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Original poster

Talk me out of wanting this please...

73 replies

partridge · 31/12/2011 13:21

We are just about to spend £60k ish creating a lovely garden room with woodburner and shower room in our 4 bed terraced garden/ ground floor flat in the west end of Edinburgh. We bought at the height of the market and probably wouldn't make it back, plus have already spent money on it.

We have 3 boys and I have always fantasised about spare bedroom/ big hall (spoilt I know) so whilst I love our flat it was really bought as a 5 year plan 3 years ago with a view to buying a house eventually. Then the market spiralled.

This house is literally directly opposite the school my ds1 goes to and the others will follow (currently have a v hectic 1hr round trip school run for school/nursery). It is in a pretty run down street in a not as nice location as current flat, although lovely boutiquey street at end of this one - current location much nicer.

But oh I do love it. Inside track at estate agent says needs £150+ spent on it. If we sold well we would end up pretty much equal. But that is a big if. I have a new baby and don't know if I could handle the stress of marketing our flat. Plus I have a very reactionary and cautious dh who would probably veto outright.

The basement is not included in this sale. Wwyd?

residentialsearch.savills.co.uk/property-detail/307096

OP posts:
Original poster
partridge · 31/12/2011 13:23

Sorry - could anyone convert this link? On iPhone? Thanks. Smile

OP posts:
Original poster
partridge · 31/12/2011 13:24

Sorry... residentialsearch.savills.co.uk/property-detail/307096

OP posts:
bishboschone · 31/12/2011 13:28

That Is a beautiful house .. !

Chubfuddler · 31/12/2011 13:30

Fuck me that is a beautiful house. Stunning.

BUT

can you afford to heat it, maintain it etc? Looks like a money pit.

ThompsonTwins · 31/12/2011 13:49

Partridge, I know the area very well. A friend has just bought a house not far away (smaller property but in nicer street and needing only redecoration) It was fixed price but she managed to get it down another £10,000. Gayfield House looks potentially fantastic but the running costs will in all likelihood be far greater than those of your flat. I know the street well and it isn't great but sounds as though very convenient. Difficult one as Gayfield is a unique property. Other things to consider - is DH's job secure? Is yours, unless you are a SAHM? Also sounds a major project - you would live on a building site for perhaps a considerable time. Would you cope OK with that? To be honest, I think this is a time to be practical rather than follow your heart. What will you have to sacrifice if you buy Gayfield? If you overstretch yourselves financially, you will have a beautiful millstone. That said, if you go for it, good luck.

zonkin · 31/12/2011 14:11

I used to live near there on Gayfield Square. It looks like a lovely house and i can see why you love it but I would be put off by the basement not being included in the sale and the modernisation required. We did a modernisation a few years ago and it was very stressful so maybe I'm still scarred by the experience! Ignoring the modernisation required, the basement issue would still rule it out for me although I see it may be available for sale separately?

violetwellies · 31/12/2011 14:11

It's lovely, but I'm not one to ask ( our project will probably be habitable in about 20 Yeats, and we are living in it) :)

violetwellies · 31/12/2011 14:13

Years not Yeats bloody iphone

Original poster
partridge · 31/12/2011 14:15

I am a SAHM and DH is a contractor. Far from stable or unlimited funds, but if we sold/bought for the same, then it is do-able. He is super-cautious and wouldn't do anything to jeopardise our security. Not put off by project/location (like I say, my son is at school on the same street).

I am mainly put off by finances/ heartache of trying to sell etc.

OP posts:
Original poster
partridge · 31/12/2011 14:44

I also have 12 more years of school run. If we didnt do this we would be highly unlikely to move and would just do our building work. Oh I don't kmow...

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catpark · 31/12/2011 14:50

A few things to consider before viewing it :-

Since it is an 18th century house then there is a high chance it is a listed building. That could cause all sorts of problems with modernisation. You should find that out before you go anywere near it.
Ongoing maintence of an older property tends to be higher that a modern house.
How much is the council tax on it.
The cost of insuring the building.
Heating/electricity costs, you should ask what the current owners pay a month to get some sort of idea.
The basement belonging to someone else would put me off, how much would it cost to buy that ? Why would anyone want to own a basement of a random house actually !

Original poster
partridge · 31/12/2011 14:54

Well, we currently live in an early 19th century flat that we bought totally unmodernised, so I know a bit about projects. This house is not as isolated as it looks - has offices either side and tenement flats a tiny bit further down the street - so the living in a basement thing is not that weird - we kind of do that, living in garden/ground flat... v common in Edinburgh actually.

The heat/electricity bills do worry me, although our current flat is freezing - the piping is much too narrow guage, and we need a new boiler. So really we have a fair bit of modernising to do here over time too.

OP posts:
MNHQ
Olympics2012OliviaMumsnet · 31/12/2011 14:55

Sorry I can't talk you out of it
I think it's lovely.

Good luck whatever you decide though.

Original poster
partridge · 31/12/2011 15:00

It doesnt help that I have walked past this nearly every day at school and consistently loved it...

OP posts:
overmydeadbody · 31/12/2011 15:06

I want that house. If I could buy it I would.

BandOMothers · 31/12/2011 15:10

Can't talk you out of it....too gorgeous...get the house.

Pannacotta · 31/12/2011 15:10

OMG what a gorgeous house! I wouldn't be able to resist if, even with the basement issue.
Seems a good price given its size.
We sold out last house when DS2 was 3 months old, in some ways a small baby is easier than older children (makes less mess for example).
Go for it!

alicethehorse · 31/12/2011 15:13

it's lovely, if you can, do it!

marthastew · 31/12/2011 15:21

Think long term.

If you bought it, would the running and rennovation costs be achievable? Would say, five to ten years of austerity and stress be worth it? I'm in London and its not uncommon for houses to be broken up into flats here but you need to look into the legal situation carefully.

(I think you should go for it. You'll end up with a wonderful family home for your kids to grow up in.)

bishboschone · 31/12/2011 15:22

I have to say the basement thins seems a bit weird.. Is it a flat or what? Would you have people living there? Why would thy want to keep it? I would offer the asking price including the basement . Can only say no !

LemonDifficult · 31/12/2011 16:02

'The basement flat is in separate ownership but may be available to purchase in order to return the house to its full entirety.'

There's the thing. If the basement comes up you will want to buy it too. Probably not essential to do, but it would certainly secure your investment. So, can you be ready to buy it if it came up for sale? Is the basement owner also the seller for the rest of the property?

I know that house, it's lovely - and damn convenient for school/shops/life. The south facing garden must mean it's the garden right on the road so maybe not a private garden which could be a drawback for a house that size. (But there's loads of good outdoor space nearby).

What needs doing to it? Is it £150K in one fell swoop or can you ease in with renovation projects running over a few years? I think £150K might be conservative if it needs complete rewiring/replumbing. I notice no pics of the kitchen or bathrooms...

Personally, I'd probably go for it.

tiokiko · 31/12/2011 17:18

It's lovely and I really see why you want it, but think it would be a major liability or a few reasons. Think the basement is an issue among other things - will PM you now.

GeriManda · 31/12/2011 17:28

Envy Imagine how you'd feel if you see a Sold sign on it?

CurlyhairedAssassin · 31/12/2011 17:33

Do you need a parking space? Doesn't appear to be ANY parking.....

CurlyhairedAssassin · 31/12/2011 17:34

duh, sorry, missed the bit about walled garden and parking. guess you'd want to check if visitors could park easily though?

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