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???

@SylviaPlath1984

The first one says sold, is that an error? No point wondering which one if ones off the market!

I think it’s sold to the op

@Freddiefox I hope not, bit crap to put in an offer and have it accepted when you are still unsure and could leave the vendors without a sale.

Right I’ve looked at the links and both houses look finished.

In relation to the electrics. You can get them safety tested to check they are not dangerous. If they are dangerous you can offer a bit less on the house to cover the cost of rewireing. However if the electrics are tested and are considered to be safe and just old, then you’d likely be considered cheeky to request a discount on the house price. Old and safe is acceptable. Any electrics older then 2020 probably won’t meet current regulations anyway because regulations are constantly being updated.

@Freddiefox that's my precise conundrum. But I'm pretty sure the something else will just be more expensive! I think the question is whether the sellers will knock enough off the price to make the misery worthwhile. And there is so little on the market now - and with the uk 'caveat emptor' approach, the next seemingly clean and modern house could prove to have similar issues!

It's so difficult!

@SylviaPlath1984 Iove the house but unfortunately the survey has me concerned. I'm considering the options before I demand a price reduction.

[quote joysexreno]@SylviaPlath1984 Iove the house but unfortunately the survey has me concerned. I'm considering the options before I demand a price reduction.[/quote]
But it says sold... looks like you've missed your chance anyway?

What about this? This is the same price. Alamo at same road.

@Saltyslug the electrics may be safe for now but according to my surveyor they are out of date "by many decades" and need an inspection by an electrician

I think it would be daft to expect me to buy, rip up a few walls for the chimney breast issue, and then redecorate again in a couple of years to fix the electrics.

Honestly, if they won't give a reduction they can do one. In my offer, I was clear that part of the appeal was the beautiful finish of the property - which I now have to redo!

www.rightmove.co.uk/properties/89748853#/

@Freddiefox I'm aware of that property! It's fabulous. The owners of my one accepted significantly under asking. It was overpriced. This one looks to be in better condition and to have more amenities.

You could try a cheeky offer and see where it goes.

If I was you, I’d contact them tomorrow and ask about building regs and go from there, if they don’t have them in place then consider how much you would spend on a the house but just a shell.

Of you are having to re wire, and sort of the chimney and then redecorate 20k won’t go far.

Obviously choose Woodford Green (lovely) over Debden (rank).

But don’t make the decision based on the stamp duty holiday. I’ve spoken to 3 solicitors this week all whom have said that a sale agreed last week will be really unlikely to get through. Solicitors and the whole process are hugely backed up.

@Freddiefox also, I honestly would consider making an offer on this one but I'm terrified of what I would find! Also, what if the owners know each other (they definitely do!)

Definitely the first one! Woodford Green is lovely, and the second house is hideous.

@Freddiefox this is exactly what I had in mind! But I'm conscious I don't want to mess anyone around.

What do you think is a realistic budget for the works mentioned?

I was imagining a tumbledown wreck for the first one but now I’ve seen them, definitely option 1. The second is gross. But the 1st doesn’t really scream Victorian charm, it looks very modern in its refurbishment and I’m not seeing many original features. People here have found properties in that area that fit your needs, I’d honestly not go for either. There’s every chance you’ll miss the stamp duty deadline anyway even if you start buying now

@TedMullins that's the thing about the link from @Freddiefox - it's oozing Victorian charm. But it's so expensive! Honestly, I'm losing it here

I’ve no idea sorry, I’d have to get a builder round, but even to do the chimney, you would need to the do the flooring, plastering, decorating, waste disposal of chimney or a skip. It just all adds up.

If you need to re wire, are you looking at new kitchen that’s easily 10k.

I’d look at something like this, this is a doer upper and better to buy like this than tear out of the other one.

@Freddiefox I just don't have the energy for a doer upper! The idea of doing the rewire and chimney breast (plus decoration) have my last nerve absolutely frayed!

T

[quote joysexreno]@Freddiefox I just don't have the energy for a doer upper! The idea of doing the rewire and chimney breast (plus decoration) have my last nerve absolutely frayed![/quote]
But in essence that is what you are buying if you are ripping it all out.

If it was just the chimney, but to add in a re wire just adds so much to it.

@Freddiefox you're right! I really have to think upon this. The sellers are so lovely and I hate to disappoint them. I hope they will be reasonable. Otherwise, I may have to consider other options

Personally I would prefer the first one because I like the idea of doer upper with an old victorian house and a garden in invaluable to me. But it does sound like you're more keen on the second. Best of luck whatever you decide x

Just read all your updates and seen the links. 100% the first house

Your daughter will thank you. Get the 1st house.