Please help a FTB buying a house over 100 years old?

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Hi I have a very limited budget so it was hard to find a property I like. I made an offer to a property which I wasn't excited about but still it is a good deal as the vendor wants to sell it quickly so gave a good discount.
https://www.rightmove.co.uk/properties/158296622#/?channel=RES_BUY
Everything has been sorted out and I only need to assign and instruct a solicitor.

But I found a different property that I really liked yesterday and went for a viewing!
https://www.rightmove.co.uk/properties/158900498#/?channel=RES_BUY
The things you can see - a whole refurbishment needed which costs me another £50K which I don't mind. But what I'm not sure is their asking price seems very high compared to other sold prices. The vendor which is one of the largest property management companies isn't really open to negotiation. Also I'm worried if there would be critical issues in this old house. The upper floor flat seems to be find though. So my questions are

1. Should I go for my first option as it seems a better deal?
2. Should I go for the second option which is a bit expensive but something I like?
3. Or should I wait? from today's news, London is expected to see the worst drop?
4. Or any other advice would welcome for the first time buyer.

Thanks in advance!!

Probably not what you want to hear but I would try and go for a house a bit further out. Is this your top budget?

I think flats are a bad investment unless you want to stay there 10 years plus

www.rightmove.co.uk/properties/159277601#/?channel=RES_BUY

www.rightmove.co.uk/properties/158774645#/?channel=RES_BUY

www.rightmove.co.uk/properties/152717291#/?channel=RES_BUY

www.rightmove.co.uk/properties/153644996#/?channel=RES_BUY

In this market I would put in low offers

This is my top budget so I can't really afford to buy a house and I don't want to live outside Wimbledon area. That also limits my options as well I know.

wait then, London flats are not a good investment

ah I'm going to live in it. you think it is still a bad choice?

The first one you listed sold for 550k, it would be 610k now if it kept pace with inflation & that's before inflation.

i assumed it was to live in.

Will you ever what a house? the gap between houses & flats is getting further apart in London. How much stamp duty will you pay?

If it is a question of the two properties then go for number 2, but be warned, neither of those properties will have decent sound insulation, so pray for quiet neighbours.

Really appreciate your opinion! what do you think about the second one? lt is over 100 years old and I need to refurbish it.

I don't think you will make any money on it & may lose on it which isn't necessarily a problem, it just depends where you see yourself in the future.

I'm a first time buyer so I want the price under £500K but almost impossible to find any.

I prefer the garden but I also prefer not to have neighbours above me. It would depend how much you could get off the 2nd one as renovation costs are ££££ now.

If you can wait I would, look at how many flats in Wimbledon have been reduced. The economy isn't going to pick up any time soon

Thank you! I really appreciate it!

I think you need to decide whether you prefer a garden or an extra bedroom.

As for saying no 2 needs renovating, it isn't a wreck and although a bit outdated, you could live in it for a while (even a couple of years) and do it up bit by bit.

Good luck with whatever you decide, it's tough!

haha thanks, I might try!

Having upstairs neighbours would be a deal breaker for me. So from that point of view 1st one is better. If having upstairs neighbours doesn’t bother you, I wouldn’t worry about the house being 100 years. Plenty are in London, it’s pretty standard.

Okay that's good to know thank you 😀

They are both over 100 years old aren't they? Refurbishing is refurbishing, the age of the property won't make much difference.

The soundproofing would be my main issue, but it may not be yours. So there are pros and cons. If its to live in for a longish time then it has to be what you love. And location, location location.

I lived in my first time buyer house for 22 years for various reasons. Luckily I loved the house! It was built in 1887 and I refurbished it completely. I've just done a total refurb on my 2nd house purchase built in 1918!

Many people mentioned sound proof. I might as well go checking who lives upstairs. I assume there isn't much I can do about noise. Thanks for your tip so you advise me to go with something I like even taking the price into account?

I would go for what I love, yes. Obviously I wouldn't pay a silly price for something.

Check sold prices of comparable properties in the area. Zoopla has them listed by postcode, or you can look at the Land Registry.

I think flat 2 has more than 50k of renovations needed on it.

Yes Zoopla and Rightmove shows very big differences. Following RM the asking price is almost sold price but I guess the vendor referred Zoopla which is £80k higher.