul will cost 6-figures to sort out (unless it’s v small). Is it listed?

So what are the problems with it? Fixing the roof or replacing windows aren’t particularly problematic. Is there subsidence, lots of rot, damp, roof caving in?

JoJoSM2 Wed 16-Sep-20 16:56:29

Oh, and what would be the value of the house done up? Would it be worth more than you’ve spent?

HollowTalk Wed 16-Sep-20 16:58:31

You'd have to be crazy to buy a property like that. Look at more houses - others which are far less risky will appeal. I'm not sure why you're even considering this one.

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HollowTalk Wed 16-Sep-20 16:59:17

Do you have six figure sums free, to spend on the house?

CremeEggThief Wed 16-Sep-20 16:59:37

Surely if you can't get a mortgage, you can't buy it?

DidoAtTheLido Wed 16-Sep-20 17:02:26

With a house that needs a total re-furb you have to do a lot of messy wok before you can start on the fund stuff.

Think getting it re-wired, maybe re-plumbed, damp course, roof etc.

You need a professional surveyors eye on the budget rather than guess.

sosotired1 Wed 16-Sep-20 17:08:03

I would buy this, but only if you were buying it for effectively the price of a building plot with planning permission, and you prepared to rent for a year and possibly project manage the (re)build. What value is the surveyor putting on it? At the very least I would go to the vendor with a much lower offer to take into account all the work. If they are not flexible, I wouldn't buy it.

StillCounting123 Wed 16-Sep-20 17:08:42

creme bank is looking at it now to assess re mortgage. Haven't heard back from them yet.

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StillCounting123 Wed 16-Sep-20 17:10:06

Lizzie we're in our 30s/40s, this will be our 4th home together over the years. So we aren't total newbies!

Don't want to post a link as it is outing.

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FAQs Wed 16-Sep-20 17:10:14

If I had the money to do the refurbishment and it’s bones are ok it wouldn’t put me off.

LadyHalesBroach Wed 16-Sep-20 17:11:23

OP I wrote an almost identical post a few months back. Surveyor (we got a full building survey done not a home buyers) said exactly the same thing. Damp substrate, walls need replastering because of damp, damp floor, asbestos, daylight through roof... on and on. The same day the bank did their valuation and valued the property at nil. £0. Zilch. It would have cost us £300,000 just to get the house liveable, and when you factor in the cost of the house, it wouldn’t have been economically viable. Such a shame because of the location and potential.

Run, don’t walk.

StillCounting123 Wed 16-Sep-20 17:12:15

JoJo the issues you listed are accurate. Don't think it's ready to fall down yet, but there isn't a part which doesn't need attention.

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StillCounting123 Wed 16-Sep-20 17:13:24

ladyH interesting!! Very curious now to hear back from the bank. Such a shame for you, and I hope you find/have found something else suitable.

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AbbieFB Wed 16-Sep-20 17:14:58

We did it. No regrets but it did take us a few years.

No structural issues and the roof was fine but other than that it needed doing! Our survey actually made it sound worse than it was, there was a lot of arse covering in it.

Ghislainedefeligonde Thu 17-Sep-20 18:49:29

We’ve been considering something similar but a bit put off by the prospect of further potential lockdowns and not being able to get anything done! It would be a high risk house to proceed with

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