At JW Wood, we understand that buying a home is one of the most significant financial decisions you'll make. Ensuring that your future home is in good condition is essential, and a building survey is a valuable tool for uncovering potential issues that may not be visible during a viewing.
This guide will help you understand how to renegotiate your offer if a survey reveals any problems.
Why a Survey is Important
A building survey, conducted by an RICS surveyor, provides a detailed assessment of a property's condition. It can reveal hidden defects and necessary repairs, giving you a clear picture of any additional costs you might incur. If significant issues are uncovered, you may need to reconsider your offer.
Common Issues Found in Surveys
Surveys often identify problems such as:
- Damp
- Roof issues
- Electrical safety concerns
- Missing carbon monoxide or smoke detectors
- Lack of building regulations approval
- Presence of Japanese knotweed
These issues can impact the value and safety of the property, making it crucial to address them before proceeding with the purchase.
Steps to Renegotiate Your Offer
Review the Survey Results
Take time to thoroughly review the survey report. Identify any issues that were not apparent during the initial viewing and consider the cost and complexity of necessary repairs.
Decide Your Next Steps
Depending on the survey findings, you have a few options:
Contact Your Estate Agent
If you decide to renegotiate, contact us. Share the survey report and clearly explain the concerns and the financial implications. We will then communicate with the seller on your behalf.
Get Estimates for Repairs
To strengthen your case, obtain estimates for the repair costs. Consult with the surveyor who conducted the survey for insights into the severity and potential costs of the issues identified.
Negotiate with the Seller
Based on the repair estimates, propose a revised offer or request that the seller address the repairs. Some sellers may prefer to lower the price rather than undertake the work themselves, while others may be willing to make the necessary fixes to secure the sale.
Make Your Decision
If the seller is unwilling to renegotiate, you have three choices:
Average Price Reductions
Research by Which? indicates that buyers often secure price reductions of 5-10% following a survey. For a property priced at £400,000, this could mean a saving of up to £40,000, depending on the severity of the issues found.
Final Thoughts
Home surveys are invaluable for uncovering potential problems and negotiating a fair purchase price. If your survey reveals significant defects, use the information to renegotiate your offer or decide whether to proceed with the purchase. We are here to support you through every step of the buying process.
Adapted from CJ Bloor
