We’ve been living in our house for the last few years but it still needs quite a lot doing to it, but we’ve not wanted to put any money into it because it’s not the “perfect area”. Also, we’re a semi and the adjoining property sold for 30% less than what we paid for ours (not exactly comparable, but close enough to worry about equity).
There has only been 2 houses (detached, period, small garden, 15 min walk to school, relatively quiet road) for sale in our perfect area in the last 5 years and they go for 1 mil + would need another 100k+ renovations.
If we want to buy the dream house then we can’t afford major reno in our current house. But the market is soooo sloww, it really is unlikely that anything will come on the market in perfect areas - but not impossible!
We just don’t know what to do to move forward and plan.
Would you:
A) stay in current house (5 bed semi off busy A road, but set back,1 acre garden). In 18 months spend £150k doing it up to a perfect standard but then unlikely to be able to move for 5+ years
(10 minute drive to school/ 40 minute walk)
B) stay in current house and in 6-12 months just do £30k of compromised renovations and keep holding out for “dream house” (that may never come on market in the area we want and we’re left with a half finished house but good standard for selling)
C) stay in the 5 bed semi and in 6 months just do quick £15k reno and put it on the market and hope there’s something for us in the area nearer the time/go and rent/just get rid of it.
Or are there other options I should consider 🤯