Buying a home is a complex process, and many factors must be considered along the way. One of the most essential steps in the home-buying process is the home survey. A home survey is a comprehensive inspection of the property carried out by a chartered surveyor. The surveyor will assess the property's condition and identify any issues that may need to be addressed before the sale can be completed. If the survey identifies significant problems with the property that were not previously disclosed, you should renegotiate your offer. Let's look in more detail at what this could mean.
After the Survey
The thoroughness of the survey will depend on the type you have selected; during the booking process, you should be advised on which type of survey to choose when buying a house by your surveyor. After completing the home survey, you will receive a report detailing the surveyor's findings.
This report may identify issues with the property that were not previously disclosed, such as structural problems, dampness, or issues with the plumbing or electrical systems. Depending on the severity of these issues, you may want to consider renegotiating the offer on the property.
Offer Revisions & Considerations
So, should you renegotiate your offer after a home survey? The answer depends on various factors, including the severity of the issues identified in the survey, the cost of any necessary repairs, and your overall budget for the purchase.
For example, if the survey identifies a problem with the property's foundation, this could be a severe issue requiring costly repairs. In this case, it would be appropriate to renegotiate your offer to reflect the cost of these repairs.
Similarly, if the survey identifies issues with the plumbing, electrical systems, or other significant components of the property, this could also be a cause for renegotiation. The cost of repairing or replacing these systems can be expensive, and it may be appropriate to adjust your offer to reflect these costs.
Another factor to consider when deciding whether to renegotiate your offer after a home survey is your overall budget for the purchase. If you are already stretching your budget to afford the property, it may not be feasible to take on the additional costs of repairing or replacing major systems or components.
Also, the time that it will take to make the repairs may not work for you; it's best to seek as much impartial advice as possible when working out the time to make any repairs. If you cannot reconcile the time or money needed to repair the property, you may need to either walk away from the sale or renegotiate your offer to reflect the cost of the repairs.
The Seller's Perspective
It's also important to consider the seller's perspective when renegotiating your offer. If the issues identified in the survey are significant, the seller may be willing to negotiate a lower price to complete the sale quickly, or in some cases, to keep the offer price, they may carry out the repairs. However, if the issues are relatively minor or can be quickly addressed, the seller may be less willing to negotiate.
How to renegotiate your offer
If you decide to renegotiate your offer, it's essential to approach the seller professionally and courteously. Contact the estate agent to liaise with the seller about your intention to revise the offer. Be clear about the issues identified in the survey and the cost of any necessary repairs or replacements, and be prepared to provide evidence to support your proposed price adjustment. Your surveyor can assist with the revised figures based on the information collected in the survey, be sure to reach out and discuss this with them.
At this stage, the seller can decide whether to make the repairs or accept a revised offer from you. If you cannot reach an agreement that you are happy with, you can still proceed with the original offer, or you can walk away and withdraw your offer.
If you are interested in booking a survey with Surrey Surveyors, click here to find out about our services.
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