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 know your areas are not in the UK but what you call option 1 does not sound grim to me, just not as salubrious as more well to do areas. Grim is murders, drug abuse, vandalism of communal areas, distrust of the police, aggressive adults and somewhat feral children.

I lived somewhere once that had the above and it was not fun. I only lived there because I couldn't afford any better (and needed the transport links, which were great). There were positive aspects to it as well, it wasn't ALL bad, but the grimness tended to outweigh the positives and I couldn't wait to leave. Your option 1 actually sounds OK and not a bad place to live at all. In your position, I would look at buying a nice standard family home in option 1 area, as it will be easier to resell in time. I would not consider buying a flat anywhere at the moment, especially not a one bedroom flat which were already harder to sell pre-Covid.

In time you may be able to sell at a profit and move to option 2, although your viewpoint may have changed by then and you might prefer somewhere else. You never know!

Can't understand all these people choosing the grim option. I'd choose the lively Brighton equivalent any day! It's not all about profit - do you really want to live somewhere grim while it's still getting on its feet? and won't be as nice as option 2 even assuming that happens?

@katy1213

Can't understand all these people choosing the grim option. I'd choose the lively Brighton equivalent any day! It's not all about profit - do you really want to live somewhere grim while it's still getting on its feet? and won't be as nice as option 2 even assuming that happens?

Possibly because the example the OP offered was Sheffield which isn't grim at all. (Well maybe bits of it are but not in general)

Go for the grim location; don't underestimate the importance of friends/family and your support network. (This is on the assumption that you will have a similar job/career at either location. Obviously, being able to meet your living costs is the most important. Money doesn't buy happiness but it allows you to be unhappy in comfortable surroundings.)

London
Birmingham
Leeds (Leeds Bradford is a conurbation through and is probably bigger than Birmingham)
Sheffield
Manchester (but Manchester and Salford are bigger than Sheffield). Greater Manchester is much larger
Liverpool (but again that excludes many suburbs as in different areas)

Yes about right.

I think sometimes people don't realise that Greater Manchester is not a city, it's a county. It includes many towns and another city, Salford

The city of Sheffield (also Bradford believe it or not) is larger by population than the city of Manchester. Leeds is the second largest city outside London, after Birmingham. Sheffield is a huge sprawl of a place.

Some of the former mill towns (the smaller ones) and mining villages are desirable now and reasonably priced. With easy access to nearby large cities like Leeds, Manchester and Sheffield. But unfortunately many locals are being priced out

@Flaxmeadow

London Birmingham Leeds (Leeds Bradford is a conurbation through and is probably bigger than Birmingham) Sheffield Manchester (but Manchester and Salford are bigger than Sheffield). Greater Manchester is much larger Liverpool (but again that excludes many suburbs as in different areas)

Yes about right.

I think sometimes people don't realise that Greater Manchester is not a city, it's a county. It includes many towns and another city, Salford

The city of Sheffield (also Bradford believe it or not) is larger by population than the city of Manchester. Leeds is the second largest city outside London, after Birmingham. Sheffield is a huge sprawl of a place.

Some of the former mill towns (the smaller ones) and mining villages are desirable now and reasonably priced. With easy access to nearby large cities like Leeds, Manchester and Sheffield. But unfortunately many locals are being priced out

The ONS doesn’t agree with your figures, where did you get them from?

Here. I it depends which city survey you're looking at

I realise it’s only an example but Brighton and Hove have some terrible poverty on the outskirts.

Option 1. Places tend to get better on the whole

Depends on your job prospects/ job situation.