Housing market

[cleo333]

We’ve had a survey on a house in a really popular area which has come back with quite a bit of work needing doing , this we expected . About 70k needing spending .
however , the surveyor doubts we will get the money back and that refurbs are not making what they did anymore .

We will likely pull out or try for a reduction but expect them to refuse due to the area but at our time of life we cannot afford to lose money and the work would also need to be done by us .

however what I read online house prices will increase but I’m not seeing that locally

your thoughts anyone ?

Is it your forever home? In which case it's not about making money.

I think not , but we were hoping to have it for say 5 yrs in that time do it up and then maybe buy smaller and have some money for retirement

Five years is not long. That 70k could quite quickly become more. This sounds risky financially. Would it be a significant downsize?

In this climate 5 yrs is way too short.

yes we are thinking too much risk and we are not young at 55 yrs