Which house shall I buy?

[lemonmeringueno3]

I'm single, in my 50s and finally moving from a rented property.

But I can't decide between two houses and don't want to get it wrong. Friends are an even split so no help at all!

House 1 - I can buy with cash and have £100k left over to get it how I want it. I'd have spare cash every month to spend or save.

House 2 - I won't need a mortgage but I don't have any spare cash to do it up either. Any spare cash will be spent on getting it up to scratch.

House 2 is much nicer and in a nicer area, but House 1 is fine too. House 1 means holidays and maybe even a slightly earlier retirement. But House 2 is so nice.

I'm going round in circles. Please help and I am likely to listen and base my decision entirely on what you say. I know that's ridiculous but it's better than tossing a coin!

I wouldn't spend £100k doing up a house. You wont add £100k of value just doing a house up and so that will be waste money. Spend less on doing it up and put in savings/ISAs or go for the more expensive house.

House 1. More life balance. Not so stretched. The way you've described them I can't really see what the advantages are of house 2, not for that much more monetary commitment.

House 2. The nicer area would sway it for me

House 2, unless doing up houses is something you enjoy. House 2 sounds like it would make you happier than something that is "fine".

Actually I misread that you'd be doing up house 2 - if house 2 is "so nice" will you need to do much to it?

House 1 would be my choice. Don’t invest the full 100k in the house - put it in savings/pension. I’d much rather have a secure, lovely retirement able to afford lots of leisure activities and maybe even holidays, than have a perfect house. house 1 gives you some contingency funds in case life doesn’t go exactly as planned.

House 1 no contest. There is no point spending every single penny and living a more frugal lifestyle if you can make house 1 nice for less money than house 2

House 2 in a nicer area for sure, especially being single. It will be more difficult at first money-wise but after a few years you'll be glad you did it. As obviously you could fix up house 1 but you'd always be in a worse area no matter how much you spent on it.

Are there other significant differences, like is one detached and the other not?

How much nicer is the area of house #2?

Go with house 2, it's were you will spend most of your time. 'Worst' house in best area you can afford is always the house buying mantra. If you've got it wrong you'll not lose after you've done the place up. Plus if you add £100k into house 1 you may be taking the amount of value of the property over that which the area would allow you to recoup.
Do you want to retire early, is that most important? Holidays can be as cheap as you want - we had £9.50 pp 'newspaper' holidays for years. :)
But only you can decide your priorities.

House 2. Definitely. On moving day you’ll be far more excited about moving to a nice house in a nice area, than a mediocre house but with money in the bank. Location is everything, if it’s in a better location, chances are you’ll make more money on it if you were to sell or leave it to children.

I would go with house no 2 unless you especially want to retire early or don’t like your job. Sounds like you really like house no 2. If you were in the nicer house you might not feel the need for lots of holidays as you would love being in your house.

House 2 for me

Well this is no good. I need unanimous!

House 1 - 1960s, quite ugly outside but great interior, has everything I need. I probably wouldn't spend £100k but I'd be able to do everything and bank the rest. With no mortgage/rent I'd have spare cash every month and that's never happened before. Area isn't as posh - cheaper housing do ftbs, dingle divorced people like me, young families. Bus stop outside. School down the road. Alley along the back fence. Feels noisier.

House 2 - 1990s, really lovely property, might be a little big for me but am sure I could fill it. It's in a lovely street. Mostly older people so nice and quiet.

Frightened I'll buy House 2 and spend the next ten years and all my wages trying to get it how I want it.

I assume this would be your last house move. If so go for house two as it sounds as though you like it more and it's in a nicer area so likely to hold it's value. You can take your time doing it up.
If you can afford house two and still be comfortable go for that.

Both detached.

House 1 is 3 beds. House 2 is 4 beds.

They're in the same town but one is on the posh estate and one is somewhere a bit noisier with a different demographic.

Alley along the back fence? No, definitely not!

Do you need 4 beds if you're living alone?

It depends on whether you love holidays and going out or prefer to stay in with a good book.

When I was in a similar position, I chose House 2, and have never regretted it.

Alternatively, keep looking for House 3.

Personally I’d wait and see if a 2 or 3 bed came up on the nicer estate. Location is EVERYTHING and I wouldn’t compromise on a long term house. Seems pointless spending money on a 4 bed you don’t need so I’d wait for a better option.

House 2 feels stressful: I think it's nice to have a "cushion" for unexpected events if you can afford to.

Are you able to wait a bit longer and see if any places come up? If not, my view would be the location is the better option right now.

Is this a penultimate or final move?

Hope other posters can come along and help with your decision!

I'd wait and look for a smaller, better condition house in the location you like. I don't really know why you'd need a 4-bed? Think about the heating, cleaning and maintaining a house that size.

Neither. House 2 is too big and you'd not have any extra cash. House 1 location doesn't sound as nice. Is there an in between house. Without seeing them both it's hard to help you. Can you share links

Well then, perhaps neither are right for you?
Look for a 3 bed in the area house 2 is in?

Think of the running costs, quite frankly unless you have plenty of money then buying something so big is a bit daft, house 2.

I wouldn’t buy a house with an alley running along it’s too easy for break ins.

I would keep looking.