We've given an agreement in principle but what to buy?

[Rainbowhairdontcare]

It looks like we'll be able to buy a 200k home and that's great news. However we have two options either we buy a massive fixer upper with all the bedrooms we need (at a lower price), something that is more liveable but would only have 3 beds and we need 4 (would look into extending within 2-3 years) or buying outside of our town/village (no more than 7mi away) but kids would stay at their current school. We haven't viewed anything but I'm form as to where to focus our attention. Any advice?

Just go out there and look at some houses first to get an idea of what whats out there as the market isnt great in some areas. If you want to make money long term then its better to buy a fixer upper - that way you end up with exactly what you want rather than paying a premium for some one elses taste. Be prepared to live on a building site if you have a lot to do - and consider renting whilst major works are going on if you can afford it - its always worse than you think it is going to be. Also make sure you keep some extra money on one side as there are always unexpected costs.

We bought a fixer upper twice and they've been the best houses.

This time we got a detached with a large driveway and back garden but a complete fixer upper

There's one I have my eyes on but as it is it looks unhabitable and we'd be buying a carcass. (Don't know if I can paste the Zoopla link). As cheap as that house is, I'm worried of how/where we'd live for the months while we sort out the basics (bathroom and kitchen).

Ours we stripped out to a carcass and were fortunate enough to be able to mov ein with our parents. Weve been here 8 weeks now and it's been fine. We should be done mid August.

Only problem if it's a carcass and literally has not kitchen or bathroom you may struggle to get a mortgage (if you need one). If there is a working kitchen and bathroom you'll get one fine

Depends entirely on your ability to cope with a doer upper. Would you have the money in hand to actually fund the work? I know a couple of friends who bought and spent the next 10 years (basically their kids childhood) living on a building site. Not for faint hearted.

Go and have a look
With a real fixer upper there is always a slight risk the mortgage company downvalues
Would you have the cash flow to do the work? Do you have much experience of doing works?

I’ve known a few people who have bought a massive doer upper. They’ve usually bought a second hand caravan and put it on the grounds and lived in there whilst the major works was being done. This is obviously better in summer than winter but perfectly doable if you can change those things needed to make it habitable very quickly.

I have no experience, but DH works in boat building so knows a thing or two and my BIL is a builder. However this house in question is a terraced so absolutely nowhere to park a caravan. Most things would have to be on a pay as we go... Although we have around £800 a month to put into the house give or take.

By the sounds if it a fixer upper isn't for you. They all look good on TV, but if you haven't got the cash now then I wouldnt advise it.

How old are the dc's ?? If they are going to be at primary school for a few years dont buy out of area. Keep local as will be doing the school run each & every day.

View everything within your budget.

They're 7,9, and 12 plus a baby! The challenge is to find a house that is easily extendable. We're aware that this might not be our forever home but something in between although we don't want to move in the next 5-7 years.

Another thing to think about is many mainstream lenders require the house to at least be habitable (dated is fine).

Like others have said, go and look at some houses. Many areas seem to be dropping in price slightly, or stagnating, so there's no rush. See a wide range and start to get a feel for what you want/need.

Is an alternative a house in good nick with one fewer bedroom but where neighbours have gone into the loft? Then maybe in a couple of years you can go up.

I moved into a liveable doer upper just outside the area I wanted to be in. It was the only house that had absolutely everything I wanted. It is definitely worth looking out of area. But would it affect schooling in any way? Our decision to live out of the area primary school is in will affect secondary school but we are ok with it. We thought it was worth it for the house. My ds loves where we live.

We should be ok for schools, it's only the long drives to and from that are the concern. Just spoke to another broker and she clarified that indeed most lenders will ask for a kitchen, bathroom and heating system in place. So the "carcass" is out of the question.

If you move out of town, will you only need to drive for schools or for everything else too? Eg shopping, activities etc? If the latter, then I’d stay in town as spending half my life in the car wouldn’t appeal.

Just schools. I'd live closer to work ideally too. I would change their swimming lessons to the new local pool.

Sounds like there are good amenities locally so it’s well worth checking out the properties and seeing what you can find.

Indeed! All in all seems like the smarter choice. The only thing that might make us wait is childcare as we'd get more help from UC if renting rather than owning

I've found what I call a "funky flat" within walking distance to work, big open spaces and a terrace. The only problem is parking as I can't see where to park at all.