Should I buy a house somewhere a bit grim?

[AllByMySelfDontWannaBe]

I need your thoughts and advice! Might be long, only read if you're interested in property and towns 😁

I am mid 30s and would really like to buy somewhere and get on the ladder. There are two places I'm looking to buy in and cant decide what would be best.

Option 1 is a medium sized town set to become a small city. It's local to me. This is a former industrial town that has, in the four years I've been in the area, really upped its game. Once scruffy and kind of in a post industrial slump, it has built a new tech and start up hub it has filled, it has a university and design school, it is in a very strategic part of the country with excellent links to some key places. Just things like when I arrived in the area there wasnt a single coworking space, there are now three. There are big works going on to clean up and polish the old buildings, make over the streets, etc, you can see the standard of shops and services are slowly gentrifying.
Disadvantages: the region is industrial not exactly enchanting, its isnt a place that gets my heart singing, it still has a faintly "grim" feel in parts as it is in the process of being regenerated. Also risk of it NOT taking off.
Advantages: I can afford a 3 bedroom house with a garden in the centre, or a 2 bedroom at the low end of my budget, and the way things are going I think I would make a good profit when I sell. Also I have friends locally. I do feel a little affectionate towards it.

Option 2 is a well established, well heeled buzzing small city in a beautiful part of the country. It's one of the most expensive places to buy in, it's a very romantic location and idyllic city. Buying here my property would definitely hold its value, but I dont think I would make money on it. I have always wanted to live here.
Disadvantages: At the top end of my budget, I would only be able to afford a one bed flat. I also dont know the region at all, this is all based on dreaming! Dont know anyone here.
Advantages: Fulfilling a bit of a dream, property will hold value.

I cant decide whether to go for option 2 straight off the bat, or whether I should start off with option 1 as it would be financially easier, plus in a place I know well, and aim for option 2 later. Location isnt an issue re work. I think ordinarily I would head straight for option 2 but covid triggered a few MH issues in me and I have slightly cold feet about rocking on up somewhere I dont know anybody until this has all blown over. That's a minor issue though!

What do you think? Anyone got any anecdotes to share?

YABU: Buy in the dream place
YANBU: Buy in the grim place

I'm not in the UK so I'm trying to think of some equivalent for you. Maybe try this:
Option 1 = pre rejuvenation Sheffield on a slightly smaller scale
Option 2 = Brighton

Can you tell us what country and cities? I'm sure there'll be someone with knowledge of the place. If it's in Australia I can give it a red hot go!

I’d g for option 1. If you have to stay at home more better to do it in more space and where you already know people.

Buy in the place you feel ‘affectionate’ towards and have social network in and would be able to have outside space in - no 1.
You can move to no 2 later and maybe when you can afford more than a 1 bed flat if that is what you then want.
Your mental health is actually everything - not only normally but especially over the forseeable.
I’d only say no 2 now if you could afford something really special ‘dream property’ type situation.
It’s great to have property dreams but right now sounds as it no 1 would be positively good for you !
Good luck Op.

I agree with the poster asking to know which locations these properties are in. From what you've written, I would say the first, grimmer option is a better bet...but would be good to know where it is. And where the other one is!

Is there a reason you don't want to reveal the locations? Is it Australia or the US?

I’d go either for option 1 or option 3 (keep looking) depending on which country you are in.

If there’s a chance of another lockdown then a garden and a bit of space is invaluable. Also a place with a spare room gives you more options - you can get a lodger, there is a bigger market when you go to sell.

Is there somewhere close to option 1 that you can afford but which is less grim?

Why can’t you tell us the location?
Mumsnet has millions of readers and I doubt you’d be outed
It’s really the only way to get decent advice and you might hear from people who live there!

Option 1.

I bought a house somewhere a bit "grim" - it's in the not so nice part of my town. I was on a limited budget so no choice really. I've genuinely had no regrets at all, I love my house and it's been fine.

I too would be interested in the locations. It’s not as if there is a register of property dreams with an entry ‘allbymyself - real name b, dreaming of Arundel May settle for Hull full name x dob y bank account z‘ or is there ?!
Obvs if it is outing then of course not but just don’t see why/how it would be and it would be helpful for you for mumsnetters who know 1 and/or2 to be able to advise ??
Either way good luck op.

Go for option 1. If your property goes up in value then you could sell up in a few year's time and buy something better than a 1 bed flat in your dream location.

1 bed flat you really have to count on having good neighbours. A house, not so much. Space would appeal to me.

Op probably wants to keep quiet about the location for fear of upsetting people on here when she call their hometown ‘grim’

Or indeed ‘dreaming of hull may settle for arundel’ - chosen at random.

Option 1. Garden, friends and a spare room or two, versus isolated in a poky flat? It's a no brainer for me.

I'd go option 1. You have a support network there and a larger property.

1 every day of the week

Option 1 is a medium [post industrial] sized town...
Option 2 is a well established, well heeled buzzing small city...

...I'm not in the UK so I'm trying to think of some equivalent for you. Maybe try this:
Option 1 = pre rejuvenation Sheffield on a slightly smaller scale
Option 2 = Brighton

Sorry OP but I'm a bit confused by this because Sheffield is a huge city and Brighton is a medium sized town

if you said the first was grim due to crime rates/poverty etc I would maybe think longer but you didn't. This is about how you would feel on a daily basis living in that house/flat and surroundings. It doesn't really matter what the re sale value will be down the road OR what the area looks like to the wider population and how many points it scores, if it is a safe place to live. Forget appearances and how others would grade it, how would you feel waking up there every morning?

I would go for option 1 definitely. Its about links,friends etc, more than bricks and mortar.

Brighton is a city.....

I’d do option 1, do it up, make some money and then you could afford something bigger in option 2. Unless you fall in love with the grim city and choose to stay there.

We just did similar and we went with option one. We're loving it, despite the whole pandemic situation we've made friends easily since the people are so friendly. House prices have gone up by a third(this will go down once the current boom passes, but probably not the whole way). Because the area was a bit deprived there's still some amazing schemes in the area, like my son gets daily speech and language sessions at school, run by an NHS clinic. In our previous town we spent over a year on the waiting list. This town is the right fit for us.

It's a bit of a gamble but grim places can get better. Where we live definitely fell into the grim category about 5 years before we moved to the area but it's a great place now.

There will be good and bad places within the grim place. Don't pick grim within grim, though.

1 bed flats may not hold their value post lockdown- just look at London. The market is all about garden flats or houses.