Is this wet rot?

[Touty]

Hi I’m thinking of purchasing this property bit concerned about this.

Any ideas?

So one sold for £120k in good condition, so that's probably the true value of the property in good condition.

They've rejected £95k so they are looking for £100k minimum.
That's only £20k to do EVERYTHING. Repairs, rot works, re-wire, central heating, making good plus kitchen & bathroom.
You'll end up spending far more money on it than it's worth.

I'll stand by my first post Run 🏃‍♀️ Unless you really love the area and don't see yourselves moving again in the next 20 or 30 years.

Yes I agree.

I thought I could make it work, I felt it had some character about it and it is bigger and cheaper than other houses I could get for the same money which are mostly newish built modern small box houses with a yard garden, these start about 150 k in my area.

Well I asked the surveyor where this was and it turns out it’s right outside my garden back gate, the lane probably owned by council but that would have to be seen.

I'd give it a miss. They'll be other houses come up in better condition.
Or if you wait long enough the owners of this might well drop their price.

Ok I hear what you are saying.

I just wanted to clarify a few things about valuation. I asked the surveyor for a valuation, she said it comes up to agreed price of 110k as the house stands with all it’s list of defects and jobs to be done. I’m confused why she didn’t emphasize that to put the defects right it could cost more than house worth bearing in mind last one sold for 120k last year?

Would it be because mine is an end terrace ie semi detached and the others sold recently are mid terraces? Is an end terrace worth more?

Anyone?

An end terrace is usually worth a little more than mid terrace but not as much as a semi, due to the access arrangements for the mid terrace houses.

Do a MN search I've done a quick one some said their end terrace was worth £5k more than the mid terrace, they are a terrace of 3.

No one can really advise you op, can you clarify with the surveyor?

But it will cost more than £10k for that lot.

You seem to not want to let this one go?

I asked surveyor to clarify valuation, she said valuation is based on current market, in accordance with RICS guidelines and all visible defects considered.

she said mine is an end terrace house with double extension and would be worth more than a mid terrace of similar size. She can see that the last mid terrace on the street sold for 121k in October 2023.

The thing is they’ve all got extensions but not double like mine.

ive said im concerned about the valuation as it looks like it’s going to cost me circa 40 k in repairs, she said she can’t comment on quotes for repairs.

Thoughts?

So the surveyor has valued it at the price you offered. So you could say that’s how much it’s worth.
However it’s a fixer upper/modernisation project. If it was in great condition and a bit more attractive, it might be worth 130 today?
Have you done the maths? Got a roofer round with a ladder or drone? Priced up a fitted kitchen and a rewire? New plumbing?
If you really want it then just accept the fact you’ll be pouring time, energy and money into it for a while, money you might not be able to recoup in the short term.
I personally think your 95k offer should have been your top bid.

I'm inclined to agree £95k is more than its worth in its current condition.

Even if the last house sold for £121 mid terrace, in absolute top condition the end terrace even allowing for extension might be £130-135k

You know the area you are looking at how much would a similar sized semi go for? The end terrace will be less.

Even a top price of £135k - £95k is as much as you should be paying

That's only leaving you £40k to redo everything. Half of that, if not more, will be swallow up by the Bathroom and Kitchen.

Leaving you £15-20k to sort the asbestos, the roof, the rot works, rewire, windows that need replaced, plaster work redone, paint & decorating, new flooring?

Some of that work might mean staying elsewhere so it can be done.

The more I think about it, this is a project for a property developer, who can pay people to come in gut the place, and put it back together. Without someone living in it at the same time.

Tradespeople are hard to get hold of, it's a pile of hassle and stress, especially if you working and need to let people in etc.

You aren't a first time buyer, are you, who could stay at home while a chunk of the work is done?

Thanks so much folks for all your help and comments I really appreciate you. I’ve emailed the estate agents this morning and told them I’ve pulled out from the purchase.

Tough decision, but the logical one. Keep an eye on it, they may need to substantially reduce their price and come back to you.

They’ve asked me if I want to discuss price again but I haven’t answered them. Do you think it’s still worth getting into this then?

I'd say you've looked at the extent of the works and are only prepared to offer £85k

Do not go any higher than £90k

Right, thanks but I’m confused. Some people on here told me it was a dog and to walk away etc. But I’ve still got the knotweed and asbestos even if I get it for 80k?

Maybe another way to approach it is to play it cool.
"I'd want to see a full rot survey and estimate for repairs, along with an estimate for getting rid of the hog weed before considering a further offer"

Let the seller pay for it.

God no. Stay away from this money pit. The knotweed alone. Even before the other issues.

Is it back on RightMove now? Did you get that roof looked at? Have you sat down and done the maths?

Just read the thread for the first time. You've given it a lot of thought, and I think you've made the right decision. For me there's too many iffs and buts that, although are solvable, aren't going to be easy along the way and very expensive.

I didn’t get the roof looked at just decided to walk away. Should I revisit this?

Well if the price drops and you are still interested, the roof is the unknown, especially as the neighbor mentioned it had some issue.
The rest of it was typical renovation of a run down house.

I don’t know if it’s worth the hassle though for my health and temper; I’ve still got potential issues with the main roof and flat roof, I’m also worried about asbestos flying around if I have to do work.

Your obviously still keen on the house. But it's only worth it if its at a low enough price to compensate for the shed load of hassle and work.

The hog weed does worry me. Rot can be fixed and you know its fixed but getting rid of hog weed is another issue.

And unless you get a roofer round, that’s the unknown. The asbestos is where? Just in the artex? You could have asked the vendor to get it tested.
Regardess, it’s a ton of work. Needs to be a bargain to take it on. Don’t forget all the local builders, property spivs and flippers have rejected it.