Should we walk away??

[Yolo2018]

I know only we can really answer this question but I would like to hear other peoples opinions.

Fell in love with a c1910 semi. Perfect location, size and space. The main issue is no scope for off road parking.

Has been on the market for around 18mths. Originally priced at 375, changed agent and reduced to 360 after 9mths. A month before we viewed it was reduced to 350.

We knew it needed decorative upgrade and sash window replacement/restoration and budgeted 20,000 for this.

We started with a cheeky offer of 315,000 but ended up at 330,000.

Fast forward to the homebuyers report 😣

High levels of damp to downstairs walls and flooring
Evidence of woodboring beetles
Roof repairs needed
Wall repairs needed
Guttering repairs needed
Wall insulation needed
Tree surgery needed
Rainwater pipes repair needed
Electrics need upgrading
Plumbing needs upgrading
Window sills need upgrading

Every section was even a 2 or 3😔

This is on top of the 20,000 works we had budgeted for!

I think the ceiling price for the property, after all work has been done, is probably 380,000 and even then it may be a struggle with no parking.

What would you do???

I would walk. On street parking will only get more difficult as time goes by as many councils have their beady eye on parking charges being about the only thing they can use to raise money, and that repair list looks very daunting!

Sorry ceiling price should be £360,000. Don't know why it says 380!

Walk away, there's a reason it's not sold!

I live in London with no OSP and it's a bugbear of mine. I can't wait to move and a driveway is a must, not a nice-to-have.

Unless it’s literally the only property you can afford in a highly sought after area you are desperate to move to, I’d walk away. You’re looking at a very painful renovation of indeterminate cost, and after that you might end up with a property you’ve spend a lot of money on, that’s then hard to shift due to a lack of off street parking.

Unless the vendor will give it to you for a song - like you’re original offer - which off-sets your risk somewhat, I’d walk away. You’re probably better off buying something with off street parking that’s more modern. Without knowing your market and the charm of the house in that context, it’s hard to give definitive advice....

I think if it was me I'd walk away. Unless no property coming up at all within budget.
I've just had offer accepted. Parking was a must. It has a drive way & is a semi. Bathroom & kitchen are done, windows & boiler done.
Everything else can be sorted as and when I move in. It is very liveable for me for a few years whilst I save up.
So for me personally, I would walk. But I am not you, and you may make another decision, and that's fine too.
Good luck

I would never ever buy a house with no parking. It's too much of a flash point with other people. You can't believe the things that people do unless you've been in that situation.

Negotiate the price downwards to reflect the work needing doing. If they won't be realistic walk away.

I would walk away there is alot of work to be done. If you did take it on I guess you would , depending on where you are etc , easily spend another 30k plus the 20k you had budgeted for.

Now you know why it's been on the market for so long. A quick glance at the list give me a mental estimate of 50k for repairs, and that's the ones that are visibly necessary. There will be more problems caused by the neglect of the things on the list.

Once you start work it's not uncommon to unearth further problems - probably problems with drainage that may need local council and water board input. It also may need re tanking and all the airbricks replacing. So some re-pointing as well.

It's a money pit.

Thanks everyone. You are all saying what we are thinking, the heart strings are just pulling. I'm pretty sure we will walk, look back and be thankful we avoided a terrible mistake! Xx

Oh what a shame! Are you prepared for a project? If you are, you can get everything in the survey costed up by a builder and tell the vendor that your offer is now reduced by that sum, and see what happens. If they won't budge or you don't want the hassle, leave it. Something else will come up.

Don't forget, if you have to live in the property whilst all these jobs are being done....

I wouldn't walk.......I would run like hell