Buy a house that's too big & you don't love vs keep waiting

[amandaleeds]

If you've been looking for a while to no avail, would you buy something that's far too big and needs extensive work to make it what you want, or risk keep looking?

I've been looking for a home for a while after moving out of mine into temporary accommodation. Whilst there's no immediate need to move out, I'd like my own place, and want to be building up equity again. Looking at what's sold in the last year or two, I know my budget should get me a suitable home in my location. However there's just not much coming up (last suitable home sold in June), and I've repeatedly tried asking on local Facebook groups if anyone might be selling their home in the next 3 months. Those that come to market are mainly ex rental and probate and need a lot or work but already priced higher than bigger, modernised nearby homes. Very few houses have feasible private parking (mainly on street and it's carnage).

I've found a detached 4 bed ex-rental (empty for 18 months) in a desirable location and parking for 3 cars which is a rarity. I was aiming for a 3 bed semi as it would be cheaper to run and potentially warmer. There's a couple of much bigger and beautiful inside 4 bed semis opposite which have the additional benefits of lovely west facing landscaped gardens, picture framed views of the countryside from the living room, 2nd bathroom, utility room, big kitchen diner, and sold for just less than 300k. But the parking is fairly limited (often one car and steep drive). As the one for sale is detached, they want over 300k.

Part of me is thinking it's already at the top of my budget and I don't have the time and money for a project, or to maintain the large outside space, and it could just be freezing all the time, I'm taking away a family home and it might not be my forever home...

But it's chain free, a great location for me, in a fairly popular area and has a lot of potential for someone, I could do some things to improve it, but might not get the money back (needs all new windows and doors for a start and landlord has no idea how old the boiler is).

Has anyone done this and regretted it? Worried I'll still be looking in another 3 months and have to settle for something I really don't like that's not practical.

Location and cost of renovations / upkeep would be the thing that would swing it for me.

The notion of the perfect house, within budget, rarely happens so there is always a compromise. We have yet to live in my dream house, but every house we have owned has felt like home.

In a long winded way, what I am trying to say is that if the financial stack up, the location is good, and - should you decide to move again - the return on investment is sufficient. I would go for it.

I would, sounds a good idea with the parking too. I wish I lived where you do I couldn't even get a 2 bedroom house for that amount they are 350k+

I went for the bigger house -a four bed even though there were only two of us. I needed to get DS onto a school list because the schools where we were renting, were dire, and I was running out of time. We couldn't wait.

It's taken me 13 years and a huge amount of work but the house will be finished next year. The mortgage ends next year too. We've had the benefit of living in a spacious house in a good location, but don't underestimate the amount of work. You have to like redecorating & DIY.

I'm single and I've just bought a 3 bedroom detached in a lovely cul de sac ,it's good to have space, don't care what people think, just enjoy your life!

Many people have larger houses than they need. Your bigger issue is the cost of renovations. It will be double what you think. Plus tradespeople are difficult to find!

Some 2 beds in more desirable areas are going for £300k+ but need little work 😬 Just too small for me.

Yes that's pretty much what I'm after as I want a quiet street 🤣 I need a home office plus guest bedroom. People don't want to move from nice area though.

Hmm not sure. It sounds like this is overpriced, factor in the cost of renovations (quadrupled on every front over the last 3-4 years!) and I think you could end up doing the sums in a couple of years and be kicking yourself at how much you’ve paid for a house you wouldn’t have chosen, plus the time and effort. This is why this house hasn’t sold!

I would say that a golden rule is - only renovate for a house you love and you want to be your home. Never do it as a financial tactic. You will spend more.

Given that this bigger, more expensive and STILL needs work house isn’t your dream one I think I would be tempted to wait.

So it's already had a procedable offer would need to offer just over 300k today essentially.
Estate agent confirmed that some of the windows definitely need replacing. Waiting for them to confirm what structural issue caused the last sale to fall through (some cracks that has since been addressed apparently).
All too stressful as I'd hoped I could arrange a second viewing 😔 I live 130 miles away so can't go till next weekend.

As it's a detached, it's probably priced about right, and was bought 6 years ago for 285k (not changed one thing since) and it's a desirable town near a national park. Would be easy to rent out if I needed to move, but I have no desire to be a landlord and couldn't afford a 2nd home!

Yes this is my worry but asides from replacing the windows and doors, and getting curtain rails and curtains in all rooms, nothing else is essentially urgent so long as everything works.

I sanded and painted my flat, and got blinds and curtains, but that was all I needed to do really. Chose a bedroom carpet but someone installed it for me.

I like painting and like seeing improvements, but won't have a lot of time. I have no DIY skills and not sure I'd have time to learn how to fit a kitchen or bathroom. Never had a garden and this is big.
My partner has installed flooring and bathroom in his home but will be living 130 miles away and has long covid which limits his energy (weird chronic fatigue)

Why would you buy something you don't love?

The house was on for 325k in April and sold but fell through due to a cracking that's now been rectified (I've asked for more info). It's had a procedable offer today after the first day of viewings Saturday. Likely a couple with two incomes which makes it more feasible, and probably with kids so want the space.

My partner works in an office 130 miles away and isn't allowed to work remotely so can't move with me....but in a few years if he can, this house would just about be big enough for both of us (would both need an office).

I really like the views, the location being out of the main town, but not too far and easy access for the countryside I want, not being overlooked at the back, the ease of having my own parking, and it having plenty of space, and potentially being very appealing to future buyers as you could easily extend, and it's already had an offer over asking price in its current state.

The master bedroom feels quite small and the lounge is an awkward long thin shape with through access each end of the room (so you have to cross diagonally to go through). It has no character, but could be a nice house for someone with the time and money, which is what I'm lacking. But it's liveable once all the windows and doors are replaced.

Nothing ventured, nothing gained.

It has a good location, has off street parking and if it’s handy to stuff, you could always look for a Tue-Thu boarder to defray a few costs. Resale value is probably fairly high.

Dreams vs reality always involves compromise and you don’t seem like the scaredy cat type. I would really go for it.

My thoughts are it's feasible for air bnb as I don't want a long term lodger (my partner's long covid symptoms on an evening are quite distressing so we wouldn't feel comfortable having someone every weekend he's visiting) and if my long-distance relationship doesn't work out, then yes I could definitely get a lodger. The views, parking and potential for extension make me feel it wouldn't be too hard to sell on, especially given that it's already had an offer over asking in it's current state

I would wait - new houses come up all the time; if you know exactly what you want you can ask the agents to let you know as soon as something comes to
market.

I would keep looking. It doesn’t sound a good match for what you want.

I keep pestering agents, tell them I'm chain free, 50% deposit, but they never send me anything. I just see it on rightmove. When I call them they just say they've only got new properties coming up in unsuitable locations, and mainly ex rentals and probate that need a full rennovation.

The house now has a 3rd offer and it's going to best and final by Wed lunchtime. It's on for offers over 300k, I'd offered 310k and been told that was a very good offer, but now the goalpost has changed. That suggests that many people are willing to live with it as it is and it ticks a lot of important boxes like location, views, parking, and being detached. I imagine some might be builders who can spot a quick profit.

Market is very slow, and most houses coming to market in my budget aren't suitable. I know my budget is suitable looking at recently sold prices for the area. The only people selling are those that 'have to' and they tend to need at least as much work as this does.

Agree with this completely. It's too big, it's too expensive and will cost a fortune to turn it into a house you want to live in.

Alternatively, make a very cheeky offer and if it's accepted whether now or again in the months to come [a cold empty house over winter might influence the seller] then you might see a shift.

We moved out of London and got somewhat over enthusiastic at the prospect of a large garden. It's a mission to keep it maintained and looking good so unless you want to spend a full day of every weekend on it, I'd keep going.

It's had 3 offers after 1 day of viewings inc mine for 310k and it's now going to best and final by Wed 12pm. 😔 Been in the same situation where I felt a house was overpriced compared to recently sold, and it went for a crazy price above my decent above asking price offer.

By all means buy it, upgrade it and sell it on again but it does not sound like it's your forever home.

Yes, probably not forever home as ideally I'd want to be in a village more rural, nearer the nearby national park, but at the moment that would mean having a potentially long stressful & tiring car commute to work vs being able to bike-train-bike from the town and being able to cycle for grocery shopping and local facilities. I hate driving in rush hour and the dark.

Spoke to mortgage advisor today and he said my finances suggest the mortgage is easily affordable and I could borrow a lot more of wanted. I'd still rather borrow as little as I need to pay back the loan as quick as possible and being able to comfortably afford to save/go on holiday/eat out.

I have already looked at what's on for up to 350k but there still wasn't anything in the location I'm looking at that ticks the key boxes.