HOME BUYERS: WHAT ARE YOUR OPTIONS AFTER A BAD SURVEY?
Purchasing a home is one of the most significant investments most people will make in their lifetime, and a key part of this process is conducting a thorough home survey. However, receiving a bad survey can be disheartening and stressful for prospective homebuyers, especially if you’ve fallen in love with a property and have already mentally moved in.
Confronted with these findings, buyers are often left wondering what steps to take next. We’ll guide you through your options after receiving a poor survey, helping you make informed decisions and navigate the complexities of the buying and selling process.
What Might a Bad Survey Include?
A bad survey can uncover a range of issues that might not have been evident during initial property viewings. Common problems identified could include structural defects like cracks in walls or subsidence, which indicate the property might have significant foundational issues. Electrical and plumbing problems are also frequently noted, such as outdated wiring or leaky pipes that can pose safety hazards and require costly repairs.
Pest infestations, including termites or rodents, can compromise the integrity of the building materials and create ongoing maintenance challenges. Damp and mould are also serious concerns that not only damage the property but also pose health risks to the occupants, such as respiratory issues. Another problem you might find in a bad survey report is roof and foundation issues, which are often costly to repair and can significantly impact the property’s value and liveability.
Exploring Your Options
Receiving a bad survey can be overwhelming and disheartening, but it is crucial to remain calm and composed. Start by thoroughly reviewing the survey report to understand the nature and extent of the issues identified. Keeping a clear head will also help you make rational decisions and avoid impulsive actions that could complicate the situation further.
Seek Specialist Advice
In some cases, the issues identified might require more specialised expertise. Consult with specialists, such as structural engineers, roofing experts, electricians or plumbers, who can provide a more accurate assessment of the problems and the costs involved in fixing them. Specialists will offer detailed reports and recommendations, which can be invaluable during negotiations with the seller and can help you make an informed decision about whether to proceed with the purchase.
Negotiate the Price
One of the primary options available after receiving a bad survey is to negotiate the purchase price. Armed with the detailed findings from the survey, you can approach the seller and make a case for reducing the price to account for the cost of necessary repairs. Be sure to include quotes and estimates from contractors to strengthen your position and help achieve a fair adjustment to the price.
Request Repairs or a Price Reduction
If you don’t want to negotiate the price, another option is to request that the seller undertake the specific repairs before the sale is finalised. This can be a viable solution if the issues are severe but manageable within a reasonable timeframe. Alternatively, if the seller is unwilling or unable to complete the repairs, you can negotiate a reduction in the sale price to cover the cost of addressing the problems yourself.
Consider Walking Away
Sometimes, the best option is to walk away from the deal altogether. If the survey reveals problems that are too extensive or costly to rectify, or if the seller is unwilling to negotiate or address the issues, or reduce the price to cover rectifying them, it may be in your best interest to withdraw from the purchase completely. However, make sure you understand your legal rights and how to reclaim any deposits to make this process smoother.
Ultimately, addressing the findings of a bad survey with a structured and informed approach ensures that you safeguard your investment and secure a home that meets your expectations and needs. Remember, the goal is to find a property that not only fits your budget but also promises a safe and comfortable living environment for years to come.
For expert property advice, get in touch with the team at Hunters Group today.
