Is this house worth the price? What do you think about our plans to update/extend it?

[GoldOnyx]

Hi all, DP and I have been looking to buy in south London.

The overall plan has been to buy somewhere that’s convenient for both our workplaces and close to a station.

Also, rather than paying a premium for a high spec renovated place, we’ve been looking for somewhere that needs a bit of work and updating. We’re also looking for somewhere that has scope to extend, as we’re hoping to start a family at some point - not very soon-ish, but perhaps in next 3-5 years ish, and see ourselves settled in the house long term.

We recently went to view a house in south London that we think ticks these boxes:
https://www.rightmove.co.uk/properties/156280841

We’ve booked in to do a second viewing soon, but I’d be keen to know what you think of the house and whether you think it’s worth the asking price. Judging by comparisons to other houses of a similar size in its street, it seems a bit overpriced to me, and it’s already been reduced once (although I don’t know what the original price was),

We think the house needs a bit of work and we want to extend it up and out (both possible).

In terms of priority order, we’re thinking: do a downstairs extension and knock through the wall between the kitchen and diner to make it a large kitchen/dining space and also put in a utility room, remove the paving slabs in the garden and lay turf on it and extend into the loft to create an extra bedroom and en-suite, or perhaps two extra bedrooms, and potentially also put a downstairs loo in under the stairs. I know extensions cost an absolute bomb but we have been saving up for that and will continue to save over the next couple of years as we get through the work on the house that needs doing.

We both take public transport/cycle everywhere, which we would continue to do, but later down the line, if we get a car or two, we may consider converting the front yard into a driveway - although it does look quite narrow.

Thanks very much all.

Think you’re wise to keep looking.

That house is not one I’d want to pour money into and your budget is good, esp if you have extra for renovation. I think you can get a nicer place in nicer areas.

New Cross is a bit spicier than other parts of south London, but hip and cool and lots of young people love it. Depends what vibe you want.

If that other south London thread that’s just started is yours then I’d go with my recommendations on that: have you looked at Forest Hill? Crystal Palace? Honour oak? Brockley?

Yes modern much more efficient for sure - I guess the flip side is resale; for some reason in south London there’s just a huge ceiling on new builds so your capital growth is always going to be lower.

https://www.rightmove.co.uk/properties/156049961

https://www.rightmove.co.uk/properties/155467460 ?

https://www.rightmove.co.uk/properties/155523272

Some wild cards! You never know

Sure. I think everyone knows that. There is still not point in linking to properties that are well over the current budget. A 'renovation' doesn't need to be done immediately and none of it is essential. The house isn't 'a dump'. You clearly haven't been around much if you think that is a dump!

Having said that, @GoldOnyx seems to have now started another thread saying that she is single and has been given a huge amount of money from her family. Given that, I'm really confused as to why she is referring to DP and 'we' throughout this thread, why she is talking about children and seems very worried about making money from the house. Is this a genuine thread @GoldOnyx?

have you looked at Forest Hill? Crystal Palace? Honour oak? Brockley?

Most of those places are significantly pricier. But sounds like OP is going back to square one so who knows.

What 😂

Hi everyone, just to say a huge thank you for your help so far. It’s been really useful. Also, just to confirm this thread is absolutely a genuine thread, as is the other one posted under my name that you mentioned. One of my cousins sometimes uses my account on here. I know it’s probably not really allowed though.

New Cross is probably like Streatham was 10 years ago- a bit rough around the edges but on the up. Jessie Ware lives there- if you've ever watched an episode of Table Manners with her mum, she lives in a lovely bougie gaff in NC.

Echoing PP that you're looking for too many things at once. At your stage in life when its just the two of you, just try and find somewhere you like enough now and can see yourself in for the next few years. Houses the size of the one you originally posted are plenty big enough to have kids in, even without an extension. Forget about trying to make money, this is increasingly less likely to happen with properties, especially if you're putting a lot of money into improvements.

Because it’s such an onerous task to open your own account on Mumsnet.
Little wonder entire families are using the one account.

Would it be possible to offer a reduced price? You mentioned it has already been reduced which may mean they are desperate to sell! 🤞

The Segal houses are beautiful but a little trickier to get a mortgage on and insurance may be higher aswell
Nevertheless…I would 😀

Looking at nearby prices properties are up for
£6629-£6624/m2
Another further from yours but equidistant to the station is on at £6666/m2

The one you’re interested in is on for £ 6686/m2

It therefore does seem yours is overpriced

This thread is from January, not sure why it's popped up again but the debate was all done n dusted.

😳🤯

pits a good job I enjoy the maths anyway 😁

I haven't worked through all the posts here yet so apologies for any repetition. I wanted to post though as the footprint and size is the same as our house. We did a loft conversion and went with one big bedroom and a bathroom. I wouldn't try and squeeze two bedrooms out of the space. Our bedroom though is fabulous. Loads of light and spacious and we use it as our main bedroom. The bathroom is off the landing rather than off the bedroom, which is good as you don't then lose wall space. It's the same size as the first floor bathroom so room for a nice big shower. We have been so pleased with it.

I know the area that house is in and feel the price is good for the location. It's very close to amenities and transport into Clapham Junction and town. You can add value but currently building prices are high and it will take you longer. If I was buying a house like this now, I'd be thinking to spend at least a decade there to enjoy the fruits of your labour and feel as though you've got value from it. We've actually stayed in ours 20 years and doing the work you outline is a great investment and in line with the sort of work that we and our neighbours have done.

This thread is from 14th January
As the house is still not stc I’m guessing OP ( who hasn’t come back to confirm ) has moved on

Ah you are right. I hadn't noticed that as several people had commented today prior to my post.

I didn’t either
It was @pinkdelight who kindly pointed it out first.

Oh well
Better than staring at the tv, it’s football Liverpool v Newcastle 🥱

Although as I type this Newcastle has just won and apparently we support Newcastle because the dogs black 🤣🤣🤣

I support Man Utd. We are on in 25 mins and will probably lose 😩.

Good luck
Maybe enjoy it anyway with a stiff drink. It’ll dull the pain 🥴

I would switch your search to SE or E London, ignore the tube, there are tons of places where the overground/dlr/river adds up to being much better connected. Still feels very London but also lots of places have a real centre of their own. What is your top budget?

Looks dodgy and kerb has zero appeal so the valuation will quickly reach a ceiling, no matter the amount you spend on it. For big reno better to go for the classic victorian house or a 1970s semi/detached.

Wonder if @GoldOnyx is still looking at houses?

I suspect they are as it did seem like their wish list was a bit too high for the budget and you definitely can’t get everything. At the end of the day a 3 bed terraced house like that one could have suited them for many years and probably not a good idea to overdevelop that particular house. Better to focus on some basic improvements and sell it in 10 years time or whatever if finances allow to move to a 4 bed house.