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!

[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.

[Sofia109]

@LionessesRules

Are you brave enough to put a rightmove link?

There are 4 houses near me built with no garden. They are not selling very fast. I guess it depends quite how small, and where in the country. Big city is probably a different market to places slightly out of town.

I'm not brave enough - as so many people read these threads. The garden is about 3 -4 meters length and spans the back of the house which is not really that big. It has been decked over. and there is side access too.

[Sofia109]

@LuluBlakey1

We have some friends who have a beautiful house in Northumberland in a very desirable village where houses go like hot cakes, and they have exactly this issue - the land around the house (semi) is really tight. Tiny front garden, side of house is literally end of the street and is on a lane and the back garden is tiny- about 3m wide across the back of the house.
They have had 3 offers on the house at asking price and each has fallen through after valuation with the size of plot being given as the reason- despite the fact it's obvious when you view the house. They have offered to reduce the price but each buyer has said no they've had advice it would be hard to sell.
It's in beautiful condition and has decent sized rooms and an extension/garden room- ironically reduced the outside space. They have made the most of the outside space and it looks great but it is small and there is no way of making it bigger out there.

Was it the valuation that was the problem where the bank refused to lend the money because it was over-valued? Or did the buyers just change their minds?

[Sofia109]

@ChicCroissant

If you haven't bought it (your first post says you have purchased it) then I'd step away. I think there is an expectation that a family house will have some outdoor space. Do you have any parking with it?

Sorry must be a typo - i haven't got the point of contract signing, so it is not 'purchased' as yet. It does have a drive way the width of the house, for about 2 cars side by side. it has side access but they have boarded it up to make an enclosed alley way for security, and storage which is fine. The problem is my secured interest rate is 2.19 and now it would be 4% if i bought a different property. So id be paying £250 more per month to borrow the same amount of money

[Sofia109]

@LuluBlakey1

We have some friends who have a beautiful house in Northumberland in a very desirable village where houses go like hot cakes, and they have exactly this issue - the land around the house (semi) is really tight. Tiny front garden, side of house is literally end of the street and is on a lane and the back garden is tiny- about 3m wide across the back of the house.
They have had 3 offers on the house at asking price and each has fallen through after valuation with the size of plot being given as the reason- despite the fact it's obvious when you view the house. They have offered to reduce the price but each buyer has said no they've had advice it would be hard to sell.
It's in beautiful condition and has decent sized rooms and an extension/garden room- ironically reduced the outside space. They have made the most of the outside space and it looks great but it is small and there is no way of making it bigger out there.

that's useful to know, but this house was already valued by my mortgage company and the valuation came back 'ok' - that's all they tell you. My surveyor did not do a valuation, he just said i think you can get more for your money and it will be hard to sell as its a family house and most families wouldnt choose a garden thats around 3 meters wide at the back of the house

[JamesBondOO7]

Forgetting "selling" atm consider if you want to live there and if the price is right.
Then consider if you were to sell, what market would you aim for and is there a market like that there?

Re prices, I've know shit areas to shoot up in price, EG Brixton, Newcrss, Deptford etc in London - prices can go both ways

[ChicCroissant]

If you haven't bought it (your first post says you have purchased it) then I'd step away. I think there is an expectation that a family house will have some outdoor space. Do you have any parking with it?

[LuluBlakey1]

We have some friends who have a beautiful house in Northumberland in a very desirable village where houses go like hot cakes, and they have exactly this issue - the land around the house (semi) is really tight. Tiny front garden, side of house is literally end of the street and is on a lane and the back garden is tiny- about 3m wide across the back of the house.
They have had 3 offers on the house at asking price and each has fallen through after valuation with the size of plot being given as the reason- despite the fact it's obvious when you view the house. They have offered to reduce the price but each buyer has said no they've had advice it would be hard to sell.
It's in beautiful condition and has decent sized rooms and an extension/garden room- ironically reduced the outside space. They have made the most of the outside space and it looks great but it is small and there is no way of making it bigger out there.

[LionessesRules]

Are you brave enough to put a rightmove link?

There are 4 houses near me built with no garden. They are not selling very fast. I guess it depends quite how small, and where in the country. Big city is probably a different market to places slightly out of town.

[Sofia109]

@ChicCroissant

It sounds as if you have already bought the property, so what has made you return to the surveyor's report now if you are not planning to sell it? Has something triggered anxiety about this now that you didn't feel at the time you bought it?

I've only just had the survey done so have not purchased the property yet. I didn't not consider the points he has raised about the sellability of the property with the lack of space around it and the tight boundaries and small garden. As this is essentially a family home, but unfortunately it would not suit most families - i had only considered my own personal needs, which wasn't very smart

[Sofia109]

@LionessesRules

Surveyors are paid to pick apart properties, and put a realistic value on it.
Has it been built in the garden of the original house?

Yes an original house sold the bottom of their large garden and a developer built this one which is why its a small plot, although the property itself is not particularly small, the boundaries are very tight around the house and the garden is of course tiny

[ChicCroissant]

It sounds as if you have already bought the property, so what has made you return to the surveyor's report now if you are not planning to sell it? Has something triggered anxiety about this now that you didn't feel at the time you bought it?

[LionessesRules]

Surveyors are paid to pick apart properties, and put a realistic value on it.
Has it been built in the garden of the original house?