Bad Building Survey? To Buy or Not to Buy?
Undertaking a survey of the property you are potentially going to buy is a vitally important part of the buying process, but if the results of the survey aren't what you were hoping for, does this mean you shouldn't buy the property? It is a conundrum that people up and down the country have been faced with so we at Kutner Associates thought we'd offer a bit of advice on what to do next should the results of your building survey not be positive.
Whilst it can initially be devastating to hear that the property you thought was your dream house has problems in terms of its structure, you may not necessarily need to walk away from the purchase. Detailed below are a few pieces of advice we feel you may find useful if you didn't get the results you wanted from a recent building survey;
• Talk to local contractors regarding the issues raised from the survey to determine the potential expense of the repair work. You should also ask them how quickly they feel the problem needs to be resolved as this could help with the budgeting process.
• Decisions over whether you go ahead and buy a property can often be led by your heart instead of your head, so getting objective financial advice is a must to ensure you can make a well informed decision and put in a suitable offer if you do decide you want to buy.
• The price you pay for a property will be based on how much you want it and how quickly the current owner wants to sell. Every deal will see a certain amount of negotiation so it is therefore essential that you know all the problems linked to the property and the cost to remedy, which in turn will enable you to know exactly how much the property is worth to you and make an offer accordingly.
The purchase of your dream home can still go ahead despite a bad building survey, as long as you consider the points detailed above and think very carefully about your options before making any decisions. Each property and circumstance will be different, so avoid making rash decisions and be sure that you have covered every angle before either making an offer or walking away.