Would you buy a house that needs work or a turnkey ready for 100k more?

[ElspethFlashman]

We currently have a 4 bed. Could get maybe 400k for it. Maybe 425.

Looking at country properties so lots of garden space regardless of eventual purchase.

Would you buy a shabby 3 bed bungalow for say 350 and add an extension?

Or buy a bloody big 4 bed that needs little done to it but would clean us out?

Factor in small kids so don't want to live in a building site unless it's a very sensible idea. Also don't want the disruption of moving to a temporary rental unless very sensible because of the disruption to the kids.

What would you do?

Personally I'd buy the house that needs work. I've bought two turnkey houses and neither were to our taste so we ended up spending money doing them up anyway. Plus one of them turned out to have all sorts of hidden problems which we spent a fortune fixing.

At least if a house needs work you get it cheaper and end up with a house completely to your taste.

Having bought the shabby house before next time I would buy the turnkey! We've run out of enthusiasm and 15years on we still haven't done everything that needs doing. Am currently in my bedroom staring at the fitted wardrobes which I hated so much in viewing the house that I nearly didn't buy the house! Told dh they would have to go.....they're still here. Just can't be arsed with more workmen and disruption and decision making. Still got a manky pink landing carpet which needs to go but can't find a carpet I like. Need to get rid of the floral pink bedroom carpet but can't face emptying the bedroom to fit another carpet in.

Factor in small kids so don't want to live in a building site unless it's a very sensible idea. Also don't want the disruption of moving to a temporary rental unless very sensible because of the disruption to the kids

It will be a building side and you would be best to move out with little children. However yes, the doer upper would be a better move, do it to your taste.

I would keep looking. Wouldn't want a bungalow, but would consider something with development potential that is in live in condition

Doing an extension is going to cost you at least another £50k, updatng kitchens, bathrooms its got to be £450k total. and its still a bungalow.

If you can get a 4 bed house for £450 (the same in other regards ie area, garden, floor size and completly done up to your taste) then surely thats the winner?

Well I suppose I was thinking of one of those double height extensions? The big high white light family space!

But I dunno how remotely realistic that is, time frame wise. Would you have to live in a rental for a year?

You'd need to look into the likelihood of getting planning. Many councils don't like you adding an extra proper storey to a bungalow. The deeds of some bungalows prohibit it as well.

I would demolish the bungalow. Start again on the plot. However if you only have £450,000 this may not stack up. Extending a crap bungalow is not often good value for money. Building a modern Eco one might be but it costs. In your position, I think I would want a turnkey and save the project for later.

Having just moved with two small kids - turnkey, definitely turnkey. Just unpacking has been taxing enough.