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

[Minimini0001]

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!!

Yeah I assume so 🥲

Surely it depends on taste? I looked atnit and thought it just needed a coat of paint 🤣

To be honest, I’m not sure there is much to do in house two. It looks a bit crummy because there is no furniture but actually I think it is nicer, the rooms are bigger and you could go outside for a coffee in the morning. Get something like the Old House Handbook or the Old house Eco Handbook as they are very good at reassuring you that there may be less to do than you think if you treat the house the way it should be treated. (Borrow them from a library if you aren’t sure about the investment). Lots of things in there that are less expensive to do and keep the property warm dry and nice to live in.

Also I can’t see the age of the property but the lease length is good. Always check the leasehold before buying and check the split of who pays for roof repairs. Also find out what the £350 PA pays for.

haha I need to learn from British people how to decorate the house.

😮 that sounds very gorgeous and I'm not sure if I have those skills. But it's a relief to know that I could live in it without major renovation work.

You could spend a lot on house 2 or do a lot yourself and within budget.
number two looks nicer but is probably over priced. The kitchen and bathroom are perfectly useable with a good clean and redecorate
I would try it on with low offers as it’s a very slow market. 10% less at least. Pick on someone who actually needs to sell rather than just fancies a move.

Definitely a garden. but it seems a bit overpriced. 😥

yeah so I made an offer £480K and they said no. Then raised to £485 but they say it should be over £500K. That's a bit issue. The upper floor sold price was £545K in 2023 and since then the price has been dropped.

This advice is a bit random I know I think if you wait a year the markets on a downward curve recession coming you might get really good deal my opinion anyway also leasehold always difficult.check yearly contributions really carefully

Yes if the second option doesn't work on me, I'm more leaning toward a waiting strategy. Thanks for your advice!

You can keep looking and make offers on anything else that comes up if you like it. There are lots of flats available something will come up at the right price

Idk how well you know Wimbo, but let me tell you - property 2 location is better IMHO I prefer the village than the other property location. Walks to cannizaro etc. That extra 10min is always extra.

Thank you for saying that. I hope I can find one I like soon.

True. I'm currently living in Wimbledon so I don't want to leave here. It's a beautiful area. 😃

@Minimini0001 I know you say you want to stay in Wimbledon but just take a look at what else your budget could get you. These are in the SE:

https://www.zoopla.co.uk/for-sale/details/58063721/

https://www.zoopla.co.uk/for-sale/details/69263599/

You could wait and see perhaps prices will go down but there's always other changes as well. Look at what happened with the stamp duty.

Thanks those are beautiful! But I need to commute to Euston 🥲 But I know someone commuting from Kent so maybe!

@Minimini0001

https://www.zoopla.co.uk/for-sale/details/69548057

https://www.zoopla.co.uk/for-sale/details/69631893

these here are walkable to the nearest station (Welling) which serves major stations in to London.
From Welling station you can get to London Bridge then change to northern line to Euston; total journey about an hour.

I recently bought a house in this area myself after buying my first property; a flat in London.
I was hellbent on staying in the local area at the time and so didnt even care to look at what else was out there.

These are still in London by the way ..under Bexley Borough (although I says Kent).

Good luck 🙂

Second one is gorgeous and the proportions for what I’m guessing is an Edwardian house are lovely plus there’s a garden !

A 100 year old house really isn’t old for the UK.
You need a new kitchen and some redecoration of the bedroom walls. I’d get the wiring chased in to the walls and ceiling as well ( but that not urgent ) Apart from that the timber floors are great and maybe need a clean and coat and you might want to remove the fire in the living room and see what’s behind it…..maybe the original opening.
I don’t see any where near £50k in that.

It’s £/m2 is a lot higher than the first property but I’d still go for number 2. The first feels very claustrophobic with the sloping ceilings.

I’m really confused why you would think it needs any major renovation works at all ?!
Its not that old
You can do what you want over time if you like. Live with it a little then decide.

I’d try another offer
The first option you’ve put here is up for £6285 / m2 although there’s no garden and sloping internal ceilings
The second property is £8635 / m2 if you offer £500k. ( that does not include the garden ) That’s a lot higher than your other property ( I don’t know others in the area so you might want to check them out too )

Once you’ve done a few calcs put them to the estate agent to show you’ve thought about a reasonable offer
If you went for £492000 ( to meet them half way ) it would be £ 8500 / m2.

No 1 is share of freehold.

no 2 is leasehold.

have you looked into service charges, ground rent etc? Lease length?

I’d be inclined to go for top floor, as. Pp said. More secure and no one thumping on your ceiling. As that to share of freehold and I think it’s a better choice.

Thanks for the comment! Do you think the price is reasonable? It’s owned by Grainger PLC which is a very large estate company and they are not really open to negotiation

I’ve dealt with buying from and selling to companies before.
They lack that owner occupier element ie prepared to do a deal.

However
You don’t have to go with what they suggest straight away
Creep the price up slowly.

Like I said it is more expensive / m2 than the other but it’s a high ceilinged, with garden property. They carry a premium.
Number one property I think will be harder to sell on, no one really likes sloping ceilings and living in the roof unless we re talking warehouse living.

So
Creep the price up
Remember you will be taken more seriously if you do your homework and put that to the seller / agent
Find similar properties in terms of a garden and size.

Just had a look at 1/4 of a mile around your sw19 second property

There are ones in order of £5700/m2 and up
However looking near to your second property there’s this maisonette
Requiring more work than yours and with no direct access to gardens ( there’s stairs to it tho )

Its £8702/m2 …….That’s more than yours!
So if this is the area you want I wouldn’t chose this maisonette I’d go for the one you are currently looking at.

So £500k based on examples nearby is about right