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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

Would you over invest in a house because you love the neighbours and area?

49 replies

sweettoothbaby · 26/06/2021 20:56

I've lived in this rental for nearly three years. Landlord lives abroad and has said that he would considerer selling to me in a couple of years. In a couple of years I would be able to buy it. He bought it for a fifth of what its worth now.

Its in a semi rural area, very quiet. Very old small village, cobbled streets and ancient pubs and church. My garden backs on to a lovely canal, I love the smells and wild life, I love that I can get on a canoe with my kids from my back gate. My neighbours are very friendly (despite us being the only young family on our little culdesac) Fantastic motor way links with in five mins to either end on the uk and a great town centre.

Its just really nice and I feel safe after H and I split up.

However - I hate living in a town house. I hate having a bedroom and utility room room down stairs. I hate that I have to run up two flights of stairs having to sort the kids out every morning.I hate that the house is high rather than having width. To get it how I want id have to lose my garage, down stairs bedroom, downstairs toilet, utility room to turn it in to open plan. Then turn the now living room room (first floor) in to my bedroom and the kitchen which is on this level in to a bath room or another bedroom. The top floor would stay the same. This is going to cost a lot.

Going off a house up for sale across the road this house would go for 550,000

What do you think? My ex thinks im mental

OP posts:

jeanne16 · 27/06/2021 07:14

Buy the house from your Landlord before you do anything to the house.

ChocOrange1 · 27/06/2021 07:55

Can't you just make the bedroom into the living room, and living room into bedroom now? Just swap them furniture, it wouldn't require any renovations. Then you wouldn't have to run up 2 flights of stairs in the morning.

GrandmasCat · 27/06/2021 08:01

It is a rental, you are not planning on converting it before you buy it, are you?

If so, you are bonkers, if not now… how are you going to afford the changes if you need to wait two years to be able to afford it?

I would make peace with the house, learn to live with it as it is, because of the benefits the location affords as otherwise it would be at least another 2-5 years of hating a house that may never be yours.

EmeraldShamrock · 27/06/2021 08:04

It sounds like a nice area, a more practical house close by would be better, a free start.
As a renter I've had attachments to the house and area which I thought was irreplaceable it's not.

SpiderinaWingMirror · 27/06/2021 08:16

I would be happy to live there as a renter for the next few years and be grateful for the stability.
However, at the point at which you are ready to buy have a proper good hard look at what is around.
Your kids will be older. Your neighbours may well have moved (aging joints and all those stairs). You may well just be sick of it! I would always say dont overspend on house alterations. Adding a room might be worth it, or make a house worth it for you for example BUT spending 10s of thousands is probably not.

MissyB1 · 27/06/2021 08:21

Yes I understand. We bought our house based purely on location and the people living in the immediate area. The house irritates me, rooms are poke,y and there's a lot of work to do to get it how we want it but we don't have the money! Butour ds has had such a lovely childhood living here, and the community feel and good neighbours are a blessing. And the quiet peaceful feeling to the area is a god send. Peace of mind counts for a lot.

EastWestWhosBest · 27/06/2021 08:24

You say he’s planning to sell in a few years. The problem is you don’t know what the housing market is going to do in that time. It could end up costing more than you are counting on.
Also, in a couple of years your children will be older so the having to go up and down stairs all the time will be less of a pain.

Location is very important but I wouldn’t buy somewhere for the neighbours, they can change.

Usual2usual · 27/06/2021 08:26

Honestly I have learned that location is everything.

2.5 years ago we moved from somewhere we love to the next village for a bigger house and we thought 'its only 5 mins away it won't make any difference' .....well it does, it makes a huge difference and we are now paying way over the odds to move back.

If you are happy somewhere then do whatever it takes to stay there.

AquaticLicence · 27/06/2021 08:29

Given the landlord has only said he'd consider selling to you I think you are getting ahead of yourself. When you're actually in a position to buy is the point where you need to decide whether this house is the right one for you with or without renovations. Things may change in the intervening period.

Gallowayan · 27/06/2021 08:33

I am the odd one out here I know but 550k is a lot to pay for a house which is, for practical purposes, inconvenient to live in. Remodelling is expensive and difficult to live with. You could better spend your time and energy on finding a finished house that suits you. We spent two years looking and got what we wanted under budget in the end.

Standrewsschool · 27/06/2021 08:34

If you don’t plan to buy for a couple of years, then wait. When you’re in a position to buy, look around. There may be other options available in the area you live.

Depending on the price of the house will decide whether the changes will be worth it. All roads have a ceiling price, ie, the maximum amount people are prepared to pay for a house in that road. If you prepared to live there for a long time, then that may not be a factor.

Backing onto a canal does sound lovely though.

SmokeyDevil · 27/06/2021 08:36

I'm going to assume that you are going to buy the house first before doing all that work. Because that is just insane and highly stupid if you're going to do the work first before buying it.

Can you afford to get a mortgage for the house? If one across the road sold for £550000, depending on your deposit you'll need to be on a wage of about £100,000 to get a mortgage. Depending on how old you are too will change how long the term can be for the mortgage, so your payments per month could be quite large. I take it you've looked into all of this?

Personally, if I had a lot of money saved up to use as a deposit I'd be using the majority to buy the house to lower the mortgage, especially on a house that pricey.

You're not mad to want to buy it. But I'd probably leave renovating it and enjoy having a smaller mortgage to be honest.

AbsolutelyPatsy · 27/06/2021 08:39

daft to spend so much money on a house that the landlord might sell from under your feet imo

GrandmasCat · 27/06/2021 08:41

The kind of remodelling you are thinking off will cost in excess of £60-70,000 for a very basic conversion.

Can’t imagine how long it would take you to save the money if you cannot even afford a mortgage to buy it yet.

I would enjoy the house while looking for one that works better for the whole family within our price range.

Confusedandshaken · 27/06/2021 08:41

@Sparklesocks

A house is worth what you want to pay for it. If you think it’s worth it - do it!

This. Don't make the mistake of thinking the only value of a property is the investment value. That's a long term theoretical value. The housing market could plummet tomorrow and your investment be wiped out. However the value to you as a secure home remains. So make it into what you want and enjoy living there.

It happen to us in the early 90s. Our home fell into negative equity and due to a quirk of pricing in our area took nearly 15 years to recover. Interest rates were high so our mortgage payments were colossal. And because it was an older property we also had to spend a lot on maintaining it - new roof, windows, kitchen, bathroom, floors etc. When we eventually sold it after 18 happy years we had pretty much rebuilt it and selling it probably didn't cover our costs. So as an investment we probably didn't break even but for 2 decades we had a safe, warm, comfortable, secure home to raise our DCs. It's value as an investment was wiped out but not the value to our family.

Bumzoo · 27/06/2021 08:44

That's a whole lot of work you want to get done for £50k. I'd be amazed if it only cost that.

GrandmasCat · 27/06/2021 08:46

It would also be extremely stupid to add so much value to a rented house you are planning to buy, not only because the house is not yours but because you may be pricing yourself out of being able to buy it… at your very own cost.

It is a nice pipe dream though.

AbsolutelyPatsy · 27/06/2021 08:50

have the dream op but dont act on it until it is yours

yourestandingonmyneck · 27/06/2021 08:52

@Deathsquito

If I’m reading this correctly (and apologies if I’m not op) you only rent this property? You don’t actually own it, you just gave some vague idea of buying it off your landlord in a few years?

And you want to spend around 50k on it now? A house you have no legal claim to at all?

That is completely insane I’m convinced I must have misread this somehow, because I can see some people saying ‘go for it’. And as no sane person would say/do that in this situation I’m quite confused?

Of course not

she's asking if she should buy the house.

Stopsnowing · 27/06/2021 08:53

Town houses are like marmite. Not worth spending so much money to change their basic structure. Look for a house in the area.

LizziesTwin · 27/06/2021 08:53

Open plan doesn’t work well once you have older children. I’d enjoy living there now while they are young & you can’t afford to buy it and have a look around when you can afford to buy for somewhere that meets your needs.

Mumdiva99 · 27/06/2021 08:58

I might buy it for ease of getting on the housing ladder.

I wouldn't spend all that money changing it. I don't think it's a fabulous investment.

At the time you can buy look at your situation - is the house in the right area for you in terms of schools, clubs, transport for older kids, amenities, distance to station etc etc. If it meets all those needs and you are happy there then compromise on the layout for now.

Madcats · 27/06/2021 09:03

It might not feel like it when you have a couple of under 5's (you don't say how old DC are), but children grow up very quickly.

By 13 or 14 they will probably be perfectly capable of getting up and out by themselves.

The unusual layout will work in your favour price wise.

sluj · 27/06/2021 09:04

Town houses really come into their own once your kids are over the toddler stage. They are actually brilliant for teenagers and you can change the functions of rooms over the years - very versatile. Wait and see what you feel like once you are in a position to buy it

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