Please help me decide to buy or walk away

[Ifyouknow]

We saw a lovely 4 bed house last weekend and have fallen in love with it.The dilemma is that the bedroom ceilings had water marks and green colour (? mould) so maybe an active leak from the roof. The property is not cheap, offers over one million. Looking at the sold house prices on Rightmove, a neighbouring property with an extension was sold for 1.15 million in 2021.Location is perfect for us because of the private school dd attends is a walking distance, and has a tube station nearby too.
We could easily offered to offer one million and pay 50% deposit but I am worried about the cost of roof replacement and leak repairs. Maximum budget for work would be 50k as we will need a new kitchen and extension too.

Would you buy a house that needs so much work? We have never done any renovations ourselves before so will outsource everything. Thanks

[denysedenyse]

Get a builder/commission a thorough survey to find out what's needed. Only way to make an informed choice.

[StorieAnna]

Depends on your timelines and flexibility with the price of renovations.

It is so difficult to find builders with a slot to work, so increasing their charges, through supply and demand. Material costs are soaring too.

Do you know local builders? Do you have family who can work on this for you?

[Ifyouknow]

denysedenyse, thank you. I didn’t think of this. I will contact our high street builders. There are local and well established.

[Ifyouknow]

StorieAnna, Do you think supply issues will be continue with high inflation? I am hoping for demand to go back to normal in recession?