Help! Two offers accepted

[catsandblooms]

Before anyone judges we've missed out on 3 houses in the last couple of months to gazumping and best and final offers so putting in two offers on two different places at once seemed like a sensible idea!

We found out Friday that both our offers have been accepted. We want to be fair and make a decision asap but we are really torn.

We are also having our first baby in July which is a big factor in what we choose.

Option 1: Very top of our budget 3 bedroom house. Doesn't need extending so quite future proof. Good garden. Needs new kitchen and bathrooms and redecorating which we would have to save up for as the sale would zap up all of our current savings.
Quiet road, in desirable London suburb with very good amenities.

Option 2: 150,000 cheaper 3 bedroom flat (maisonette). Footprint is larger than the house. In very pretty area with lots of green space but a 15 minute walk from amenities such as a supermarket etc. Needs even more work than house but we would have all the cash we need to do it very nicely. Lots of character. Busy road, small patio. Opportunity to add value and up sell in few years (less staying power)

Commute is the same from both locations.
I'm fortunate to work from home.

What would you do in our situation?

Option 1. A garden makes such a difference, especially with a baby. Also, the busy road got option 2 would put me off.

Omg are you us. We moved in when I was pregnant nearly 3 years ago. Thought it would take a year max. Oh how we laugh whilst huddled in our bedroom because our downstairs has been a shell since summer 😵‍💫

1

I@rickandmorts oh it's awful isn't it?! Haha!
I am literally sitting here in the living room looking at the half peeled walls, massive holes in the wall and DIY tools lying around.

Upstairs isn't too bad now - that's where we concentrated on. But the downstairs... not one single room is in a finished state. And I never see it happening. Because we have done everything ourselves in the past my DH refuses point blank to employ anyone.

We started the bathroom when I was pregnant with my second and 4 months to go. Reckoned it would take 3 weeks. I thought 3 months. Still not complete and it will have been 3 years since stating it in a a few months time.

Have just totally given up! Hate living in this state and forever looking at "done" houses on right move!

Option 1. No contest.

Option one because two is on a busy road. Option one sounds lovely.

I would only ever go for option 1 as I would prefer a house to a flat, but it depends on what's most important to you.

Option 1.
You can live with the kitchen and bathroom, so do that.

Option one all day.

Period features will be far less attractive when you're sitting on a small patio playing with your kid, thinking about the a whole garden you could have had for them to run round in.

I also would never chose a flat with children if a house was possible. Kids are noisy & neighbours can be arsey.

There will be other houses & other moves, make this one work for the realities of family life, not the pretty features.

Option 1, probably. In the blink of an eye your toddler will want to be running about in the garden, and being in walking distance of anything is a massive bonus with babies/children. Walking to nursery and then school has been a total game changer for us.

But.. will you be hit with big childcare costs in the next few years, that will completely skint you?

I'm assuming option 1 is freehold and option 2 is leasehold?

I would never buy a leasehold property

Definitely 1.) House in a quiet road. People often say that kitchens and bathrooms 'need' remodelling when actually, they are just a bit old-fashioned but perfectly functional. Just deep clean and repaint them, replace or mend anything that doesn't work and save up for the ideal kitchen. I've lived with a badly designed kitchen I don't like for over twenty years. I'd have loved a new one but we always had other things to spend the money on - sometimes essential repairs, sometimes once in a lifetime fun with DC - and in the end, the kitchen has been fine.

Yes this is a big consideration. Ground rent and management fees can increase sharply and you’re never in full control of your surroundings. Freehold is far more secure.

I also think mortgage rates will go down, which will hopefully meet in a couple of years you’ll be paying less per month.

Option 1 makes so much more sense.

Both are freehold/share of freehold

@catsandblooms Be practical and go for option 1. The pros way out measure the cons. You can put your own quirk on it as you go along.

Share of freehold is better than leasehold but it’s definitely not the same as freehold. You’ll still likely need to get the other flat owner’s permission for any changes to your flat, and there will be communal areas and responsibilities, the outside of the building and the roof in particular - you’ll need to agree any repairs/maintenance to these with the other flat owner and hope they agree to pay their share.

Option One.

Option 1

It’s their decision of course but personally I’d rather not be stretched with a new baby even if it meant working in the living room until it was possible to build a small garden office.

Ahh that sounds so stressful @summerlovingvibes 🥲 but yeah I feel I've hit a wall with it all and I'm also constantly on rightmove!! But could never put an offer in as no one is buying ours in its current state. Have you got to a point you can't even talk about it anymore to friends and family? I'm bored of talking about it and I'm pretty sure they're bored of hearing me complain about it 😆

The key question here regarding Option 1 is how much more is the mortgage and can you afford it on Mat Leave and then with childcare payments.

If it's a stretch, I think you should keep looking because property 2 doesn't sound ideal from a school perspective.

Option 1 or keep looking. I'd dismiss Option 2.

Option 1 by a mile. You can reduce the price difference a bit by taking in to account the stamp duty and moving costs of having to move again in a couple of years when you realise you don't want to be in a maisonette when working from home and having children.