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.

@LindorDoubleChoc it's not just the nuersry thing, is that we love the area we live in right now, it is overall prettier and lovelier but area n2 is also totally fine

Yeah I guess, we never did any work as we are renting so seems all very daunting!

Option 2 definitely. And just looking at your responses, imagine selling in the future - option 2 will be far easier!

Because it is in a different area and also needs some work, hasn't been updated since the 90s

so option n1 has a monthly management fee and a sinking fund of £15000K, monthly payments are around £180.

option n2 is a maisonette that is split over two levels so the flat downstairs are the other freeholders (they own the place and have lived there for a long time, they apparently get on well with the owners of the upstairs maisonette but who knows). Work is split between the two properties as and when and depending on what is needed but there should be more details in the lease and we will obv get these checked

It wouldn't be the same of stepping out with a glass of wine whilst DC is in bed, sadly. But I think we would use it with DC, yes. We currently have a communal garden in our building and we spend time there looking at snails, blowing bubbles, making nests for birds etc... I think there can be a lot of enjoyment in having our little space to grow herbs, play around with pots and flowers, do some gardening and use a paddling pool in the summer

Is there an option 3 with direct access to a garden?

@Decoratingdilema from what we have seen, either they are very small or very expensive, neither of which is ideal

So is option 1 in a better location?
Or just better for you temporarily?

If schools options are good in area 2 then definitely 2. Otherwise I'd go for number 1 in the place that you like and upsize in 2-3 years once nursery fees are done with

@Twiglets1 option n1 is in a beautiful and expensive location/area.
Option n2 is in a different area completely but less than 20 min drive from now.
Current location is more "premium" but option n2 is also in a nice area

@bravotango but upsizing in 2-3 year will cost a lot of money in moving fees and we will be tied in that area due to school and won't be able to upgrade much as bigger properties here are definitely out of our reach

@bravotango but schools seem good in both locations

Property 2 for me too as well. It's needing some work, but not major stuff. The first flat is smaller and will feel even smaller as your DC grows

It's a no-brainer for me, OP. Option 2 sounds more than 'good enough' it sounds like a good investment, too. You'll come to enjoy the DIY aspect of home ownership, the pride in making it just so. :)

2

You will appreciate the space and the garden more than you can imagine when DC gets a little older.

And above all, it's not a good idea to stretch yourselves to the max financially.

@mathanxiety thank you. There are other cheaper options in zone 1 but not comparable to option n2 in terms of space and character

Option 2, but you potentially need to do the boiler before you change the floors.

@maplemaplesyrup boiler is old but still works so doesn’t seem something we need to do immediately. It’s in a cupboard in the bathroom currently, does it make a difference rr the floor?

Ask if it's been serviced as part of your enquiries, and get the certificate. We didn't do that when we bought this house, so I got it serviced when we first moved in. Glad I did, it is fine, but wouldn't have managed this winter.

I was thinking about if you also needed to change radiators, which you might want to do alongside new boiler if they’re old. That would be disruptive to flooring.