Would you buy a house on a high street?

[FortunesFave]

We're in Australia so it's slightly different because where we live in a country market town,, "High Street" is more like a village high street.

It's the house we're renting...the landlord has let us know that he wants to sell next year and thought he'd ask us first to give us a chance to sort out finances;

We love it here as it's a big garden but the actual house is in very poor repair. I'm talking VERY poor repair. however, it's on a big block of land...with a pub car park on one side, then a pub (which does get a bit loud on weekend evenings)

My question is whether most people would be put off buying on a high street?

We have a number of sporting events which mean the high street gets closed a few times a year and literal crowds congregate outside our house...plus on weekend evenings, we get the Aussie version of 'boy racers' tearing past at high speed because we're at the bottom of a steep hill and they like it.

We'd have to make extensive improvements to the house or knock it down and build a new one. This will all be reflected in the price...though the 'informal estimate" the landlord gave us seems too high when we compare it to recently sold properties in the area.

I'm asking if you'd buy it because I wonder how much the position and poor condition would affect the price really.

I think the ll has predicted a value of about 40 grand too much...at least.

You already like it, you said you've loved living there. Not sure what the problem is other than price which you can negotiate. If he won't lower it, reject it.

My main issue with high street homes is they don't often have parking. If they do I'm fine with it, if its decent parking and not just like a tiny little space only big enough for a hatchback.

The pub wouldn't bother me either. You can't often hear them from in your house and usually once it's loud, it's just funny watching the drunk people make fools of themselves.

If you can get the price reduced due to it needing work and can afford it, I'd say go for it since you've liked living there.

I would if it didn't need so much work and if it wasn't so close to a pub. Noise when you are owning is hellish and expensive to move. All the renovations I've done have been more than I thought. A busy high street in the day is fine. But screaming and shouting at night ... nah

The High Street wouldn't worry me. The pub would. Renovation depends whether I have the time or inclination. Garden is a big plus.

Sandgroper thanks for the advice...would we ask the landlord to see the rates notices or the council?

I think start with your landlord if you are on good terms with him. Otherwise council or even the land administration dept of whatever state you are in.

I wouldn't if there was another option, even in a village.

Thanks for all the advice and thoughts everyone. Sandgroper we are on good terms in a way ...don't know him very well...we've rented here for 4 years now via an agent and about a month after we moved in, the agent said the landlord (who is elderly) wanted to visit the property as he hadn't seen it for years (he lives very rurally) and has emotional ties to it.

We agreed and spent a nice hour with him as he reminisced about growing up here and how his wife had loved the garden.

Then he emailed me...out of the blue a month ago to tell us privately that he was thinking of selling. I do appreciate him coming to us first rather than just telling the agent.

Well the thing is you actually already live there so you know if it's somewhere you like to live far better than us!
If it is then imo only three major questions need answered first.

Can you afford it or more likely can you get it for the price that is fair?
No then forget it.

If you can get it, can you afford to do the renovations needed even if that means pulling it down and starting again if it turns out there is hidden issues you don't currently know about?
No again forget it!

Is there anything else you should know that would affect either you buying or doing the work you feel is required? Or something else big that would ruin things for you?
For example if it was an old or important building in the uk it may be listed which would have very strict rules on any work done.

The last question is complicated by the fact that to even think about the possible answers you need to know some of the common things in Australian house sales of which I know precisely zero!

If after answering the above and you think maybe then I'd get some proper advice from a professional in real estate like a lawyer etc.