Can anyone offer advice please to us novice housebuyers.
A few weeks ago we found a house we wanted to buy. It clearly needs work and we have enough budgeted for a new kitchen, bathroom, redecoration and our offer, 10k below the asking price, was accepted.
However now we have the results of the survey and further inspections, it turns out there is rising damp affecting most of the perimeter o f the property, penetrating damp probably from the roof, it needs a new central heating system and boiler and a new hot water boiler, extensive rewiring and it looks like there are leaks from the roof which is deteriorating and likely to be coming to the end of its life. The surveyor?s valuation also came in 15k below our offer.
Yesterday we saw another house that had just come onto the market that is the price of the first house plus our original improvement budget. It is beautifully maintained, on a lovely street in a better location for schools and has brand new kitchen and bathroom. It looks like we wouldn?t have to do anything except change the colour of the walls.
Going on the estimates we have so far, the unforeseen work will cost thousands. We have already asked for a reduction on the price of house number 1 to the surveyor's estimate and we are waiting to hear back. We would like to put in an offer for number 2 but feel guilty about letting down the first sellers if we pull out of number 1, I understand how devastating this would be for them, but I?m beginning to get cold feet about the rising costs and scale of the work needed and the realization that the location isn?t quite as good for us as the other property. I realise however, that we also risk losing both houses.