Timing of building survey

[srock]

Hi All,

We are planning to buy our first home and have finally selected a 1930's detached bungalow in Surrey which needs complete modernisation.

We recently got to know that the property we are interested is in a probate property and has been closed for last 6 months.

So we are thinking to get a full building survey before putting on an offer?

Please suggest whether its wise to get the survey done beforehand or shall we make the offer first?

We thought, that the survey would be able to help us with a good estimate of how much to offer?

Definitely offer first! Otherwise you are spending money on a survey with not only the risk of the survey throwing something up, but also the risk that your offer won't be accepted or someone else will offer whilst you await the survey report.

Once the survey report comes in you can always revise your offer to take account of major findings.

Offer first.

Otherwise your surveyor is just a random stranger trying to gain access to a house.

Thanks for your thoughts Caroian and PlausibleSuit.

We are thinking to make an offer first now.

Would it be okay put an offer which is 20% below the guide price since the property requires an extensive amount of refurbishment?

That really depends on whether the price already reflects the work required. 20% is a hefty reduction and I wouldn't be too hopeful if it being accepted. Check what similar properties that don't require work have sold for recently (Rightmove is good for this) to gauge how this compares.