Surveyor doesn't think the property i was going to buy is good value

[Sofia109]

Do surveyors often pick apart a house you're planning to buy or are they overly cautious? There were no structural issues, just some snagging, but due to the small plot of land with a very small garden, he thinks the 3 bed detached will be hard to sell. Its a good size inside, but usually families would want a good size garden and this one is really the size of a balcony and with a very small third bedroom. It sat empty for quite a while before i purchased it and the seller had a family member living there for a while too.

I know its not my forever home, and I'd probably be looking to move on in 5 years or less if i meet someone, but im concerned now i might have trouble selling it and there's also a real risk developers may build another house in the space right next to it, extremely close like this one is the the neighbours next door. (roofs are only around a foot apart!!)

Literally have no idea what to do now!

[Samara26]

The whole mortgage would have to be re-evaluated on current criteria, as I've used the offer now on this property so cannot use it again elsewhere. It would revert back to 4%

[Amboseli]

I wouldn't buy this property just to use the mortgage offer you have now. Why don't you look for something else to buy with the mortgage you've got?

[Samara26]

Also there's a huge park pretty much opposite

[Samara26]

Thank you Disfordarkchocolate- I agree, garden needs some work. The side access is still side access, it just has a door at the front and I was planning on putting one at the garden end too. It's pretty long and wide as spans the length of the house

[Samara26]

I see what u mean, but most 2 bed semis are not 1200 square foot - not even most 3 bed semis are. But price is probably a bit high - probably 10-20k high. Not 100k lol

[DisforDarkChocolate]

I'm looking for a 3 bed and that garden would suit me fine if there was open space close by. I'd be more put off by the garden having no greenery at all and wondering how much it would cost to create a garden. I'd also want to have side access too instead of storage.

A small 3rd bedroom would be fine, and so common, as long as it would make a nice office.

It's probably a house more suited to a small family, one with a teen or adult still at home who doesn't want lots of garden maintenance. Plenty of those people about.

[LionessesRules]

I think you could do a lot to improve that garden.
But yes, it's small.

[Samara26]

@Cyw2018

Look at it for what it really is, then compare it to more equivalent local properties than a 3 bed detached

So from how you've described it, it is a spacious 2 bed semi with an office and good sound insulation (a small gap) and could potentially end up being a spacious 2 bed terrace with good sound insulation. Ideal starter home, better than most.

Concrete yard can be dealt with relatively easily. Smash the concrete around the edges build some raise beds, lay some nice pavers. Plant it densely (big plants in small place). Put some garden furniture in. This would improve resale chances.

If it is the right price, and right for you, go for it.

Sorry no, it's a 3 bed detached.

[Cyw2018]

Look at it for what it really is, then compare it to more equivalent local properties than a 3 bed detached

So from how you've described it, it is a spacious 2 bed semi with an office and good sound insulation (a small gap) and could potentially end up being a spacious 2 bed terrace with good sound insulation. Ideal starter home, better than most.

Concrete yard can be dealt with relatively easily. Smash the concrete around the edges build some raise beds, lay some nice pavers. Plant it densely (big plants in small place). Put some garden furniture in. This would improve resale chances.

If it is the right price, and right for you, go for it.

[Samara26]

I don't have to sell in 5 years, I could rent it out for a while if needed. There's no timeline on it, I just know it's not my forever home.
I've seen flats go in this area for more than 300k so I doubt I'd lose that kind of value on it. It's still a 1200 square foot property that's immaculate inside.

[Quitelikeacatslife]

The mortgage issue, your 2.19% deal will only last so long. You'll soon be paying a higher rate anyway as things stand long term .
It's advice that's all. Who knows what every future buyer will think when you may want to sell.
If you like it, want to live there and can afford it then crack on . If this advice worries you then pull out

[SeaRabbit]

So you pay £250 a month less: over a year that's £3,000 a year. If you sell in 5 years and have to accept £100,000 less than you've paid as no one else wants it, you've saved £15,000 interest but it's cost you £100,000 lost capital. Cost £85,000 overall...

[Samara26]

I should probably also mention the house is only 2 years old, it's been sold by a developer

[Galliano]

That’s a great answer from Houseplantophile. I suppose the only thing I’d say to balance it is the ‘garden’ looks hideous but there are amazing things you can do with small spaces which would make it possibly more appealing to some buyers e.g. young people or downsizers. My mum and dad in their 70s went from massive to tiny garden because they couldn’t manage the garden. It’s never going to appeal to someone who wants their children to be able to play outside though!

[Samara26]

@Houseplantophile

Hi-
Surveyor here.. our job is to be objective on your behalf. We don't want to put you off a property for the sake of it, but we see A LOT of properties and you really do get to know their value based on many tangible and intangible elements.
Our job is to make sure you know what you're buying and the issues, whether they be aesthetic or structural, that you're likely to encounter...
you can't do anything about the garden size so it's a pretty big deal... please don't gamble on being able to buy a portion of someone else's garden.. not only is it highly unlikely to happen you should know that it's a very expensive process.. the land will be expensive (because what other incentive is there for the neighbour to sell if?!) plus you will need a land surveyor to measure up the two plots, mark out the agreed space to transfer and then draw up plans of each garden. Your solicitor will then be doing a conveyance of the lans- ie much the same job as they'll do for your purchase of the house- and then they will need to register the purchase on Land Registry to ensure it is properly recorded and formalised. You'll likely find yourself paying the neighbour's legal fees too... is the house really worth it?!?! Because the value of the new section of land need added to the garden need to be far greater than the costs associated with the purchase... it's risky and unlikely to have the desired outcome.


5 years is a short turnaround time on a property investment, especially at a time when the country's economy is in a poor state and will take years to recover... when you want to sell you need the widest market possible to sell quickly...
the fact that the property has been on the market for 2 years during what has been an incredibly busy time for property sales is a huge red flag and suggests no one wants the property for reasons other than the price... that garden is too small against the size of the house and you will have the same problems selling it as the current vendors.

Also... re your mortgage valuation saying it's 'ok'- bear in mind they are no confirming the market value of the property, they're confirming that the value of the property exceeds what they are lending on it... so if the property is £300,000 and your deposit is £50,000, the bank ONLY cares that the property is worth more than £250,000... they are only protecting their investment, not yours! They don't care if you lose £50,000.. they just need to know that in the event that the property is repossessed they can immediately put the property back on the market and get their money back. Your mortgage valuation is not a survey and it is not for your benefit...! So tread carefully when taking their advice over another surveyor's who is working for you and looking out for you...

Honestly I think your surveyor has done you a favour by making you aware of this.

Either renegotiate the price WAY way down or walk away... if it was me, I'd walk away. If the current vendors haven't been able to sell easily in the market we're just coming out then this property will never sell easily.

Sorry if that's all a bit blunt! 😬

Thank you, it's great advice but the problem is my mortgage was secured on 2.19% rate. Now it would be 4%, so I'd be borrowing the same money for £250 extra a month.

The other thing to consider is, the vendor was advertising this house at 400k, which was expensive. He only dropped the price more recently before I came along by 25k. They were getting plenty of viewings but no offers but I offered a further 15k less, so at some point the price should match what the property is actually worth based on the small garden? I just don't know where that sweet spot is

[Houseplantophile]

Hi-
Surveyor here.. our job is to be objective on your behalf. We don't want to put you off a property for the sake of it, but we see A LOT of properties and you really do get to know their value based on many tangible and intangible elements.
Our job is to make sure you know what you're buying and the issues, whether they be aesthetic or structural, that you're likely to encounter...
you can't do anything about the garden size so it's a pretty big deal... please don't gamble on being able to buy a portion of someone else's garden.. not only is it highly unlikely to happen you should know that it's a very expensive process.. the land will be expensive (because what other incentive is there for the neighbour to sell if?!) plus you will need a land surveyor to measure up the two plots, mark out the agreed space to transfer and then draw up plans of each garden. Your solicitor will then be doing a conveyance of the lans- ie much the same job as they'll do for your purchase of the house- and then they will need to register the purchase on Land Registry to ensure it is properly recorded and formalised. You'll likely find yourself paying the neighbour's legal fees too... is the house really worth it?!?! Because the value of the new section of land need added to the garden need to be far greater than the costs associated with the purchase... it's risky and unlikely to have the desired outcome.


5 years is a short turnaround time on a property investment, especially at a time when the country's economy is in a poor state and will take years to recover... when you want to sell you need the widest market possible to sell quickly...
the fact that the property has been on the market for 2 years during what has been an incredibly busy time for property sales is a huge red flag and suggests no one wants the property for reasons other than the price... that garden is too small against the size of the house and you will have the same problems selling it as the current vendors.

Also... re your mortgage valuation saying it's 'ok'- bear in mind they are no confirming the market value of the property, they're confirming that the value of the property exceeds what they are lending on it... so if the property is £300,000 and your deposit is £50,000, the bank ONLY cares that the property is worth more than £250,000... they are only protecting their investment, not yours! They don't care if you lose £50,000.. they just need to know that in the event that the property is repossessed they can immediately put the property back on the market and get their money back. Your mortgage valuation is not a survey and it is not for your benefit...! So tread carefully when taking their advice over another surveyor's who is working for you and looking out for you...

Honestly I think your surveyor has done you a favour by making you aware of this.

Either renegotiate the price WAY way down or walk away... if it was me, I'd walk away. If the current vendors haven't been able to sell easily in the market we're just coming out then this property will never sell easily.

Sorry if that's all a bit blunt! 😬

[Sofia109]

@Monty27

Why would you want that grief? Omg litigation hell.

It's quite simple, you just approach the neighbour and let them know the offer is there - sometimes if they are planning to sell in the future anyway they see an opportunity to make some extra cash, and even with 10 foot shaved off their garden it would still be huge. Everyone wins. It's very straight forward, lots of people do it. Obviously need a solicitor to sign it off etc, but if you have already agreed everything beforehand, that won't cost much

[Monty27]

Why would you want that grief? Omg litigation hell.

[Sofia109]

Its possible the opposite neighbour may be prepared to sell of 10 foot more of their huge garden, so i could make this garden a more appealing size, but that's a big IF.

[lannistunut]

The surveyor has a point. It will be harder to sell as many families want a regular garden.

[Monty27]

It's what people would pay for it and I wouldn't want it if I had a young family and\or liked outside space and gardening.

[Sofia109]

@Monty27

It has 4 bedrooms and ample space for a family. Not many families would settle for that outside space though. I wouldn't touch it.

It has 3 bedrooms but yes i know what u mean

[Sofia109]

@Glitteratitar

Do you know how long it was on the market for before you put your offer in? If you google the address you might be able to find out.

Ability to sell is something you should take into account, and how much interest it had when it went on the market should help inform you of that. We are looking for our 3-5 year home at the moment, and saw a property we really really liked but the garden is on quite a slope. We ended up not putting an offer on because the house had been on the market for a year with still no offers, and we didn’t want to be in that position when it came to selling in a few years.

If you can afford to buy a new house without selling this house should you end up buying it, then ability to resell is less of an issue.

It was on the market for 2 years, but the price was much higher, around 40k higher than my offer. He then had a family member living there for a number of months at teh time the price was dropped 25k. I know there were defintely viewings lined up but they were not putting a picture of or even mentioning the dimensions in the advert, and this is what some viewers feedback was, is that the garden was too small

[Monty27]

It has 4 bedrooms and ample space for a family. Not many families would settle for that outside space though. I wouldn't touch it.