If you had the choice....

[Babyreindeer24]

Evening! Long time lurker looking for some advice and opinions

DH and I are finally in a position to buy our first house! (Mid 40s). There are two in the running.....

1. the current house we rent. We've been here around 4 years and it's a large ex council house. It's not in a very nice/safe area, some questionable neighbours in the street but suits our family's needs and is in walking distance of DS's school. However it needs a lot of work doing to it (new kitchen, new bathroom etc) and landlord has made noises about selling the house in the future and giving us first refusal. Lots of potential to extend etc in the future but would be ongoing projects

2. a brand spanking new build half a mile down the road that would be ready to move into. Nice small cul de sac. Only downside is we would lose a dining room as we have in current house.

Mortgage payments would work out around £150ish a month more on the new build.

If you had this option what would you do? Complete first world problems I know!
Thank you!

I would like an Option 3! Sorry.

I wouldn't buy your current house because of the area issues plus work needed.
I wouldn't buy a new build because they're generally priced at a premium and often have poor room sizes.

Is there nothing else for sale in your search area that's a better balance?

P.s. the way you presented your question suggests you favour the new build!

I agree with the previous poster. New builds are prices at a premium and often lose value for the first ten years or so after they are built. So if you think you might move within the next ten years definitely avoid them.

Option 3 for me too as neither of the options you describe sound very appealing.

If you do go for the new build, do it with your eyes open. You will be paying a premium to buy something brand new ( think of buying a new car versus a nearly new car).

Having said that I would still vote for the new build over the other option you present which sounds like a money pit in a not nice/safe area.

Option 2 could be fine - really depends on the builder

I have a new build that has amazing low energy bills, warm, loads of storage space decent sized rooms ( especially when you don't need to add wardrobes )

I'd prefer a better area and getting work done is expensive and stressful

Putting aside the work and cost, do you love your current home, ie would it be a wrench to leave? Also, what have you got immediately in the vicinity of both properties that are important to you, ie buses, supermarket, takeaways, pubs?

Costs of renovation are high unless you're very handy. And if the area isn't safe I would want to move.

I'd go for the new build unless it will be really too small for you in a few years.

I voted for council house but now I agree that none are suitable. Ex council houses are usually a very good buy but obviously in this case the area isn’t what ideally you would want.

Like others have said, there needs to be a 3rd choice of something else…I’d not buy the rental because of the location, and new builds (despite having previously had one myself) are terrible value

I voted for the ex council house, but I think I agree with previous posters about looking for a third alternative.

Good luck!

New build, due to the area.

Ooh thank you for your input! Mixed.

There is no 3rd option unfortunately! Where we live is currently a huge council estate made up of privately owned, social and private rent. Then literally the new build estates which have sprung up all around the estate, probably within a 1 mile radius.

I guess a 3rd option would be to buy a house similar to where we are but already done up - saves us doing the work!

Are there ‘new builds’ that have been lived in for a few years and thus lost the new build premium? That’s what I’d go for

Same, a 'second hand' new build is likely to be a better deal than a new one!