Panic: buy cheap house in unfashionable area?

[joysexreno]

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???

Where did the 20k figure come from? Seems a low estimate for a house that needs major work. If you've always wanted a victorian and are willing to put in the effort and £££ (and for it to take several years!) then go for it.
We've just bought a victorian in very good condition - not what I would call a full renovation. It's still cost us 15k so far just for decorating, radiators (no pipework), a new bathroom and some work outside and my hb is a builder so has done most of it himself. We will also have to do the roof soon which will be another 15k. We've not had to do new windows, rewiring, kitchen or any structural work. Just be aware that 20k doesn't get you very far (not a problem if you're happy to take your time though!)

To be crystal clear, the primary issues are rewiring and installing supports for the chimney breasts. The secondary issues are all down to a shoddy conservatory which will continue to be low level shitty

First house sounds like it could be a bottomless pit. It really doesn't seem right for you right now

Can you link to both houses and we can give an honest answer?

When you say structural issues what do you mean? Are we talking major issues?

[quote joysexreno]@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.[/quote]
In that case, you need to have a contingency plan with a budget of £30,000.

@User65412 this is my generous estimate based on issues identified in survey and research re typical costs to remedy

[quote joysexreno]@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.[/quote]
Do you have finances in place including mortgage?
Can you meet that £40K in the middle ie your £20K or maybe a tad more if that'll settle getting the better amazing property? with a view to exchange before Stamp Duty holiday ends? On the basis you're renting and thus no chain?

I live in a Victorian semi and it's really not that hard? Millions of people live in these houses. As long as the structural issues are sorted you can just move in and do stuff as you go along, what's the rush? Maybe I just have low standards 😂

Ok, I will link and then ask MN to delete

When we moved in to our house on the second day we discovered for example that there was a ‘wet brick’ in daughters bedroom wall. When we stripped the wall paper big chunks started falling off and the whole room needed re plastered. So be prepared for things like that and have money set aside.

Having said I’d never buy a house in a chavvy area, I actually did. As a single divorced mum all I could afford was either a small Victorian 2-bed on a nice street, or an ex-council 3-bed in the same town but a worse street. I opted for the nicer smaller house but got gazumped, so had to buy option 2.

A few years on - My NDN is a nightmare, I tried to sell the house 2 years ago but nobody wanted it 😆 and I feel a bit ashamed giving my address or having people over. The other neighbours are LOVELY but the one next door is awful - police are called regularly, she throws fag butts in our garden, is really noisy snd the council refuse to evict her even though she owns another house!

So I’d never recommend it.

@ThatOtherPoster I'm an uptight prig and usually only connect well with other well-educated foreigners (just an observation, not a value judgement). So that's pretty helpful actually

The first house sounds like it needs way more than £20k work doing on it! What areas are they both in?

Number 1 is definitely liveable and you could just do any work over time - no rush! It's lovely but I am very biased towards victorian houses.

We have taken every room back to bare brick and replastered in our Victorian house....the walls looked fine when we viewed but once we moved in it seemed pointless decorating on top of uneven walls....that alone would have cost more than 20k if we hadn’t had family to do it for us.

Oh I love that first one.

First one doesn’t look bad at all!! Totally liveable if you have the money for the immediate repairs

Neither sound suitable. The second you clearly hate and the first sounds like it will end up being a nightmare, clearly there is an awful lot wrong. Everyone is doing their house up at this year, you'll find it very, very hard to find decent quality or reliable tradesmen and there will be long waits and elevated costs. Given you also sound like you havent got a clue what's going on DIY wise I think the purchase would be very unwise. I also wouldn't be surprised if your mortgage provider declines to proceed with the property if it is structurally unsound.

Any stamp duty 'savings' will likely just be absorbed on extra building works. I'd just wait for something suitable. As an aside , 'Chavvy' is petty offensive OP and you are sounding horribly snobby and judgemental towards other social classes for someone that is worried others won't accept them, perhaps practice what you preach. I'm sure we all imagine ourselves in ideas above our financial station, but that's life, and I'd not want my child growing up to look down on others or be a snob.

To me, the difference between these houses is not the garden, it’s schooling.

First one is gorgeous, how close is it to your DD's school? Will she be near friends?

First by a million miles. Second house is very much not my cup of tea.

Number 1,
If this is the one near your dd school. Have they taken the chimney out on the lower floor and left it on the upper floor with no supports?

@dontgobaconmyheart honestly, I've experienced the most xenophobia from "chavvy" people so it's a sincere worry. I've drawn my own conclusions about what "chavvy" means and it may be more down to how people treat me than anything else iyswim?