What would you do….

[AmberExpert]

Wondering if I could get any thoughts on my current situation please?

I’m stuck between two houses and just don’t know what to do……

House 1 is for sale at 180k. It’s 30 years old and needs a new kitchen, bathroom, boiler, external doors and a bit of painting decorating. Artex on all the ceilings, which I hate! Garden needs lots of work. It’s in a nice area, great walks near by.
i could afford this without a mortgage and would save up to have the work done in time.

House 2 is for sale 25k more. Similar type of house only 7 years old. Doesn’t need anything doing to it. Neutrally decorated and move in condition. Nice flat garden. Couple of miles from property A. The development it’s on is nice but more built up than house 1. I’d need to drive a short distance to get to the nice walks. I would need a small mortgage for this house.

I just don’t know what to do. I like the location of house 1 more than house 2.
originally I was excited at new kitchen, bathroom etc, but wondering realistically how much the work will cost me. And will it be more than the 25k difference in the houses.
Im not very handy so will need to get trades in to do the work.

Im veering between 1 then going to 2 then back to 1. Anyone been in a similar situation or can offer any words of wisdom?

thank you.

1, but all my houses have been doer uppers.
I’ve never had the money to do them straight off so have lived with all sorts whilst saving up to do it. A good location is priceless, a kitchen (or whatever) can always wait.

Doubt whether you would get all that work done for 25k.

Plus you would have a the hassle of actually getting it done.

Which recently is not easy.

To do the kitchen, bathroom, boiler , external doors, general painting and decorating you are looking at a lot more than 25k.

Depends on the kitchen, but a good quality kitchen will be £10-15k minimum - upwards to £25k+ (again, think high quality and lasts forever). Not a cheap and cheerful one from B&Q.

Bathroom, again £10k, relatively good quality but not the highest quality.

Boiler, realistically with everything - £3k minimum.

General painting and decorating - £1k, maximum - again, depends on what you are doing.

So, even with minimums you're looking at £24k but let's be honest - there is always something that's a surprise and always costs more.

HOWEVER, I would go for house 1. It's not just about how it looks now but how you can make it look and feel later on and how YOU want it - especially since location is important to you.

Go for house one, make an offer £10k under to start with.

I agree, house 1. And scale the costs to the house price.

personally I'd never buy a house based on the decorative condition. Even if you love it on the day you move in, it's going to get old, worn, tatty, out-of-fashion eventually. Even a new build is going to need maintenance and updating eventually (or you'll have to keep moving to outrun the maintenance). Other things like size of house/plot, location are far more permanent.

I agree with this but I would still go with house 1. Location really matters.

I would go for house no 1 as that is your preferred location. House no 2 would need a mortgage of £25k but by the time you pay that mortgage of with interest rates of 5% then it will cost you more than the £25k so in effect it’s won’t be that much more expensive that a new kitchen, bathroom etc. Hope you understand that thinking.

Location above everything else.
With all the work done i expect house A will be worth more than B upon resale so go for it!

Thanks so much for all your thoughts, really appreciate it.

I'm going to be living alone. I am slightly terrified of all the work that needs doing, spiralling costs, going over budget, getting let down by trades which unfortunately really common where I am. Living in a house that's going to take months if not years for me to finish.

Thanks for all of your advice. Heart is with house 1 and has been since day one. I think I just need to be brave and go for it!

I wouldn't go for either if you have time wait and get a house in the better location which needs less work doing. We have just lived through a new kitchen and bathroom re-fit both of which cost nearly double over budget. The stress was unimaginable and the time spent in managing the project manager was exhausting.