Would you invest in a ‘needs repair’ house as first time buyer?

[sally1996]

@hepayedforus Ah shit, that’s my big worry! I was hoping to only need half the spend on a deposit as it’s going to take. There’s no rush for me to purchase like, if I don’t get this one then I don’t get it, but don’t want to be stuck in a situation where the costs spiral and I eat through my savings! Hope yours goes a bit better than the engineer’s evaluation!!

 

[rickylee]

@sally1996 Are you sure it's damp/mould? A surveyor should be able to tell you that very easily as they have a little machine they hold up to the walls to detect it. Unless it smells really badly of damp, you can't tell from peeling wallpaper.

I bought an old house under asking because no one can else bid on it. The decor was so dated, wallpaper was peeling (there was wallpaper even on the ceiling) and there was staining that looked like damp. The surveyor confirmed there was zero damp, the staining was from the old gas fire (when we took out), as did the guy who removed the wallpaper and replastered the walls. Once the carpet was pulled up, new floorboards down and walls painted, the house looked completely different.

I wouldn't buy a house with damp. Go sale agreed, then pay for a survey which is not expensive in the grand scheme of buying a house (approx €500). Tell them you are specifically concerned about damp so ask them to check everywhere. If there is damp you can pull out of the same for that reason and get your full booking deposit back before contracts signed.

 

[4myrecovery]

@sally1996 I did.

I bought a place that was technically livable, but in reality needed full renovation.

So I put about 35k into it. Rewire, replumb, new boiler, second hand kitchen, slabbed and replastered, new floors etc.

Decorating I wouldn't count as repair. In reality carpet/floors and painting is cheap compared to most stuff.

 

[kevinjday]

@4myrecovery This sounds cheap for this amount of work

 

[4myrecovery]

@kevinjday Done most of the donkey work ourselves. Including installing the wooden floors.

So that brought down the cost hugely

 

[rtjmrt]

@sally1996 If a lot of work is needed, you should really include those costs when applying/drawing down on your mortgage.

If it's minor, then it's okay.

Mold is potentially a BIG issue, though. I would consider getting a mold expert along with the standard surveyor.

You may also have to consider replacing windows/insulate if there is mold.

 

[tuned4him]

@rtjmrt Why would bad windows and insulation cause mold ? Not disagreeing just wondering

 

[rtjmrt]

@tuned4him Mold thrives in the cold, hot house, no damp. Plus the windows might be leaking. I did see in another comment the windows were double glazed so maybe just a reseal

 

[bibing]

@sally1996 Buy a house based on all the things you can't change, rather than worry about things you can change.

 

[celandyne]

@sally1996 HIGHLY recommend these guys for the survey. They're around 550e but extremely thorough. Mould can mean structural integrity is compromised but don't turn your back on it without a survey.

dublin@kennedyandassoc.ie

 

[resjudicata]

@sally1996 Yeah absolutely, been there done that.

Specifically consider if the house needs rewiring. It's a job that becomes massively more difficult after you move any of your stuff in.

Wallpaper and carpets are trivial issues.

 

[yoonior]

@sally1996 Check out the SEAI grants. See if you're eligible.

Credit Unions are offering cheap loans to cover your part of the cost.

 

[grace4nan]

@sally1996 Carpets/ wallpapers/ repainting - That's closer to redecorating than repair. If that's all it is, then 100%.

Can do a lot of that yourself and will let you personalise a lot of the rooms and really make them your own.

 

[sally1996]

@grace4nan It’s the mould I’m concerned about. Just included the others to give a sense that I can spend the full remaining savings on damp repair

 

[grace4nan]

@sally1996 Ah yeah 100% - You'll be able to make a much more informed decision once your surveyor has a look. Honestly though it's manageable and if the area and everything else is perfect for you, I'd not let that deter you.

 

[sally1996]

@grace4nan Ah brill! The word manageable I think was exactly what I was hoping to hear - thanks!

 

[resjudicata]

@sally1996 I had mould in the bathroom of the house I bought and it cost very little to repair. The house had been shut up, really old windows, leaky taps and a bird had made a huge nest and buried in under the roof but it was all fixed. The house also had no central heating. I had very very little money and the repairs were done as part of a bigger dry lining and replacing windows project. Honestly it wasn't a big deal.

 

[penfire1]

@sally1996 Decor & furniture are standard. Get a FULL structural survey, then if no significant remedial works, get quotes for the works to be done. U can use this to bid lower by highlighting the minimum works to be done.

 

[sally1996]

@penfire1 Aye, definitely have in my bid budget for the full survey.

If signs of mould and damp visible to a layman and it's already in a 3 person bidding war, would you imagine there's scope to negotiate down from the sale agreed price, or would they assume you should have expected additional costs and move straight to the next highest bidder?

Sorry if it's a really basic question, I'm very new to this! Only been in one bidding war so far and came second there, still learning my way around the whole shebang.

 

[resjudicata]

@sally1996 You buy the house as it is with the information provided by your engineer. If you are bidding with 2 other parties, you won't have a negotiation power at all.