Having an offer on a house accepted is a very exciting time, but the elation of being within arm’s reach of your dream home can come crushing down when you receive a bad survey. If you find out the property needs a lot of work doing to it, such as electrical rewiring, you can try to knock down the asking price.
For tips, read on.
- Speak to the surveyor
It can be incredibly demoralising when a survey reveals there are a lot of faults in the home you intend of buying, but this doesn’t necessarily mean the end of the road for your homebuying journey.
The first thing to do is speak directly with the surveyor to better understand their findings and recommendations.
Compare My Move says: “They will take you through the issues step by step so that you’re aware of the repairs needed and their likely costs.”
You might also consider having a second opinion by getting another, perhaps more comprehensive survey, so you can be confident of the results.
- Contact an electrician
The next step is to contact a professional tradesperson who can give you a better idea of the work needing to be done. For instance, if the ‘urgent’ issue in the survey is electrical re-wiring, you should get in touch with an electrician who can undertake an Electrical Installation Condition Report.
This will give you a more detailed outlook of the problem and enable you to have a better idea of how much it will cost.
- Talk to the estate agent
Although you might feel awkward going back to the estate agent to discuss your previous offer, they are very used to this process. In England and Wales, house purchases are only ‘subject to contract’ until the contracts have been exchanged. Therefore, either party can drop out or renegotiate the price until the last minute.
It is their duty to pass on your findings and concerns to the vendor, so they can consider their next steps too.
- Ask for money off vs getting the work done
At this point, there are two options you can consider. You could either offer a lower amount for the house to pay for getting the work done, using a few quotes to support your new offer.
Alternatively, the vendor might say they will get the work completed themselves so long as you pay what you originally offered.
Do not be afraid to take action after the poor survey results, as Which? previously revealed two-thirds of homeowners in 2016 were able to re-negotiate their offer or get the problems fixed before they moved in.
The advantage of letting the sellers take on the project is you do not have to deal with the inconvenience of having work done and can unpack and settle into the house as soon as you move in. However, you might prefer to manage it yourself, so you can be sure the work is completed to your expected standards and price.
- Be prepared to walk away
If you go back to the vendor with the results of the survey and they are unhappy with either accepting a lower offer or having the issue fixed, you need to decide what you intend to do. Will you be willing to pay the original price, knowing you will need a few thousand pounds to do the work once you move in? Or would you have to walk away from buying the house?
Nigel Bishop, property search consultant at Recoco, told This Is Money: “Negotiation is a psychological game and some people want to feel like they have won.
“There are some vendors who, no matter what you offer, will want more: so just have the maximum figure in mind that you’re prepared to offer, and don’t allow yourself to get carried away,” he stated.
For electrical home rewiring in Manchester, get in touch with us today.
