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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To ask for insights re this house?

131 replies

LookingForDreamHouse · 29/05/2011 11:23

After MNers' positive and insightful recommendations re MistressPloppys house options, may I indulge you one more time to please help me out here?

We are about to buy our first house and due to limited funds, we have 90% settled on this;

www.rightmove.co.uk/property-for-sale/new-homes/property-31870139.html?premiumA=true

It's not a forever home. We are happy to live here for a few years until we are able to afford our dream home. It's a much better alternative to paying rent in excess of 2k a month.

I like it because its new, modern, and we have a blank canvass to decorate. There are young families there, a lovely playground, good schools and beautiful views of the golf course and equestrian center.

However, I am having second thoughts because I have not lived in a "development" before and I am worried about what the area may become 3 or 4 years down the line.

  • Is it a good investment?
  • Will the value be preserved in years to come?
  • Is there a risk of the development becoming like an "estate"?
  • Will it be quick to sell, years down the line, if we decide to move or find our forever home?

I would be very grateful if you could kindly offer pros and cons for this house.

Thank you.

OP posts:
APieOfButter · 29/05/2011 12:41

Do you really have to live in that area? I don't know London, but there must be people there who are on low wages, so there must be cheaper housing somewhere.

I'm not saying you should get a £100,000 house (although tbh that is how much that first house would cost up north) if you can afford more, but if you moved to a cheaper area, could you maybe get something much nicer/bigger/older for your money?

FWIW, it's on a bit of a different scale (and I don't think there's any good in competitive poverty, plus I know rents are higher down there anyway) but before DH was made redundant, we were looking at buying. We had a choice of getting a 90 grand house that was already done up, or a 40 grand one that needed a bit of work, and we were going to go for the 40 grand one. The way I saw it, better to have a smaller mortgage and do the renovations when you are sure you can afford it, than to find yourself unable to cut back on a massive mortgage. If that makes any sense.

I'm another that would never buy new, unless there was something amazing, eg shared ownership or if I needed accessability or such. I've seen too many people get houses that just fall apart, and they tend to look a bit lego-esque.

GrendelsMum · 29/05/2011 12:43

The second house is much better, but there's a fair bit to be done on the garden, isn't there?

Mind you, you'd have loads to do on the garden of a newbuild - they're notoriously shite.

The kitchen looks fine, although not to your taste. Why not give it a lick of paint on the doors to smarten it up?

The wardrobes are fine, too. Paint them and put new handles on.

Laquitar · 29/05/2011 12:44

Can someone link the 2nd house? I cannot find it.

Original poster
LookingForDreamHouse · 29/05/2011 12:44

Thank you Waltons - I'm dragging DP to view it with me....I noticed the conservatory extension as well, looks dodgy and the garden. The stairs too, i thought perhaps it was the angle of the shot, a childproof gate should close it up?

It does seem like it needs a lot of work now that you've pointed those issues out.

I also think my wish to have a house off a main road, quiet and almost secluded is limiting the choices I have......we'll view it though and see how bad/good it is/or not. Perhaps DP will be able to lower the price if it needs that much work?

OP posts:
Greenstocking · 29/05/2011 12:48

Indulge me.

If you can afford £670 why are you looking at £550 and how does that equate with, " limited funds"? Hmm

Original poster
LookingForDreamHouse · 29/05/2011 12:51

Greenstocking, the 4 bed Townhouses in Ridgemont are 650. We are still within the bracket re the second one.

OP posts:
Waltons · 29/05/2011 12:51

I know that part of London quite well - make sure you check for road noise because it is incredibly close to the M1, A1 and A5. Check the wind direction when you visit, and try and visit again during the rush hour if you still like it.

I think the stairs need more than a gate - you may need to put a banister at the end. Not a huge problem, but just another thing to think about.

The kitchen genuinely looks fine - it's a lot newer than mine!

I don't necessarily think the main roof will need replacing - I looked at Google earth and most of the other houses still seem to have their original roof. Ours is the original and the house is coming up for 100 years old!

The flat roof wouldn't be an expensive job because it is so small and easily accessible.

MainlyMaynie · 29/05/2011 12:54

The second one looks much nicer. If you would want to move from the first one in a short time, there is no way I would buy it. In the current market you risk losing money by buying a new build and then trying to sell it within a few years.

londonone · 29/05/2011 12:55

what's the square footage on the first house? new builds often quite titchy

LynetteScavo · 29/05/2011 12:57

The 2nd house without a doubt.

Waltons · 29/05/2011 12:58

laquitar here

diddl · 29/05/2011 12:58

Second house nicer, but looks like a crappy arrangement internally tbh.

LynetteScavo · 29/05/2011 13:01

www.rightmove.co.uk/property-for-sale/property-29597914.html

I'd go for this.

activate · 29/05/2011 13:03

where do you work and why do you have to choose northwest london when there are much much cheaper and nicer areas to raise small children?

Waltons · 29/05/2011 13:09

Nice find Lynette. The only problem is that one child would eventually be on a different floor, but maybe that's manageable.

Original poster
LookingForDreamHouse · 29/05/2011 13:10

Londonone, sorry, I'm not too sure - will it be here?
www.ridgemont-millhill.net/

activate, NW3...DP too is in farringdon/nw3 - I guess its personal choice, we like the area and our friends and families are around here too....

OP posts:
activate · 29/05/2011 13:16

you need to buy a house within the catchment of your best / preferred primary school

anything else pales into insignificance - there is nothing else that really counts when you have a 2 year old

Laquitar · 29/05/2011 13:16

Thank you Waltons

tooworried · 29/05/2011 13:18

You must be aware that any brand new house is like a brand new car. The minute you take ownership the "value" drops. Apart from that I don't like the new one at all.

The second one has loads of character and potential. Wow at that gorgeous parquet flooring in the living room.

Don't dismiss renting though - it's often a cheaper option just now when you take into account mortgage interest rates (which will be going up soon) and the cost of buying etc.

madhousewife · 29/05/2011 13:21

I'm not an expert but highly interested in property and this is my gut instinct when looking at this place:
Would be a great stop gap on your way to your dream house, it would be a bit like living in a hotel, (fun b/c it's short term!) But these places tend to be built quickly and they aren't made to last. I'm not sure it would be a good investment, I don't think you'd make a lot selling this on. I lived in one similar in SE london. If you are more interested in the short term ease then go for it, but if you want to make some money -no!

bullet234 · 29/05/2011 13:25

The first one looks overpriced for what it is. You're paying more for the area than the house and the agents know this, hence the photographs of the Waitrose sign and the parkland. The second one looks nicer. I am jealous that over half a million pounds equates to limited funds in your eyes, but I hope you're able to get something you like.

ILoveYouToo · 29/05/2011 13:27

Did you realise that it's been on the market since December 1st 2010, and that they've dropped the price from £570k to £550k?

Might imply that they're finding them hard to shift.... and therefore so might you in a few years.

tooworried · 29/05/2011 13:31

Love LynetteScavo's house but feel there must be a catch with the price. Don't know the area at all but am wondering if it's a high crime area? When something looks too good to be true it usually (always) is. London is expensive.

PorkChopSter · 29/05/2011 13:35

OK, now I see a bout the parking, I wouldn't go for Ridgmont.

What schools are you looking at? Buy as close as possible to those otherwise you'll be doing all this again in a couple of years!

MarisCrane · 29/05/2011 13:49

I live very close to the Ridgemont site (or the Inglis Barracks as it used to be known!). I wouldn't live there. It's already looking cramped and it's not finished yet. Traffic is already a bitch on Frith Lane and when they complete the development the number of people in the area is going to increase massively. The other, as yet undeveloped half of the site is horrid (recent murder - unheard of around here!).
It's a shame as the area is wonderful.

I'd go for the copthall house. Happy to help if you need further info on the areas.

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