We've been looking for a house for a while but the kind of house we want doesn't come often. We found one in the town we wanted, with the number of beds we wanted, and potential to extend. It had been in the market for a while but it's outdated, needs quite a bit of work, and it hasn't been extended like others in that area, so it was not as attractive to buyers. It was initially a bit expensive for the amount of work it seemed to need. It dropped in price significantly, so we put an offer, which was accepted. The survey has now come back with way more issues and red flags than expected. We don't know if we can afford the amount of repairs suggested. Are surveys exaggerated or quite realistic? We loved the house but the issues seem so serious that I don't know how we could move in and do any work. Any budget we had for decorating and updating the house seems to be completely gone after fixing it and making it livable, according to this survey. How bad can it really be, do I take things with a pinch of salt, or do I take it very seriously?
The survey says that there's a definite damp issue with 100% readings in one room and potential floorboard rotting there. A drain might be blocked and it's affecting the damp proof course on that side. The plaster is lime plaster starting to show evidence of crumbling on the ceiling. Roof is original cement tiles covered in moss and likely to need replacing within 5 years. Chimneys there have a slight incline. Walls have some bowing around bay windows. Repointing is a bad job and will need fixing. No improvements to the house have been made since the 70s, other than a boiler in the early 2000s. Damp has been a known issue for a good couple of years but they thought it was a faulty damp-proof course and haven't acted on it. No idea if they are aware of the full extent of issues. It sounds like neglect on their part but they are very elderly and probably haven't had the funds or energy to deal with any of this. Heating hasn't been on for most of the year and the room with the worst issues has not been used for years. No insulation or boarding in loft. It's not sinking and windows are good, though. We like the house and the place, other houses in that street are sound and refurbished to a great standard. All built in the same year with the same specs. They don't come in the market often and when they do, they cost a good £150,000-£200,000 more than this one, with like for like space .
Could all this work be done with a £50,000-£60,000 budget? I think that's how much we can extend the mortgage. Can we address floorboards first, then plaster another year, roof another year? Or does it sound like it's all connected and will fall apart as soon as we start working on it? Does it sound like we should run? Or is that general common issues for these properties and not usually that bad in reality, just overstated by surveyors to cover their backs? What is your experience with nightmare houses (that's the term the surveyor used) and can you bring it back to life without losing your soul in the process? WWYD?
For context, it's a big 3 bed detached house. We don't have family or friends to move in with whilst the works are being done. We have two kids. I cannot take time out of work to sort stuff unless it's summer. This year there were only two other houses for sale there and way above our budget. Are we blinded by the potential and the limited number of houses there? I haven't slept properly in days! We are waiting to hear from the mortgage provider and see if they would be ok but the appointment is not until the end of the month (nothing available earlier with them). I don't want to pull out if it's all fixable and within budget. I don't want to spend two more weeks wondering if we are getting our own "Money Pit" house.