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.