Survey not great what now?

[Ohcrapbags]

House was for sale for £175k, we offered £170 as it needs cosmetic work (just very tired looking), but settled on 172k.

Mortgage lender agreed value at 172k, but didn't actually see the property due to covid.

We had our homebuyers report back. The independent surveyor has put the value at 160k.

There are some issues with the roof, flat roof extension, electrics are old, the drainage under the house is old. There were a lot of "3" s basically.

So what next?

I know we need to get some quotes to see if it's worth it.

I know they won't come down to 160k, but how does this homebuyers report effect our mortgage? (We are borrowing 145k towards the 172k).

Any advice would be great.

This was the only house by far in the area which was okay and it's not for long term. We want to be out of here in 7 years max (we hate this area but for lots of circumstances we had to move here as it was cheaper last year and we are stuck here for a bit) but we are sick of renting. Rental prices are crazy here and only going up. That mortgage was going to be nearly £300 a month cheaper than our rent.

I'm just at such a loss over what to do and any advice would be appreciated.

Make it into the house you know it can be and then thank your lucky stars every day that you can live in such a lovely house knowing that it didn't cost £600k!!!

(I hope they drop the price and that all of the jobs are not as big as they seem.)

I’d go ahead tbh, as long as the price is right.

Stability for the kids would be my top priority, and if I had a reasonable way to get away from the longterm uncertainty of renting I’d take it.

We recently bought our first home after a few years of renting with young kids, and the relief that this was us for the medium term, with no rent increases to worry about, was massive.

It sounds like there’s a lot of emotions around your decision to stay where you are- one thing I’d say is be kind to yourselves, it’s not an easy decision.

Sounds like a house you could be happy in!

Can you buy instead in the place you want to move to in 7 years and rent it out for now, while you stay renting where you are? Is that an option?

@Onandoff

Can you buy instead in the place you want to move to in 7 years and rent it out for now, while you stay renting where you are? Is that an option?

No, it's not an option. It's just out of our price range. Not too much which is why if we were clever here (which this house could be, with adding back 4th bed etc), we might be able to do it in the future.

But we couldn't afford a mortgage and rent on anything.

Op you both like the house. Realistically are you going to move in 7 year's?

Your DS is in college now, so 7 year's he'll likely be spreading his wings. Could he afford elsewhere or will he be likely to stay in the more affordable area?

7 year's time your primary child will be in secondary, will they want to move again? Mid exams disrupting friendship groups?

I doubt moving in 7 year's will happen for lots of reasons.

If you like the house, it's the best you can afford then have a good look at the survey, I would try and talk the vendor down in price but I think I'd go with it.

@Lockdownbear were hopeful but we are likely trapped here so it might not even come to that.

We already had to move Our eldest here right across the county a term into A levels, we also had to move them one term into secondary years ago as we couldn't find another rental in the same area. So I know it's not ideal to move schools but sometimes you just have to and kids have to adjust. It's not something that would stop us from moving to a better area.

Teen joining emergency services apprenticeship/study, applied for this area as they want to stay at home for now. But obviously that will give them so many options of applying where ever they want once they are qualified.

So if the opportunity came up, we would absolutely move.

But who can say what will happen in the future.

We could be in a better situation or something catastrophic could happen between now and then, so we just have to deal with the situation we have now I guess, which is having to stay here.

The surveyor who did the report is now on leave for two weeks, Dh called first thing.

He's also had an out of office reply until Friday for the solicitor who is dealing with us.

I mean, seriously!