House that needs TLC or house ready to live in?

[triplets8802]

My husband and I are looking to buy a flat, we currently have the below options:
Option 1: flat at the the top of our budget but it is in perfect condition and very good location.

Option 2: flat one very close to option 1 but needs to be painted, change floorings, kitchen and bathroom, however it is 30K below our budget and therefore cheaper than option 1.
Option 3: flat 10 mins walk from option 1 and 2, not our preferred area but nice still. This flat also to be painted, change floorings, kitchen and bathroom, however it is 20K below our budget and slightly bigger than option 1 and 2, which are both similar size
Our plan is to live there for 10 years aprox and then sell it (but who knows)
Which option would you go for? We are both a bit torn between them, as we are first time buyers and new to all this buying thing.
Thanks!

Will you really stay for 10 years? Probably flat 2 but negotiate. It would be about the general building for me too. And kerb appeal. Will spending £30k take it over what the flat is worth? Would you like to put your own stamp on it?

Flat 1 seems to make the most sense. By the time you’ve refurbished flat 2, it’d cost you the same as flat 1 anyway.
No point getting 3 if 1 is in your perfect location.

I would go for flat 2. We went for a similar option four years ago and haven't regretted it. It is nice living in a home where you chose most things. I especially love our kitchen which has a couple of unusual features not many kitchens have.
We also had our flat revalued not long ago and it has gained more in value than we invested, so it's worth it in the long run.

However, you need to carefully work out your budget because 30 k might be a bit tight for a new kitchen, floorings and bathroom.

It depends surely on whether or not you love the kitchen and everything about Flat one or would prefer to make your own choices and have Flat two. Flat three I’d leave because it’s not where you want to be. Personally I’d have the first because costs have a habit of escalating and in the end you would pay at least the same and have the hassle of doing the work.

Thank you all! We are going to have second viewings to make sure we make the right decision...
@Okbutnotgreat I love how they have refurbished flat 1, it is really lovely.

In that case negotiate on flat 1. If you couldn’t better it then save yourself the agro.

I would go for flat 1. We had a very similar dilemma and went for pricier one. We know the people who bought the doer-upper we we decided against, and they've spent a fortune - far more than the extra £25k we paid for our 'finished' property. Plus they had all that hassle. If you love how flat 1 has been refurbed I'd say it's a no-brainer.

You are in a similar (hypothetical in my case) dilemma as me, OP.

But I figured it would be better to go for the cheaper flat and do it up and then sell bringing a greater deposit to the next one - which I would then furnish better.

I guess it all depends on whether

• you like the idea of doing things up
• you have the time outside work
• you have resources which mean it might be cheaper to do
• you are looking to build a home or a 'for now' place

Flat one. It’s going to cost you thirty grand to redo all the floorings Kitchen and bathroom and decorate so if you love flat one and it’s done, just buy that.

But I figured it would be better to go for the cheaper flat and do it up and then sell bringing a greater deposit to the next one

That only works if you can add value, for example spend 30k on the refurb but sell for 50k more. In this case, it looks like you just break even (if that) by doing flat 2 up so you spend 30k to add 30k.
No point of having the hassle unless Flat 2 would be more valueable than 1 when done.