I need your help!! Pull out or not?

[Mightymaniac1]

Thank you in advance for any help!! Opinions needed please. Early twenties buying first house with partner.

We have been searching for a while in the area we currently rent in. (An area of Bristol) we both love the area and it is convenient for both of us for work and places we go including transport links and parking. We viewed many properties in the area on a budget of around £300,000 for a two or three bedroom house. We quickly realised that houses were too pricey in the area we wanted and therefore we were looking at very small two beds that required lots of work still at the top end of our budget without lots left over for necessary modernising.

Therefore when we found a set of 13 new build houses built by an independent development company only 1.2 miles out of this area we were very interested. The house is £25,000 over budget but parents kindly agreed to lend us that extra.

The house is perfect for us- we’d change nothing about it. Apart from its location. Currently it’s in a bit of a nothing area, not much going on etc. We have received the searches to say that the land around it (mostly green areas common type thing) are being built on. Almost becoming a huge development.

So essentially our perfect house is in a location we are not sure on, and we do not know how lots of upcoming building work could affect life here.

The alternative is to continue renting our flat for a year despite being keen to have our own place and trying to find something that has less concerns. Please help!!

Honestly I wouldn't go for it. Would your budget get you a flat in your preferred location? First step on the ladder could be a flat, and then you step up to the 3 bed house in a few years? At least that way you're paying into a mortgage rather that spending it on rent.

It’s a difficult one as sometimes these small independent builders make some really lovely houses that are a much better build than the large developers. So that can be advantageous. However if a huge development is going to spring up around you that’s surely going to bring the price of your house down. Plus the noise and dust etc going to be a royal pain in the arse.

I wouldn't. You're young. Why rush it?

You know the expression "location location location"? It exists for a reason.

I wouldn’t. I would walk away.
I’m 40 minutes by car over the bridge from Bristol and for £300,000 could buy a 4/5 bed detached 🙈 so when I see 2 bed it makes me go 😳

Personally I would go for it. If you cannot afford what you want in the area you want, then you need to compromise. 1.2 miles is easily walkable. When we first moved to our house, it was 1.5 miles away from the town. The development has grown and with that a pub, garden centre, couple of shops, transport links have also arrived. Also a cycle path alongside the river leading into town has been put in.

Thank you I really appreciate all messages. The house itself is lovely, but of course location is really important. It’s hard to know the impact of the surrounding building work until it happens, but I’m torn between whether it would make the area more attractive (because it’s fairly bare at the moment!) or whether we would find it a nightmare.

In terms of losing value on the house, it’s fairly individual in design and will be different to the products of the large development company who has gained the planning permission so there won’t be a load of clones to contend with when selling.

Also- flats are still fairly pricey in this area and having a garden is really important to us after a year without one. Any flat with a garden in the area doesn’t seem to be much cheaper 👎

We looked seriously at buying a gorgeous house within what is now Cheswick Village before it was built out so much. Similarly to you we weren’t sure enough about location and bought in an existing Bristol suburb. Soooo glad we did-it’s now lost within a huge soul-less development with only basic amenities and no atmosphere. I’d never buy in an area which will undergo significant building as you just have no idea what you will be living amongst in five years time. For £300,000 you will struggle in most nice parts of Bristol but I would personally hold off until after Brexit when your buying power may well improve substantially. No way would I buy or sell at this point unless I absolutely had to.

Are you willing to share the area of Bristol?

Sure- wanted to be in Westbury on Trym ideally.

@Rainycloudyday wow that’s really useful advice, thank you.

No i wouldnt. My friend bought a new build and the surrounding building of homes and a new road made it a misery to live there. His original views of the fields quickly turned into noisy building works, then eventually a heavily built up area. He moved away last year to an old build.

Pull out. Gut instinct with property buying is essential. Also house prices are likely to go down or sellers likely to take offers if desperate to move as the property market pretty stagnant at the moment. You are not in a chain and in a very strong position to buy . Keep calm and carry on looking especially after Halloween!

I was expecting a very different thread

Sorry to disappoint @helpmeiamatoad

That thread title! I was not expecting this topic.

I was going to say 1.2 miles away from your preferred area doesn't sound like much? An easy walk. But the building would make me pull out.

I wouldn't buy on the new development. You'll just be living on a huge building site with constant dust until it's completed.

I could be biased though as I probably wouldn't live in a new build because, unless it is detached, walls in new homes aren't great in terms of soundproofing. You say the house is a different design but it probably won't stand out when surrounded by a huge new estate.

Can you not talk to your LL about a shorter tenancy or a rolling month tenancy or a break clause after, say, 6 months?

I agree, if you were my daughter I would be advising you to wait.

You are still young, I would wait until after Brexit. We rented on a new build estate which was still being built but the major difference was it was the last part of the whole development so we knew what our view would be etc.

With renting it gives you much more flexibility as a FTB to not have to rush into a purchase. There was a recent article about a new build estate that had been built in the middle of nowhere and the issues with needing a car to get to everywhere, no public transport or pavements to be able to walk safely.

I agree buying a house that is the beginning of a massive new development would put me off completely. You will live on a building site for years. Also buying brand new may also mean the value of your home will dive once the new ones have been built. Bit like buying a car, once you drive it off the forecourt it devalues.

Kitten gotta filthy mind!

I had a friend with the same dilemma. She went for it, hated it within 12 months and moved out as soon as she could afford to. Why not contact the builder and see if they have any other developments coming up that might be worth a look. You could get the same style of house but a different location.

helpmeiamatoad so was I!

Are there any development plans on the council website you can look at? There should be something on there. It could be risky but you might end up in an area loads of people want to live in and ups the value of your house. Could go the other way, but not as likely.

Personally I wouldn't, simply because you are questioning if it's the right move. It sound like neither heart nor head are voting for this property, I'd pull and and speak to you LL about extending tenancy for a year.