Finding the right house on a budget

[fajitasrock]

I've been trying to find a house to buy in a buoyant market in the town I live in. We've had an influx of people moving to the area which is driving the prices up, people moving from more affluent areas are putting offers in way above asking price.

I'm now able to afford less than I could a year ago so my question is this; how do you find the right house when you can't afford the house you would like? How do you get 'the feeling' when it's smaller than the house you thought you'd be getting?
I keep looking and looking and there is so little choice out there.
I'd like to relocate to somewhere cheaper but this is the town I grew up in, all my friends are here and I'd hate to disrupt my children.
House buying at the moment sucks!

I've ended up buying ex local authority, moving from a nice quiet private estate due to divorce. The new house is actually much bigger, with built in storage and nice new kitchen, flooring etc. Are you able to compromise on your area search? When I visited the street, I could see actually most of the houses were privately owned, surrounding area had well maintained gardens and cars. I grew up in council estates and it wasn't a place I wanted to bring my own kids up but this street was so lovely it completely changed my mind, and was 50 grand cheaper than the poky, Instagram worthy 3 bed I'd viewed right before it.

I'd love an ex local authority house, they are such good value for money! These houses were going for 220k last year, 270k + this year. Unfortunately, my ex and I settled our financial settlement last year based on those figures and I've only just received the funds meaning I now am struggling to find a house to meet our needs. I can't believe what Covid has done to house prices.

Do you have to buy now? Could you hold off for a little while? There are very few houses coming on the market at the moment due to the end of the stamp duty holiday. I think this also means that the few houses that are coming on the market can ask a higher price than usual too, making it more difficult to buy somewhere

I'm in a similar position as I have to downsize to a small terrace (from a good size semi) - I;ve given up on looking for a 'feeling' in the house - instead focusing on its exact location / pleasant outlook. It's compromise galore inside he house I've offered on - and needs redecrating / bathroom updating which helped to get in within budget, but I do like it's position eight by the park and good fpr transport. It's not one of my favourite areas either but it's bordering one.

Still, no idea how i'll feel when i actually move in - for now quite a lot s gong into storage. But I need to buy and also I know it will grow in value - maybe focus on this too, that it's a good investment.

*its position right by the park

I'd like to buy where I grew up but prices are so high there I'd have to win the lottery.
You just go for the size you can afford. Forget about the 'feeling'. You can make a house nice, but it's the location that counts.
Ive just bought a house in a Victorian terrace and the grid of streets are pretty much identical layouts. It didn't really matter which actual horse I bought. You make it your own through decoration. And I've had to downsize by half to get one in this neighbourhood.
The other option is to buy with someone.

Horse? House doh!

Are there any part buy part rent houses?

My main thought is if the property is a 5 min drive from friends then a 10 min drive won’t make a difference

Are the children already in a school? If so you don’t need to be in catchment.

Think about them being a bit older, bus routes, local shops, walking distance to activities, these things will make your life easier in future.

Look for a family friendly estate.

We live on an ‘old’ road, mostly elderly residence who haven’t much to invest, as they slowly sell up for care homes or pass, new money is coming into the area and beginning to improve. Check out estates around 50 years old, they will make the most money as new people move in and upgrade the area.

List the things you'd like in a house or are a must -have. Narrow it down to the top three things. Settle for something that ticks two of the top three. Most people can't buy the house they'd really,really,like or if they can it's only once in a lifetime. Looking long term,location might outweigh everything.

Consider areas on the edge of where you want to be, that are a bit less fashionable or 5 more minutes walk/drive to the nearest station/cafes and shops. If you get more house or garden for your money there, it's worth it.

If I had a very tight budget I'd look for interior space and garden over aesthetic. I'd rather have an ugly exterior with spacious rooms than a chocolate box cottage with poky inside space. You can make anywhere look gorgeous outside. Some people up the road from us bought a hideous ex-council house. They whitewashed the front walls, took out the cracked concrete forecourt and laid a lawn with lavender. Now people walk past and coo at the beautiful old cottage.

Also if you get a good sized garden you can always either extend if you have money or add a garden room as an office or social space for D teens.

Thanks everyone, all good advice. I was trying to find somewhere within walking distance of the dc's school but I'll expand my search to anywhere on a bus route.
The house I went to look at yesterday had a tiny third bed, room for a bed and that's it.
That already had 5 offers on it.
When will this madness end?!

I think half of the issue is just too few properties coming on. I've been looking for a good 4 months and the competition for not very many houses is fierce.

@fajitasrock

I think half of the issue is just too few properties coming on. I've been looking for a good 4 months and the competition for not very many houses is fierce.

Can you mention the area and your specifications? I LOVE house hunting and have an hour to kill waiting for something to happen...