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AIBU?

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Original poster

Which house

16 replies

Winterblu3s · 05/04/2023 07:51

Option of two houses, both would cost the same monthly payments.

First house - currently rent so no moving, bigger footprint and can make money on, lovely neighbours and views, however flood risk (never flooded but water came into garden in 2007) and needs a lot of work doing to it such as plastering, new flooring (maybe work on floorboards as some have holes in) garden needs doing and new windows, also no parking.

Second house - brand new, parking, no work needs doing to it, lovely plot and area (area of natural outstanding beauty), but it's shared ownership (55% but can staircase to 100%).

After we pay deposite and fees we will have no savings left for either house.

YABU - first house

YANBU - seconds house

OP posts:
Original poster
Winterblu3s · 05/04/2023 07:52

Just to add, first house also needs repointing as a matter of urgency

OP posts:
lionsleepstonight · 05/04/2023 07:56

Second house. I staircased to full ownership eventually and came away with a healthy deposit. I'm a big supporter of SO as a great way to access property. Some people are a bit sniffy about SO but I think it depends on the area and organisation.

If a property has had water ingress to the garden it needs to be declared for house insurance and can reduce the number of companies that will insure you making it ££.

GaspingGekko · 05/04/2023 07:58

Flood risk would absolutely put me off house 1

Original poster
Winterblu3s · 05/04/2023 07:58

lionsleepstonight · 05/04/2023 07:56

Second house. I staircased to full ownership eventually and came away with a healthy deposit. I'm a big supporter of SO as a great way to access property. Some people are a bit sniffy about SO but I think it depends on the area and organisation.

If a property has had water ingress to the garden it needs to be declared for house insurance and can reduce the number of companies that will insure you making it ££.

I've heard mixed views about SO, most people saying if you can own a house 100% that's the best option, but then everyone I know who owns a SO say they have never had any problems at all and would recommend it to get on the ladder

OP posts:
GimmeSleep · 05/04/2023 07:59

House 2

Teapleasemilknosugar · 05/04/2023 08:00

Neither. Flood risk for the first house AND SO for the second would put me right off.

TerrorAustralis · 05/04/2023 08:01

Flood events all over the world are only getting more extreme. Once-in-100-year floods are now happening every 5–10 years. For that reason alone, I'd go for house 2. The lack of work to be done confirms the decision.

nurseynursery · 05/04/2023 08:01

Are these your only options?

CatOnTheChair · 05/04/2023 08:02

Keep looking.
House 1 if it has to be one of these two. I wouldn't buy a new build at a period of time of potential falling prices. Too much negative equity risk.

Original poster
Winterblu3s · 05/04/2023 08:05

If we buy neither and keep looking then we will have to move into another rented property whilst we look as LL is selling regardless of if we buy.

OP posts:
custardbear · 05/04/2023 08:10

Can you widen your search area? Also can the current LL reduce the cost as it doesn't sound great with so much work required, or does the current price reflect this?

Original poster
Winterblu3s · 05/04/2023 08:14

custardbear · 05/04/2023 08:10

Can you widen your search area? Also can the current LL reduce the cost as it doesn't sound great with so much work required, or does the current price reflect this?

Price already reflects this.

OP posts:
Teapleasemilknosugar · 05/04/2023 08:50

Winterblu3s · 05/04/2023 08:05

If we buy neither and keep looking then we will have to move into another rented property whilst we look as LL is selling regardless of if we buy.

This might be cheaper in the long run, depending how long you stay or intend to stay in a new house.

Are either of house 1 or house 2 likely to be your forever home?

Original poster
Winterblu3s · 05/04/2023 08:54

Either could potentially be a forever home. Both are big enough for our family as don't plan on any more children. House 2 has room to extend, house 1 could have loft conversion

OP posts:
Mitchumforthewin · 05/04/2023 08:57

House 1. It sounds more fun and you already live there. You can do the bits that need doing as and when and it’ll be ALL YOURS. I think new builds are overpriced and prices are dropping on them at the moment so a bit risky.

kissthegirlshesnotbehindthedoor · 05/04/2023 09:07

House 1, work out what you'll save on moving cost, ours was £2k for the removals van!

I'd never buy a new build with all the issues that come with it.

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