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Which of these two properties?

33 replies

newyearnewshe · 03/01/2022 15:53

Just looking for a few different ways to think about this "dilemma". DH and I have decided to move our family to a new area in London (me, DH and dd aged 19 months, hoping for another baby in next 2 years). We will be moving from a high rise in a very built up area to an area in london with a lot of green spaces and family vibe.

We are looking for 3 bed flats and there is very little available at present, though this might charge of course. We will be renting as we are letting our current apartment out. We have found two rental properties both very different. One is in an amazing location, right next to one of the best parks in London, within 5 mins walk of lovely villages shops and a station. It is a lovely light filled flat with lots of character. However it is a conversion over two floors with an extremely small kitchen (smaller than we have now) with what looks like a rubbish washer dryer. There are two reception rooms so we could covert one into a dining room and include storage of some kitchen items in there but it's not ideal. Also being split level and period property it's not super practical for our toddler and future baby. But the location is second to none.

The other is a new build one level 3 bed with a spacious kitchen diner, smooth floors and all new fittings and plenty if space. However it's not in the location we would want. To reach the park or green spaces we would have to walk along and cross a busy road with a lot of fumes and not very nice shops. At night walking back from the station it's a bit of a dubious walk along a path or take a longer route and stick to the very busy main road.

If we were buying I'd buy the first one and knock a wall down and make it more practical. But as we are renting we are limited on how much we can do to it to make it suit us.

Which one would you choose?

OP posts:
BasiliskStare · 04/01/2022 00:32

Or just buy some Ikea cupboards to put in dining room - cheap and cheerful but smart & either take them with you or bin them when finished . Not sure LL would want to put built in cupboards in for one tenant. Also as a previous poster ( I think @SimonedeBeauvoirscat ) said - you can put glasses etc in the dining room - I did for a couple of years because kitchen v small it was fine once we got used to it.

HeddaGarbled · 04/01/2022 01:18

Definitely not 2 because of the location. The choice is can you make 1 work or keep looking.

MerryChristmas21 · 04/01/2022 01:45

[quote newyearnewshe]@MerryChristmas21 we can't afford a family home in the new area, but we know that in 2-3 years we will be able to afford it because of our earnings, pay scale / pay rise, bonuses etc. The rental income on our inner city place will more than cover rent on the new place. We could sit tight in our current flat but would have to enrol DD in a school we don't want. Also, after lockdown we just want our new life near the green spaces to start asap! After all dd will only be little once. [/quote]
Is there no way you'd consider a smaller place in the right area? It just seems nuts to be paying someone else's mortgage when you could be paying your own?!?!

But as I said, if you're going to rent the period one would be my choice.

TheHoptimist · 04/01/2022 02:08

[quote newyearnewshe]@MerryChristmas21 we can't afford a family home in the new area, but we know that in 2-3 years we will be able to afford it because of our earnings, pay scale / pay rise, bonuses etc. The rental income on our inner city place will more than cover rent on the new place. We could sit tight in our current flat but would have to enrol DD in a school we don't want. Also, after lockdown we just want our new life near the green spaces to start asap! After all dd will only be little once. [/quote]
You have taken into account that you will have to pay income tax on your rental income? And if one of you is a higher rate tax payer that it a pita.
And got permission to let from any mortgage holder?

TheHoptimist · 04/01/2022 02:19

Get a valuation now as well for the capital gains tax calculations in the future

newyearnewshe · 04/01/2022 09:46

Is there no way you'd consider a smaller place in the right area? It just seems nuts to be paying someone else's mortgage when you could be paying your own?!?!

@MerryChristmas21 in theory that sounds mad doesn't it, but once you factor in stamp duty and the costs of buying / selling, we would actually be silly to buy a one/two bed place now and then buy again to size up in a handful of years. Our rental income will keep us in pocket and allow us better quality of life whilst DD is small, whilst keeping our property as security, and also enable us to enrol her in a school in the area we like. In 3 years we will be able to buy a family home there.

OP posts:
newyearnewshe · 04/01/2022 09:47

Yes of course @TheHoptimist we have done all the work and have used an advisor. It makes sense as we will still save on stamp duty.

OP posts:
MerryChristmas21 · 04/01/2022 10:24

Yes, I'm sorry, we're chirping in with advice/suggestions/questions... none of which you asked for (typical on MN!!)

I'm in a totally different situation, but essentially a similar basic situation but with an international component added in just for added complication !!

Of your current two rental options I'd definitely prefer the period one in a fab location! You can get 'space' when you buy, but you can't change the location of your rental (unless you find another rental
Option). I've lived in some places that have been a complete compromise on space or quality, but have never regretted choosing the best location!!

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