Potters Bar Oakmere

Negotiating house price after survey

You’ve found the home of your dreams and are ready to sign on the dotted line… but your house survey reveals something you’d rather it hadn’t. What can you do?

Well, you can accept the house with its faults and buy anyway; you can walk away from the sale; or, you can negotiate with the vendor to get the house you want for a price that takes those newfound issues into account.

While the latter may seem like a daunting option, vendors often expect a little negotiation and, if your property survey shows defects then it’s entirely reasonable to ask for a price reduction to cover the costs of putting these matters right.

Here’s how to do it…

1. Honesty is the best policy

Just be honest! Remember that you’re dealing with people just like you, trying to get a successful house sale as simply as possible. Be honest about the survey findings, saying that your RICS property survey revealed issues you’d been unaware of when you made the offer. Then you can go on to explain what you’d like to happen in light of the report i.e. the issues to be resolved or the price to be reduced to cover the cost of resolving them yourself.

2. Get quotes

If you’re asking for a reduced price, it’s important to have an idea of the amount you want taken off. Get quotes from independent contractors for the work, remembering it’s helpful to get three quotes to compare prices.

3. Negotiating house prices after survey

Try and make things as clear and simple as possible for everyone involved. Put together a list of specific defects found in the house survey together with the quotes you’ve had for addressing them.  Add what you believe is a more appropriate offer on the property and hand all of this over to your estate agent and the vendor.

4. Asking the vendor to fix issues

Instead of negotiating house price after survey, another option is to keep the price the same but ask the seller to sort any problems before you move in. Again, list the specific defects from the property survey and what you’d like done about them before you buy. If they agree, make sure they supply evidence that work has been completed to an appropriate standard.

If the works are to be subject to guarantees or warranties (e.g. damp or timber treatments, replacement roof coverings, windows/doors or certain types of structural repair work), you should ensure these are transferable so that you can rely upon them upon completion of your purchase.

Get in touch

Buying a property can be confusing and stressful but we’re here to help. As RICS Regulated Chartered Surveyors, it’s our job to uncover problems with properties, meaning you can proceed confidently with your purchase.

Whether the house survey report gives you peace of mind that there are no nasty surprises or provides the evidence to amend your offer, you are assured that you’ve taken all the right steps and gathered all the information you need at the correct stage of the process.

If you’ve got any questions or would like to arrange a RICS property survey with us, please get in touch. At Trinity Rose, our Chartered Surveyors have got years of experience inspecting buildings on behalf of prospective buyers and we will be delighted to help.