Hello dear home builders / renovators / restorers!
We are currently looking for a house in our town. At the moment, we rent half of a house, which is only separated from the neighbor by a partition wall.
We renovated and moved into our living area two years ago (wallpaper, tiles, ceilings). So, our living space is finished.
The neighbor’s side is only partially renovated, as the basement rooms (old laundry room, etc.) are unused and still have the 70s/80s style charm.
On Sunday, we have the first meeting with the landlord (with whom we get along well) to clarify some initial questions.
Now to my concern:
Does it make sense to contact a professional / building surveyor to thoroughly inspect the property? We are not unskilled in DIY and want/can handle some renovations ourselves. But we do not feel confident judging whether the asking price matches the condition of the property.
Who can or should one involve for assistance? Is this a common practice? How have you approached this?
Best regards
SaTo12
We are currently looking for a house in our town. At the moment, we rent half of a house, which is only separated from the neighbor by a partition wall.
We renovated and moved into our living area two years ago (wallpaper, tiles, ceilings). So, our living space is finished.
The neighbor’s side is only partially renovated, as the basement rooms (old laundry room, etc.) are unused and still have the 70s/80s style charm.
On Sunday, we have the first meeting with the landlord (with whom we get along well) to clarify some initial questions.
Now to my concern:
Does it make sense to contact a professional / building surveyor to thoroughly inspect the property? We are not unskilled in DIY and want/can handle some renovations ourselves. But we do not feel confident judging whether the asking price matches the condition of the property.
Who can or should one involve for assistance? Is this a common practice? How have you approached this?
Best regards
SaTo12
Bauexperte schrieb:
You just have to remember that you have no right to reduce the purchase price; the seller sets it entirely on her own. If she doesn’t like your offer, no matter how much the expert report supports your case, she will always decide based on her own needs. Hey there,
I hadn’t considered this aspect until now 🙄
Of course, the seller can stick to her price, even though – according to the expert – renovation work costing XX is necessary.
We either accept the sale price or – ideally, IF defects should arise – we can negotiate the price down.
Now let’s look at this from a different angle.
What if the expert states that the property’s value is €150,000 instead of the assumed €100,000?
Do you think (yes… it’s a private chat, you’re right :p) she will adjust the price?
I don’t think that’s realistic, but it’s something to keep in mind.
Now the question arises whether it really makes sense for the current owner to be present during the expert’s inspection.
On the one hand, this allows the expert’s questions to be answered quickly and the seller gets a first impression of the property’s actual condition.
On the other hand, I could imagine that talking to the expert alone might let me pick up tips and tricks to negotiate the price down.
I have an expert on hand who happens to be a client of ours.
That doesn’t reduce the costs for the expert, but it does give me easier access to him.
I simply believe he talks differently with me as a buyer than he would during an inspection with the seller present.
And let’s be honest… every dollar counts, and I want to get the best price for the house 😉
Of course, without any bad conscience afterwards.
Best regards
SaTo12
Here is an update,
the first meeting with the landlord went very well.
We were able to clarify some initial matters and informed her that we want to involve an expert.
She thought that was very good.
Now the question remains whether she should be present during the expert’s assessment/inspection. See the post above 😕
the first meeting with the landlord went very well.
We were able to clarify some initial matters and informed her that we want to involve an expert.
She thought that was very good.
Now the question remains whether she should be present during the expert’s assessment/inspection. See the post above 😕
The expert should be a publicly appointed and sworn building surveyor specializing in building damage if they are to provide you with a written report on the condition and possible construction defects for which they may be liable. Since the expert can only assess the property based on a visual inspection, they cannot accept liability for more detailed statements. In-depth material investigations are not possible before purchase because you do not own the property. Furthermore, such detailed building diagnostic examinations require significant effort, which naturally needs to be fairly compensated.
In my purchase consultations, I evaluate the property during a 3-hour on-site appointment based on these visual criteria, which, with some experience, are sufficient to assess the property's condition and construction age class and to provide a purchase recommendation or an initial rough estimate of renovation costs. More cannot be provided within such an appointment—and for a fee of €300–400. The written documentation of the property inspection takes about 4–8 hours and is estimated by me at €360–720.
A valuation of such a property using a simplified cost approach can be performed if sufficient information about the property is available. A complete property appraisal will—depending on the property value—range from at least €800–1200.
Setting minimum-maximum demands: wanting to pay as low a fee as possible while expecting a maximum level of service with liability claims is more than unrealistic. For sound and reliable advice, you have to pay a fair price.
Considering the amounts involved in purchasing, renovating, or remodeling, arguing over a fee of a few hundred euros for advice that provides crucial information for the property purchase is simply ridiculous.
In my purchase consultations, I evaluate the property during a 3-hour on-site appointment based on these visual criteria, which, with some experience, are sufficient to assess the property's condition and construction age class and to provide a purchase recommendation or an initial rough estimate of renovation costs. More cannot be provided within such an appointment—and for a fee of €300–400. The written documentation of the property inspection takes about 4–8 hours and is estimated by me at €360–720.
A valuation of such a property using a simplified cost approach can be performed if sufficient information about the property is available. A complete property appraisal will—depending on the property value—range from at least €800–1200.
Setting minimum-maximum demands: wanting to pay as low a fee as possible while expecting a maximum level of service with liability claims is more than unrealistic. For sound and reliable advice, you have to pay a fair price.
Considering the amounts involved in purchasing, renovating, or remodeling, arguing over a fee of a few hundred euros for advice that provides crucial information for the property purchase is simply ridiculous.
W. Pickartz schrieb:
In my purchase consultations, I evaluate the property during a 3-hour on-site appointment based on these visual criteria, which, with some experience, are sufficient to assess the condition and building age category of the property and to provide a purchase recommendation or a rough initial estimate for renovation costs. More than this cannot be done within such an appointment—and for a fee of €300 - 400—Honestly, I don’t expect more from an expert. If they point out the aspects mentioned above and explain what will likely need renovation in the coming years or where the main issues are, I am completely satisfied.
Thank you for your detailed response and the insight into this perspective. I found it very interesting.
B
Bauexperte26 Oct 2015 10:14Hello,
An example from my work: there are land sellers who—given the tight market and current interest rate policies—believe they can sell their land well above its value. Some can be reasoned with, others are stubborn. One thing they have in common is that it’s only a matter of time until the “right” buyer shows up 😉
No one can answer questions about the property better than they can!
Musketier gave you the correct answer here. Why would the expert be forthcoming with information to the seller when you are their client?
Of course. After the inspection and in a one-on-one conversation 😉
See? All the worries beforehand were for nothing 😀
Regards, Bauexperte
SaTo12 schrieb:
Let’s look at this from a different perspective. What if the expert states that the property is worth €150,000 instead of the estimated €100,000? Do you think (yes... a private chat, you’re right :p) they will adjust the price?
An example from my work: there are land sellers who—given the tight market and current interest rate policies—believe they can sell their land well above its value. Some can be reasoned with, others are stubborn. One thing they have in common is that it’s only a matter of time until the “right” buyer shows up 😉
SaTo12 schrieb:
Now the question is whether it really makes sense for the current owner to be present during the expert’s property inspection.
No one can answer questions about the property better than they can!
SaTo12 schrieb:
On the other hand, I could imagine that in a private conversation with the expert, I might pick up tips and tricks to negotiate the price down.
Musketier gave you the correct answer here. Why would the expert be forthcoming with information to the seller when you are their client?
SaTo12 schrieb:
I just think the expert talks differently about the property with me as a buyer compared to during an inspection with the seller present.
Of course. After the inspection and in a one-on-one conversation 😉
SaTo12 schrieb:
The first conversation with the landlord went very well. We were able to clarify some initial points and informed her that we want to involve an expert. She thought that was very good.
See? All the worries beforehand were for nothing 😀
Regards, Bauexperte
Similar topics