cheaper project, spacious new build on cul-de-sac or expensive dream house, which 1 would you go for???

[RanToTheHills]

3 possible options to buy and mulling them all.
Option 1(if you're still with me) - a v small project needs complete overhaul and extension but in great location
Option 2 - sensible one, "executive"-type home not my ideal house but beatifully done and will be finished and moveable into very soon.On a cul de sac in a not as good location
Option 3 - dream house, huge, wonderful location,needs nothing to do to it but would mean mortgaging to hte hilt and selling off
family silver/pets/kids whatever!! Would probably need to borrow on top of mortgage in order to secure it.

So oh great MN jury,which option would you go for and why (if you're still with me that is!)

Option 1.

3

or if you are really worried 1. would not go for 2

thanks both, so wouldn't go for the compromise option then? Even with its lovely & very handy en-suites!

It woul dbe your comment "in a not as good location" that woulds put me off! At least with 1 you can stamp your own mark on it.

3, then 1. never 2 - location will seriously get you down. 3 - you will love every second of being there. 1 - sounds like the sensible option but doesn't sound like your heart's in it.

well it's not bad but just not as good. It's being done to v high spec though and would be so easy to move into! We've been nomads for a while now and could do wiht a low-stress option, realise it's probably not for the best in hte long-term though.

Does not such a good location mean not so good schools?

3

location, location, location - seriously that is soooo important. I am house hunting at the moment and it has to be right - would be tempted in your shoes for option 3 as we are really stretching ourselves to get a larger family house

thanks, schools not an issue as all same catchment. 3 appeals but would be such a stretch might mean no hols/nights out/treatsforkids/new clothes for years! I think we can do that, I know many have to but can't get myhead round it all

you are going to be in this house for a looooong time.

tell us more about option 1.

option 1 (thanks for listening!) is in a great location, v quiet which I'm fussy about
though less of a wow factor than option 3.
It's in dire "need of modernisaiton - has, I kid younot, 1960s plumbing/kitchen/bathroom/decoration. It's onyl got 2 beds so would need a loft conversion to get 2 more rooms. We'd be in a caravan or something while the work was being done as it's not really currently habitable.

Can you do links to the rightmove details, then we can judge for you?

FWIW, we're currently going for the equivalent of Option 3, though we can afford it on the (large) mortgage alone + equity. But in our case the dream house needs a great deal of work (no central heating, rewire, replumb, proper bathroom blahdiblah).

We did do some very careful sums before deciding, though. It's no fun being forced to sell off your dream house when the money runs out.

That was meant to be a after the suggestion of links, btw. Though always happy to look at property porn, have done little else over the past 5 months while our sale/purchase have been ticking over.

it's not (yet)fully on the market so not online - v small where we live and places often sell before the final draft particulars are done!

thanks, frogs, it's stressful making such a stretch though, isn't it? So yours is a project then!

Yes, ours is a project. But will be lovely (one day) assuming we don't run out of money. Ticks all the boxes for us, though: area, transport, schools, garden, size, features, etc, so condition is a reasonable thing to compromise on. Plus we've done a renovation before, so know what we're letting ourselves in for. And I know we can pay the mortgage, even though it's bigger than I would like, and have plenty of equity in the house, so no danger of repossession.

Do check affordability. If the sums are too tight on Option 3, I'd go for Option 1. I wouldn't buy a house I didn't like in an area I didn't like, or at least not with the intention of living in it.

Having lived in 5 houses in 8 years (don't ask!) here's what I think:
Option 1- You will cry, weep and sob and wonder why you chose to live there, until it's done up ofcorse, when it will all have been worth it. And you'll never want to move,even when you realise it's still too small.
Option2- Most people would choose this.I did once - I thought the location was OK - on an executive estate on the edge of town next to fields - only I had no friends near by and hated it. Then moved to similar nearer town (in a nice area) loved it.
Option 3 worries me, would you still be able to have a fun life, nice holidays etc.? Obviously you want this house.

Would love to see rightmove details.

thanks,chocolateface- good precis of the situation , your life sounds like mine!
dh is now talking about bridging to get option3, rather scary!

ithought that too, fio, but there are only 5 of them, off a street so not isolated in any way and very nicely done, not boxy at all and v spacious 5-bed, 3 bath.

it's surrounded by some other houses - back/side and the others in same development but not immediately so . it is detached and has a good-sized garden.

How old are your DC's - I think life might me suprisingly easy in the new build.

they're 2 & 6.
Just been on to mortgage company-looks like multiples don't work for option 3(ie we can't afford it!)