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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:
Lampzade · 11/04/2021 08:38

I don’t think that you should buy either at the moment as you seem quite unsure. I would just stay where you are for the moment until the stamp duty holiday finishes.
I have just bought a house which needs a little bit of work done. I wouldn’t have bought it if there was any doubt in my mind .
I will remain in my current home for a few months until the work is completed.

In your case Op, I prefer house number 1 . House number 2 is just too modern for my tastes and would date quickly.

SylviaPlath1984 · 11/04/2021 08:41

Op has put in an offer which she admits herself is already significantly under asking, she's going through the motions of making the vendor believe all is going ahead, the property has sold on it, and now op is thinking about haggling even more or pulling out over things she knew about before making an offer in the first place?

Frankly I don't think it's very pleasant thing to do, it's people like that that cost people money and make chains collapse.

Poor form...

Unsure33 · 11/04/2021 08:42

House 1 try and get a reduction for rewiring .

Raaaaaaarr · 11/04/2021 08:47

Pollution does awful things trust me. Do not live near a busy road for your daughters sake.

Hesma · 11/04/2021 08:48

Buy the house that you will love and not regret buying. You will have to spend a lot of time there... go with your heart ❤️

Lampzade · 11/04/2021 08:52

@SylviaPlath1984

Op has put in an offer which she admits herself is already significantly under asking, she's going through the motions of making the vendor believe all is going ahead, the property has sold on it, and now op is thinking about haggling even more or pulling out over things she knew about before making an offer in the first place?

Frankly I don't think it's very pleasant thing to do, it's people like that that cost people money and make chains collapse.

Poor form...

I agree Op has already said that the asking price has been reduced .
Original poster
joysexreno · 11/04/2021 08:53

@SylviaPlath1984 the survey has revealed other things I didn't know about. They hinted that there might be issues with the electrics, but it will require a survey to understand the full extent of issues and remedial work to be done.

it's absolutely to be expected that there will be negotiation after a survey reveals issues in this idiotic property system. Where I'm from, sellers have to disclose all know issues fully. In the UK, the onus is on the buyer to root out anything that's wrong. It's totally stupid and inefficient.

OP posts:
Original poster
joysexreno · 11/04/2021 08:55

@Lampzade the property was priced way too high to start. It didn't sell immediately, and that's why.

OP posts:
HelloDaisy · 11/04/2021 08:56

There is another house for sale just near the first one. It’s on the link on that page for other houses nearby, have you seen it? Looks amazing and is the same price...

Original poster
joysexreno · 11/04/2021 08:59

@HelloDaisy yes, that house is amazing. If my sellers will provide a discount for some of the issues identified, it will probably still be more cost efficient to go with house one, and I really don't want to let them down if I don't have to.

I truly hate the dog-eat-dog nature of the London property market. It's dreadful.

OP posts:
tortoiselover100 · 11/04/2021 08:59

Definitely the first one, you'll regret buying the second and secretly you know it.

HelloDaisy · 11/04/2021 08:59

Pressed send too soon!
I personally wouldn’t rush to buy unless I was completely happy with my choice otherwise it’s an expensive mistake and the cost of moving again would wipe out the stamp duty saving.

HelloDaisy · 11/04/2021 09:01

They should provide discount for any identified problems. Have they had an EICR carried out recently? That will show the state of the electrics and exactly what needs doing.

oakleaffy · 11/04/2021 09:04

@katy1213

So what kind of house would be grand enough to impress your daughter's friends? How often will you need to redecorate/refurnish to keep up to their standards? Do you always take major life decisions to impress some stupid kids? Who probably aren't so stupid that they'd even notice! Are you always this insecure?
That was my immediate thought.

Who gives a flying fox about what one's DC friends think?

I'd not want polluted though.

I'd go for a 'Nicer' {greener} area but a different house maybe.

Umbivalent · 11/04/2021 09:05

I truly hate the dog-eat-dog nature of the London property market

And yet here you are doing it.

crimsonlake · 11/04/2021 09:06

I went for more space and chose to live a few miles from my desired location as I got more for my money.
More space, a garden, off road parking is all good. However like you I am single and simply do not have the money to do the work I would like to do on this house.
Sometimes you think you can live without a decent kitchen or bathroom, but 3 years on I have changed my mind.
I would go for the second house as long as it ticks most of the boxes.

folloyourarro · 11/04/2021 09:07

I originally said house 2, but on seeing the links I prefer house one. I like modern houses usually and don't look for character (mainly due to upkeep rather than not actually liking character) but house 1 is done up lovely, and house 2 isn't my style at all, I'd make compromises if I really love the house but to me the house isn't worth the compromises you say you'll be making. You say house 1 is an easier area for your DD, so if you can get a grip of the quotes and are happy you can afford the work and repayments, I would pay more for house 1 over 2.

I'm very impressed you can afford that much by yourself, good for you!

Original poster
joysexreno · 11/04/2021 09:10

@Umbivalent I don't think anything I'm doing is unreasonable. I would never wait till the last minute and demand a discount or anything. I also am raising these issues NOW and giving everyone the opportunity to pull out while there is still time before the end of the stamp duty holiday. The fact is that I am not prepared to pay the full agreed price now that I know of urgent structural issues that will cost me more money and stress.

There's also the risk that they are trying to pull one over on me regarding some of the issues. Personally, I don't think that's what is happening, but it's something I need to be aware of.

OP posts:
TheVanguardSix · 11/04/2021 09:12

This reply has been deleted

Message withdrawn at poster's request.

TheVanguardSix · 11/04/2021 09:14

Oh my goodness. I'll zap my post, OP. I don't know why I thought we were only on page 3 and you hadn't found a solution yet. But you've made an offer it seems. I'll have a nose on the thread. I want to see where the house is. Grin

Original poster
joysexreno · 11/04/2021 09:15

@TheVanguardSix the areas are Debden and Woodford Green!

I admit I am very concerned about air quality on the busy road

OP posts:
Boomshakkalakka · 11/04/2021 09:16

busy road wouldnt bother me - so used to traffic i dont even hear it to be honest. Id go for that one.

Kezzie200 · 11/04/2021 09:25

Do you need to do it up before you move in? If some can wait then do it while living there. We did. It's your stamp then, too.

I'd worry about the parking situation but it might not be the same issue for you with public transport available. I live in far flung south west where cars are inescapable

But try and get price down, definitely.

Kezzie200 · 11/04/2021 09:27

Ahhh I'd avoid structural issues personally. Doing up is one thing. Structures I leave to the specialists

Crystal90567 · 11/04/2021 09:29

If you can build ikea furniture and fill holes you can do diy.
Get the first house.
Move in and work on it slowly over the years. Like everyone else. It doesn't need to be showroom quality for you to live there quite happily.