Hello,
My husband and I are finally in a position to buy we have managed to save £25k which we need to put towards fees etc too. We have a small mortgage in principle (I unfortunately work pt due to dc) but it's enough for the area we live in. However the past year the houses have shot up in price (ie you could buy a nicely done 3 bed semi for 120k now they're 170+)
I want to know where did you compromise on house/ location? Esp ftb with dc?
We are in the good position that we don't need to move immediately but I would like to move out of our current area we rent in within the next two years. (Currently our road has had several break ins - cars and houses repeatedly over the past few months and it is going down hill rapidly...)
We've looked at quite a few properties - 3 have stuck as good possibilities however there's a high chance one will be sold by today.
Property 1: is a beautifully decorated house below our budget. Huge landscaped garden, planning permission for both loft and side extension, new everything from windows to kitchen extended at the back. The house is simply stunning.The area is in the next town to us, it made me feel uncomfortable. We had a walk round the area - to see the local school (in walking distance) and kids were climbing over the school fence from the estate smashing the bins, teens on mopeds driving up the street, social club at the top end of the road which had a few rough looking folk stumbling out (we went for a 6pm viewing). This has had 30+ viewings over the weekend and they have had three offers. The house would be ready to move in.
Property 2: in a very lovely location. No litter, no drug dealing, little village. All the lawns are immaculately tidy, the area just felt safe walking around. Kids playing on scooters with parents around the little centre green, schools are outstanding. The property is a ex council 4 bed terrace, no drive or parking out of the front or back. It's tiny inside and quite run down - the only run down house on the small block of terraces. Overgrown messy front. Old shower, it's been redecorated in the living room but everywhere else needs a overhaul. The back garden is ok size. It's been on the market 2 months we don't think it's worth the price they're asking (5k over our budget and 80k over what they paid in 2016) however it has all the bedrooms we'd need and the schools round the corner.
Property 3: in the same location as property 2. Semi 3 bed with drive. On the market since December (most of the houses in this area get snapped up within days!) We think it hasn't sold as its directly next to the back of the primary school - I'm guessing that's were the deliveries load into. It looks and feels like an ex rental - it's very magnolia and cheap kitchen / bathroom/ over grown garden and weedy front drive. At the top end of our budget looks like the worst house on the street. It's a little more roomier than the terrace with scope to extend on the side. However any extension plans will be way off in the future.
Would we be best to wait and continue looking? We've been looking since January. Or should we bite the bullet and get a do-upper/ smaller house in the nice area? Or should we shelve any ideas of living there? Any advice?