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?

Neither. but stick with the area you like. Rent if needs be. It sucks, but not as much as making an expensive bad decision.

Every time i have been told that i wont' find what I want for my price bracket (renting or buying) i eventually have found a better option that suited me, rather than compromised.

But location is everything - even more so once the kids are older as a nice area allows them independence, as you don't need to drive them everywhere. that's more important than the extra space, in my view

Neither option.

If finances are the issue, would you consider mortgage options, extending the term of your mortgage, or interest only, while DC are primary age (assuming you work less hours now), then when they're older you're able to work more hours, and hammer down with over payments? If this is not feasible...

Then stay with location fishponds, get a small property within your budget (not option 1, it'll be a cash cow), find another small property in fishponds, maybe a ground floor flat/maisonette? Not a doer upper. The last thing you want is a doer upper when you've got two small kids and you're not a professional trades person yourself.

I think if you paint the outside of option 2 and power wash the parking spaces it could look a lot better,,,

Option 1. I would never recommend moving to an area which was ‘soulless’ if it can be avoided. Being able to walk to both school and work is such a bonus.

No 1 better
no 2 looks like ex council , so in future may not be as desirable/value as no1

Option 1 for sure, you can change lots of things about a house but ultimately not where it is.

I would say that the bungalow option 1 you would probably hear far more noise in than option 2??

Well, I'd pick option 1, but if at all possible I'd want to get a couple of people in there for a quick appraisal of how much work needs done and how much it'd cost.

I'd also compare to similar properties in the same areas that don't need work done, to see how much value the house might gain once the work is done.

It doesn't look that small to me, though perhaps because I'm used to living in major cities where gardens even exist. But a big garden loses most of its appeal when you are on display for the neighbours whenever you want to use it.

Potentially you could then sell up and move in a few years. This doesn't have to be your forever home (and that's true also for option 2).

Neither - 1 is obviously the better location but seems very small for a family of four and speaking as a seasoned DIYer I'd not be keen to take on that unofficial loft conversion with only £20k to bring it to BR standard. However, 2 - whilst bigger - is butt-ugly and also needs loads spending on it imho, plus the area seems less appealing not to mention the lack of kerb appeal.

I'd be considering widening the search area a little if it were my choice.

Based on the right move links... option 2 is a money pit. There is a shit load of work needed there and if the area is a bit naff it's not a strong investment.

Option 1 hands down. Lifestyle, ready to finish to your own liking. Good area etc.

You can upsize in a few years if you really need to ( or look into an extension)

If your children are the same sex and can share one bedroom, you have the other and use loft for playroom/home office for a few years til you can save for putting the main bed and ensuite upstairs in that case I'd go for number 1. Bristol traffic has always always been terrible, it won't get better.

Neither.

Because it just sounds like you don't really like either of these houses and both come with quite a few negative points.

I would sale your home, go into a rental and take a bit more time to find the right house.

2 too much comprise on 1

If I had to choose I would go for 2. 1 has too many potential issues to sort.

But what about this one? www.rightmove.co.uk/properties/127143260#/?channel=RES_BUY
Seems to have a large garden so an extension could be possible.

Option 1 the bungalow definitely…..

Option 1 will almost certainly cost you more than 20k to complete the work, and I suspect will feel too small when your kids are older.

I'd keep looking, personally

If area 2 is not rough, I'd go for that.

Personally I think there's nothing more stressful than living in an inconvenient house with a young family. Awkward layout and boxy rooms would put me right off...

I think keep looking. As others have said if the loft in 1 hasn’t been done to building regs and isn’t supported properly and the head height isn’t sufficient (given the issues the current owner has had with builders I don’t think you can assume it has been) then to have a habitable room you would need to strip out the existing and start again, your 20k won’t go far.

No 2. It (and the garden) have lots of room and massive potential. If it's ex local authority, as previous posters have said it will be well-built. The decoration is, erm, unusual, but you don't have to redecorate all at once and perhaps can do a lot of the work yourselves. And (compared with no 1) you'd have so much more privacy, and space for your children (and their freinds) as they get older. The annexe would make a great teenage space, or a playroom/craft room/extra TV room etc etc.

I would not want to live in No 1. It's tiny, poky, badly laid out and with major cost problems re the illegal and possibly unsafe roof conversion. I think you'd need more than £20,000 to sort them out. With 'sociable' neigbours and a tiny garden - and possibly much less soundproofing than high-ceilinged, solid-wall No 2 - there would be nowhere to be alone. And, as the children grow, where would you all sit together for meals etc?

Option 1 without a doubt. It looks in better condition that option 2, and option 2 is clearly ex social housing and externally looks dry poorly maintained.

The bulk of the work on the loft conversion is complete so all that's left is the finishing off.

Defo option 1.

I wouldn't take on anywhere that needed structural work at the moment
So option 2 for me

I would go for Option 1. I know space is an issue but you will be near all sorts of things particularly when the children are older.

Ex-local authority housing is bigger and usually with a bigger garden but I think you will find it hard that far out.

The other option is that you rent for a short period of time and keep looking?

Lavender Perhaps you have not read the posts upthread saying that the estate agents selling No. 1 warn that the loft conversion is 'unofficial'.

This has major implications - from structural safety/utility ( are the ceiling joists strong enough to suppoty a floor? what about insulation?) fire safety (so far as I can see, there is no door separating the loft from the staircase, which is required by Building Regs for very good reasons) to getting insurance and even how the house can legally be described (it's 2 beds not 3).

Also, previous posts say that house No 1 is being sold because the owner was allegedly ripped off by cowboy builders (who have done other work on the house - who knows to what standard?) and left the loft unfinished.

People have been waiting for another downturn since 2008 - the market is stronger than most think.
There’s always peaks and troughs, but there’s never going to be houses for half the current rates like some seem to imagine!