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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:
CurlyhairedAssassin · 31/12/2011 17:39

It's reallly nice........ Smile

A vestibule AND a hall......imagine.......[faints]

OnTheBen10DaysofChristmas · 31/12/2011 17:40

If I lived in Edinburgh I'd buy it Envy

Original poster
partridge · 31/12/2011 19:34

Ok I have been pretty effectively talked out of it by someone with the inside track. Sad thanks all.

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bishboschone · 31/12/2011 20:13

Oh, can you share the inside info? I guess when something is too good to be true it usually is .

Original poster
partridge · 31/12/2011 20:20

small garden - which I knew - students in the basement and probably more like £200k to be spent on the inside. Off street parking doesn't bother me at all - lots of residents parking in town.

I am still wavering to be honest - heart saying yes, head saying no. Husband mostly saying no.

OP posts:
bishboschone · 31/12/2011 20:22

Hmmm students in the basement would scare me off . It s a beautiful house though. Your husband sounds like mine . I call him captain sensible :)

Chubfuddler · 31/12/2011 20:30

Students in the basement? No bloody way.

EtInTerraPax · 31/12/2011 21:08

Would it not be difficult (or even completely impracticable) to do complete renovations without access to the basement?

EtInTerraPax · 31/12/2011 21:09

Shock and now I've actually looked at the property.

You have to buy that! It is utterly gorgeous in every way... Envy

libelulle · 31/12/2011 23:20

Dh says it sounds like you are all discussing a termite infestation in the basement. Do rentokil deal with students I wonder? Grin I guess if it sounds too good to be true, it probably is. What a bloody gorgeous house, though - if I had the funds I'd be more than tempted!

Original poster
partridge · 31/12/2011 23:32

Yeah, I'm not overly worried about students... It would be tight if we did it and a catastrophe like a new roof needed may kill the dream. Sad

OP posts:
Original poster
partridge · 31/12/2011 23:33

But then again if it has been standing since the 18th century can't it for a little longer with a bit of a cash/maintenance injection?

OP posts:
pooka · 31/12/2011 23:42

Beautiful house.

But - looking on googlemaps, would loathe the situation with the adjacent car park/offices(?). Looks like a pretty busy street.

That and the basement sitch would put me off.

Original poster
partridge · 01/01/2012 00:11

Yes, lots of people responding to this wont realise that it is in a pretty poor setting, but lots of great stuff v near so doesn't bother me...

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pooka · 01/01/2012 00:28

Oh - the location per se is awesome - so close to city and so on. I just think that the proximity of offices/car park/bus station might be a bit oppressive.

But the price seems to reflect that. But the resale would worry me a little - might be harder to shift than your current place IYSWIM.

Hats off to you for 1hr round trip for school. Grim.

MNHQ
Olympics2012OliviaMumsnet · 01/01/2012 18:08

Oh Partridge sorry to hear about inside track . It is a LOVELY house.
But I am a VERY firm believer in things that happen for a reason especially wrt houses.
For .e.g I am very Envy of your woodburnerboasting garden room.
ALl best whatever you decide.

flatbread · 01/01/2012 18:50

Hi Partridge,

I think the location is crap, too near the bus station. I think a year back or so, a lovely townhouse in East Claremont was on for £540k or so, much better value for money, IMO. Recently a huge bungalow in Chorstophine went for £245k, previous selling price was £360k or similar in 2006. There are bargains to be had, and I think you might be better off to wait and look around a bit.

Original poster
partridge · 01/01/2012 19:42

yeah, location really doesn't bother me and is a positive in a way - near broughton street, which i love, and like i say, i could literally tip kids out of the door and into the lollypop man. so that, plus beautiful house are compelling.

my fears are the money pit side of it - not even hugely bothered about re-sale, as if we did it, it would obviously be a 30 year plan...

oh well, thank you all for very valuable input. like i said, i just don't think we are financially robust enough in this market to suddenly discover a huge dry rot problem, or that the roof needed replacing - stuff that could conceivably be missed in a survey.

we really won't be looking if we don't do this - i would hate the idea of marketing and trying to sell our flat - even though a few have gone very well in the last year, it still freaks me out making a potential loss from when we bought it - and anyway, i am very fond of it. we are comfortable there both financially and physically - i could just do with one more bedroom, a big hall and a utility room spoilt. I wouldn't go for a bungalow in corstorphine or a house on east claremont street - it would have to be something hugely unusual and a bit of a project to compel me to move.

OP posts:
Pannacotta · 01/01/2012 19:59

patridge could you persuade an experienced builder to go and have a look with you? They would have a good idea re the roof and issues like woodworm/dry rot without you having to go to the expense of a building survey, as well as give a better idea than the EA re likely renovation costs.
If that is all that is putting you off then perhaps its worth a few begging calls to decent local builders.

Pannacotta · 01/01/2012 20:08

sorry, I mean partridge (one glass of wine too many and I cant spell....)

flatbread · 02/01/2012 09:45

Can see why you might not want to be in Corstophine, but East Claremont is right round the corner from this location, but is just a nicer, more residential street.

I think you might be making a mistake buying the most expensive house in a less desirable area. ( I wonder if there are lots of noises at 6 am when the busses leave the depo and late at night when they park back in...) The other thing is that there is very little greenery around the area, and holyrood park is a good 30 minute walk away.

If your dh is a contractor, there is no guarantee that he will always have work in Edinburgh, so buying something generally unsuitable to most people may not be a good move. You might find it hard to sell later on or rent out at a reasonable cost to cover mortgage payments.

soverylucky · 02/01/2012 12:21

This reply has been deleted

Message withdrawn at poster's request.

Original poster
partridge · 02/01/2012 16:25

Thank you all. Whilst I still want it, you are definitely highlighting the impracticality of that house. I could refute every point (eg green space at Carlton hill - I could get keys to regent terrace gardens) but I would be desperately justifying myself and I know in my heart of hearts you are mostly right.

I know the area very well and like location (lots of friends in gayfield square/hillside/regents and royal terrace and Bellevue) and easily live with the slightly undesirable situation.

However you are right about contracting husband - where we are now is eminently rentable and I guess gayfield house isn't. If we had more financial leeway it would be much less scary and although current property would cover purchase and £200k of renovations that would be about all.

Thanks again folks. Still going to see it, but with head not heart I think...

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Driftwood999 · 02/01/2012 17:01

No advice, just initial reaction of there is one born every minuite And, thinking that you will need staff unless you are a slave which I hope you are not. Think, why has this property not been snapped up?

Original poster
partridge · 02/01/2012 17:23

Why staff? It's big but not unmanageable. I guess it hasn't been snapped up for the many, many reasons below; cash needed to do up, rats students in the basement, horrible situation, small garden. All of which I have explained I can live with except the cash needed and the pain of selling my flat.

I do know the area extremely well, am no mug and have lived in Edinburgh on and off for my whole life. Plus the school being directly opposite (you can see it in the pic of the gate) is a huge advantage and outweighs the situation problem.

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