How to Revise Your Offer on the Property Price After Your Survey
Purchasing a property is undeniably one of the most significant investments many of us make in our lifetime. As with all substantial investments, it’s crucial to be informed. This is where a property survey by Flettons Surveyors becomes an invaluable tool, enabling you to revise your offer.
Benefits of a Property Survey
At first glance, a property might seem perfect, ticking all your boxes. But beneath the fresh paint and staged furnishings can lurk hidden issues that could cost you dearly in the long run. A comprehensive survey conducted by a professional can shed light on structural issues, defects, or potentially hazardous materials like asbestos that are not immediately visible. It offers peace of mind, ensuring that you are making an informed decision.
Hidden Issues and Their Costs
Let’s delve deeper into the potential findings of a survey and their implications on the property’s value:
- Asbestos: Once hailed for its heat resistance and strength, asbestos was commonly used in buildings until the late 20th century. However, it’s now known that asbestos can pose severe health risks when disturbed. Removing it safely requires specialists and, depending on the extent, can be costly.
- Significant Defects: These can range from structural cracks in the walls, indicating foundation issues, to significant roof repairs. For instance, replacing a roof on a terraced house can cost anywhere between £10,000 and £20,000. Such expenses are substantial and can greatly influence the overall value of the property.
- Damp Issues: One of the more common defects found in properties, especially older ones, is dampness. Remedial damp work isn’t just about repainting walls; it might involve addressing the root cause, be it rising dampness, penetrating dampness or condensation. This can cost up to £750 per linear metre, a significant expense if the problem is extensive.
Revising Your Offer
Having understood the potential costs involved in addressing the issues highlighted by a survey, you might wonder, “Should I revise my offer?” The answer largely depends on the material value of the findings.
Items that affect the structural integrity, safety, or longevity of the property should certainly be considered when revising an offer. These are not merely cosmetic issues; they are significant problems that can impact the value of the property and the safety of its inhabitants.
When discussing the revision of your offer with the seller, it’s essential to be clear and provide a breakdown of the estimated repair costs, as this can justify your revised price. The goal is not to lowball the seller but to arrive at a fair price that reflects the property’s true value, considering its defects.
In the world of real estate, knowledge truly is power. A detailed survey by Flettons Surveyors can arm you with the information you need to make an informed decision. Whether you decide to proceed with the purchase, negotiate a lower price, or walk away, you’ll do so with confidence, knowing you have all the facts at your disposal. Don’t let hidden costs catch you off guard. Invest in a professional survey, and ensure that your dream home doesn’t turn into a financial nightmare.
Need a Building Survey Report? Secure peace of mind with Flettons. For an instant quote, use our quote calculator or reach out to us at 0203 691 0451. Your property’s integrity is our priority.