Help me choose a house! Urgent!

[Chesthairlikekingkong]

We are downsizing for financial reasons, two young children, pets who need an outdoor space (so not most flats). We cannot borrow anymore due to financial commitments, and the bank won't let us.
We have to live in an expensive area for work and school.
A three bed semi with garden in a nice area is just not gunna pop up, even in a shit part of this area, they just don't come up.
I have to get a move on as we are at risk of losing our buyers. We have been waiting for something perfect but have come to the realisation that perfect doesn't exist on our budget.
Option 1:
Bungalow with two beds and a loft space. It's basically a half completed renovation. In our dream area. Very Small bedrooms and weird layout, which could be changed if we could bash down a room. Quiet road and nice residential street. Back garden is small but workable and pretty outlook. Unlikely to be able to extend.
We would be able to save a lot on mortgage payments but would have to spend on ongoing building work. I am not practical so this will have to be outsourced.

Option 2: sprawling three bed in crap area. Not rough but soulless. Not near anything except a run down corner shop. 20 minutes drive to school and work (we can walk from option 1 to both) crap buses for DP. HOWEVER! Huge rooms and garden. Nice decor. Good street, very quiet and pro social neighbours. Lovely outbuildings and annex thing which will be useful for guests.

Help, which one? Or neither?

Option 2. That is what I would do

Oooh this is tough. Personally we like space so it would be 2 as we are used to needing to drive places, but I can understand the appeal of walking.

Links?

Option 1 - better safer area and would have a higher resale value in future based on location

Option 1

www.rightmove.co.uk/properties/130428389#/?channel=RES_BUY

Option 1. I'd always go for the nice area. Apart from anything else, they are more likely to hold their own in a downturn. Surely that's why 'location location location' is such a well known saying along with 'by the worst house on the best street.'

www.rightmove.co.uk/properties/125823056#/?channel=RES_BUY

I mean option 1 is my dream area due to proximity to school and work. Not anyone else's!

Still option 1

How old are the kids. If small then option 1 as in a couple of years you might be in a better position to live on!

I'm f older kids (teens) then I would probably go option 2 for the space to have friends over etc and to stay there until you need to downsize

Rent and wait for the downturn?

Option 2 - if local secondary school and school bus routes are ok (primary years go by quicker than you think).

It is hard to live in a house with young children during building work, children need space, older kids like to have own rooms plus friends over so annex/outbuildings useful for this too, 20 mins drive to school/work is not bad. Building work is more costly at the moment due to inflation of costs of materials.

Option 2

"soulless" doesn't mean much, it's not actually rough? Areas change. There might be lots of community stuff happening you don't know about. Not sure what you mean by soulless though.

Option 3- have you tried leafleting houses you like? That's what we did and it worked- bought off market on our dream road.

Option 2 is on a fantastic cycle path right to the centre of the city

Plus near restaurants by the looks of it

The kerb appeal leaves a bit to be desired its true, but are you going to be frustrated and run out of money with Option 1 due to the work needed?

Sorry I just mean I've gotten used to living closer to a city and a high street with shops, cafes, bars, restaurants. I don't drive much and I can quite happily get by with bike and on foot. Option 2 seems further out, less amenities on my door stop and only two buses.

Option 1 definitely. Nicer area and if you finish the lift conversion that's your extra or master bedroom. Option 2 is overlooked in the garden which I hate

My head says option 1 as I think location is always key.

However I dislike the bungalow and even after a lot of work it’s going to have tiny rooms and you’ll have eaten up the storage space as a bedroom/loft conversion.

Option 2 looks massive but more importantly looks Ex council. I always like ex council houses of that era as they tend to have good storage.

My head says 1 and my heart says 2.

Option 1, but rent for 6 months and you may be able to get something within budget?

Hold on, these properties are not very far from each other?

@Chatrattoria that's my fear that it's always going to be that size, there's not really much extending potential due to the small garden.

I was in a similar position and chose option 2 - the house with loads of space but much further from school and on a nice street in a not very nice area.

I won’t deny that the extra commuting is a drag but having the extra space has been brilliant and I love living here. I’ve also started a community group to improve the area and met lovely people in the process.

Absolutely option 1 , the hard work looks to have been done in the loft room and would be a brilliant space once done - option 2 looks like jt could do with a cash injection too

Option 1 mentions DIY professionals in the details. It could be a bit of a can of worms. If the work hasn't been done correctly you could have to start from scratch or even if it has, you could need to rip bits up to get building Regs checks.

Option 1. Always go for the location.