Agonising over two options, help me make up my mind (which property to buy)

[FreeBeeBird]

Property 1:

• 2 bed flat, 70 sq mt, quite nice, doesn't need much upgrading, no garden
• In the area we currently live in which is also our preferred location
• asking price £540K which is our very max budget and will imply stretching ourselves with mortgage payments (but we can still manage)
• Close to DC current nursery

Property 2:

• 2 bed Edwardian 1st floor maisonette, 85 sq mt, needs some reno work (mainly flooring, replastering and a new boiler eventually), has its own private garden although not direct access to it
• in our second preferred area, not where we live right now
• asking price is £475K, would be well within budget and would leave some money for the reno work
• DC would continue to go to current nursery as we wouldn't change it for less than 1 year (starts school next year) so would mean a 20 min drive there in the morning or a 1 stop train journey

Both share of freehold.

Option n1 is in our fav location and would make our lives easier for now but it's "just" a small flat at the very max of our budget whereas option n2 will require more of an adjustment but would mean more space and lower repayments overtime so more spare cash for holidays and savings.

Schools are very good in both areas and commute to work is very similar

If option 1 feels small now then it's going to feel even smaller as DC gets bigger so I'd go with option 2, particularly as it's got a garden. I'd also go and look round the primary schools in the option 2 area.

Option 2 for me on the grounds of more space, some private outdoor space, and money left over to put your own stamp on it.

@MiddleAgedDread that's my fear, that we will want more space eventually and we won't afford to upgrade much in current area.
Option n2 has also the potential to increase in value after some of the work so could be a smarter move although that isn't guaranteed.
Schools are good in area n2 as well

Option 2 because it has outdoor space

I never had a garden so not too bothered but DC might enjoy playing in it I guess. Not direct access but still a private garden

Option 2 cos of garden and more space.

Option 2, you’ll only have the pants nursery drop off for a year.

Also cos it’s quite a bit cheaper too. The difference you would be saving could pay for your next home assuming this would not be your forever home.

Do you think you would really use the garden, given that you don't have direct access?

Regardless of that, I'd probably go for Option 2 anyway as it's larger and cheaper.

Option 2, no brainer for me.

Outdoor space is invaluable!!

Bigger and cheaper.

And potential to improve for a better return later on.

Flooring and plastering isn't much work to be honest, either.

Option 2 - bigger, cheaper and outdoor space.

Definitely property 2. It's a little bit nuts to base your choice on your child's nursery, they won't be there for long!

What you're describing as renovation work is really small stuff, you'll be fine.

2 for the space and cheaper price. The inconvenience is short term.

You never had a garden so you don't know what you're missing.

Growing veg and paddling pool, for your DC!

We have a teeny tiny yard but wouldn't be without it. Always outside with my 3yo and 1yo with bubbles and chalk, water in pots, tupperware to collect leaves twigs snails and woodlice, games or small skittles or quoits and mini spades for our veg pots. We don't have space for a slide or playhouse or swing.

Fresh air makes everyone happier in our house!

Option 2 is clearly the better choice

Both have a share of the freehold. How is that administered? By a professional outside management company (At a cost) by the property owners on a regular basis with a monthly service charge so there’s a fund in hand? Or, as and when repairs are needed, pay your percentage now because there’s no sinking fund?

These factors should be reflected in the value of each property.

Further down the line your solicitors should request the management reports and existing accounts to give a clearer picture, but some facts are relevant now, before making an offer.

On the face of it I’d lean towards property two as outside space is important to me and may be to you with a baby, but not if repairs and maintenance of common parts was long neglected.

Option 2.

Option 2

Why is option 2 so much cheaper given it is bigger?

I'd always go for the property you can add value to - so Option 2 is an obvious choice for me.
Add to that the garden and its an easy decision.

option 2. but I have always been a sensible buyer with properties.

edited to add that I also like space.

Option2 all the way. Never max yourself out and you always need more space. Option 2 is a no brainer.

Option 2 but I wouldn't rule out switching nurseries if there is one where lots of the kids go to the local school - and there is space of course!