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Original poster

Panic: buy cheap house in unfashionable area?

220 replies

joysexreno · 10/04/2021 22:43

I need to buy asap and I'm having a bit of a crisis. Some of this relates to my self-perception and/or self-image.

To buy in the area where I would like to be (near London suburbs, leafy, urban), I need to compromise and get a place that requires DIY. It would be Victorian . The house is very charming and there is a large, idyllic garden that requires lots of money spent on it. All the cars on the narrow road are banged up due to the parking situation. I probably have to do £20k worth of stressful works before moving in.

Alternatively, I could buy very close to a tube line that easily takes me everywhere I need to go. Great house, totally done up, big driveway. It's on a terribly busy road and the area is extremely unfashionable. My house payment would be £250 less per month and I wouldn't really have to spend any money upon moving in.

HELP! wwyd???

OP posts:
greatauntfanny · 10/04/2021 23:16

What on earth do you mean by ‘fashionable’? if it’s something you care about (and it sounds like it is), get the ‘fashionable’ victorian house you need to do up.

and teach your daughter it doesn’t matter and friends who mock her for the house she lives in aren’t really her friends (once you’ve learnt this yourself)

Thewithesarehere · 10/04/2021 23:23

your estimate of £20,000 is likely going to be above that. Keeping this in mind, are you determined enough to ensure you can think of what the first house is going to look like when done?
If this is not your forever home, I will buy the one that doesn’t lose you money in future.

Original poster
joysexreno · 10/04/2021 23:24

@Lweji the first neighborhood is definitely on the up and therefore is probably a safer bet financially.

The second area apparently is notorious for just not being nice. It's filled with 1950s and 60s housing and the high street is ugly. There is a feeling of deprivation in the area.

OP posts:
Original poster
joysexreno · 10/04/2021 23:26

@Thewithesarehere the problem with the first property is that it looks great but has hidden flaws, like unsupported chimney breast and rewiring needed urgently. I will have to do most of this before I even move in! And obviously redecorate on top of that.

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Hoolihan · 10/04/2021 23:30

It won't be that stressful getting the work done on the first house before you move in, provided you can afford it. Renovations are horrendous when you're trying to live there too but you're actually in a good position if you can do the major stuff and live off site.

In any case don't get the second house, you don't want it.

Original poster
joysexreno · 10/04/2021 23:32

@ElephantsNest that's very good advice, thanks. I will go to sleep tonight visualising the experience in each property!

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Original poster
joysexreno · 10/04/2021 23:33

@Hoolihan it's mostly that I didn't budget for it and there are ongoing damp issues that will stress me out - but yes, it's amazing not to have to live through it!

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MissMarks · 10/04/2021 23:34

I live in a large Victorian house with a big garden- it is beautiful, however, without sounding really sexist- unless I really loved DIY, if I was on my own I wouldn’t be so keen. It really is never ending with wee jobs that need done and I totally rely on my husband and dad to maintain it. It is all things you don’t think about- wooden sash windows need painted every other year, tiles can need replaced/ maintained, garden hours and hours of work to keep on top of it. General running costs are more due to high ceilings/ single glazing.
Think carefully about how much time and money you want to spend on living in a period property.

TooExtraImmatureCheddar · 10/04/2021 23:35

I really don’t think you like the second house at all. I would forget about it altogether. Aren’t there any other options that don’t need as much work?

Original poster
joysexreno · 10/04/2021 23:38

@MissMarks eek, that's exactly what I'm afraid of! I don't want my home to become my enemy!

@TooExtraImmatureCheddar there's actually another amazing house on right now that's very similar to the first, but the asking price is £40k more than what I've committed to house one (I've got an accepted offer!) So basically I'm looking at spending a lot more for something that requires less work.

OP posts:
Kitkat151 · 10/04/2021 23:40

I love my Victorian semi....and after 5 years have only got hall, stairs and landing to do....but it’s been a mammoth 5 years and it sounds like there’s far more to do in your one...i have had my partner and 2 sons and son in law ( who is a cabinet maker) do most of the work...no way could I have done it all....and it would have cost a fortune to get tradesmen in for everything..,,think it through with your head ( not your heart!)
good luck with your decision

TedMullins · 10/04/2021 23:40

It's also part of my self perception to be in a charming Victorian house

Actually pissing myself at this, thanks for the laugh OP. It’s part of my self perception to have a holiday villa in the LA canyons but self perception isn’t accepted by most major banks.

Where are the areas? The work that needs doing on house 1 sounds like a nightmare. Have you viewed the house and made an offer? A homebuyer’s survey might show up structural problems so extensive that a bank wouldn’t lend a mortgage on it. Can you afford to pay tradespeople to come and do the work required? Why does it have to be one or the other? I don’t believe that these are the only two houses in the whole of London that suit your needs. It doesn’t sound like either of them are right for you.

(Caveat: if the ‘unfashionable’ area is Thamesmead then YANBU, it’s a barren armpit of a place.)

depopsa · 10/04/2021 23:41

My main question would be if you really think that you would be able to do up and afford monthly payments for house 1. The fashionable/impressing kids/self perception questions would not influence my decision (too old for that kind of -nonsense- worries). But as another single parent, I've learned not to underestimate the stress of in living in an unfinished house and not comfortably within my budget. I absolutely value easy participation in school life and having a house I love but have learned through trial and error that I simply don't have the time and money to dream too big. The stress of not feeling on top of things is too much and easily spills over in the rest of our lives.

TooExtraImmatureCheddar · 10/04/2021 23:41

I’m the wrong person to ask though because I love period properties, and ones needing work, and I know what you mean about a nice location, so I would be house one all the way!

ThatOtherPoster · 10/04/2021 23:41

there's actually another amazing house on right now that's very similar to the first, but the asking price is £40k more than what I've committed to house one (I've got an accepted offer!)

Can you afford £40k more? Having an offer accepted means nothing in this crazy world of house buying.

I wouldn’t buy a nice house in a chavvy area. The rule is always “the worst house on the best street”, not the other way round.

You can get people to rewire a house, but not to improve where it is.

Original poster
joysexreno · 10/04/2021 23:44

@TedMullins literally my entire life I have wanted a Victorian home. I was a very strange child.

Essentially, I'm now flipping out a bit following the survey - it's identified some structural issues that the current owners either didn't know about or ignored. They seem dumb. I want everything to be structurally sound and I think my surveyor is pretty good.

For practical reasons, I think that these two properties represent the available options - I need to be near to a certain tube line and in a certain price range and I've viewed many, many properties

OP posts:
laardvark · 10/04/2021 23:44

Construction is temporary but location is permanent

Lou898 · 10/04/2021 23:45

Location and max you can afford would be my advice. In a few years this will not seem so bad and you won’t regret it.
Unfashionable areas can become worse or can go upwards depending on people who move there and regeneration of area by council. You could investigate if there are any plans in the offing for the area.
I always believe a smaller house in a better area is better than a bigger house in a poor area when reselling.

Mosaic123 · 10/04/2021 23:45

Good to buy a house with potential. If it takes you a long time to do it up is that so bad?

Original poster
joysexreno · 10/04/2021 23:47

@ThatOtherPoster on paper I can afford it, but I'm terrified of overextending myself.

The nice house is definitely in what one might call a chavvy area. Not sure it's the best house in the area, but the interior is a cut above.

Possibly relevant: I'm foreign and slightly worried about xenophobia/fitting in

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TedMullins · 10/04/2021 23:49

[quote joysexreno]@TedMullins literally my entire life I have wanted a Victorian home. I was a very strange child.

Essentially, I'm now flipping out a bit following the survey - it's identified some structural issues that the current owners either didn't know about or ignored. They seem dumb. I want everything to be structurally sound and I think my surveyor is pretty good.

For practical reasons, I think that these two properties represent the available options - I need to be near to a certain tube line and in a certain price range and I've viewed many, many properties[/quote]
Then there’s every chance the bank will refuse to lend on it, or will only lend on the condition of the issues being fixed, or will lend a smaller amount than you need. Personally I’d go for option 2, because if the issues are really that extensive you might struggle to sell it yourself in future if you wanted to, or end up having to pay way more than anticipated to renovate/fix it

Original poster
joysexreno · 10/04/2021 23:51

@depopsa thanks, that's very helpful. It gets to the heart of my concerns.

Realistically, the house is in decent shape and should be largely fine after the works I'm proposing to do before moving in. I think it will be a horrible process, but once it's done, we should be good to go other than some niggling issues which will be annoying to deal with.

Honestly, one of my biggest concerns is the sheer hassle

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MissMarks · 10/04/2021 23:51

It really depends how much time and money you have to do the ongoing maintenance of them. What about a period apartment as opposed to a whole house? You could get the same high ceilings/ features with a bit less stress.

Original poster
joysexreno · 10/04/2021 23:52

It's possible I'm exaggerating the extent of the issues. It's a beautiful home that looks good. I will have to drop a load of money to take care of structural issues. I'm not in danger of losing my mortgage because this is not at the top of my ability to get a mortgage

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Original poster
joysexreno · 10/04/2021 23:54

@MissMarks I see what you're saying, but I am loath to 'own' a leasehold and I really want a garden for my daughter. And this may sound crazy, but I absolutely require a 4 bedroom and it's very difficult to find a flat of that size

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