Top of budget

[Junioh]

We have had our house on the market for months, first sale fell through and we've now just accepted an offer which was £15k under asking. I'm fairly pleased with this - we live in a popular area in the south east, but the housing market has been slow recently.

We're now looking looking at what is available to buy and we are very keen to stay in our village or possibly the one over - we like it here and need to stay in school catchment. Our original budget was up to £950k. There are currently two possibilities

1. 700k Complete doer upper. Detached 3 bed with massive garden, ~1500sqft. Would need an extension to create kitchen/diner, utility and a fourth bed and ensuite. On the main road (but set back) on the edge of the village. Main concern is a traveller site across the road and within sight of the house which has expanded twice in the past 5 years without planning permission (but retrospectively granted).

1. 1.1 million which we can't afford so would offer 975k at a push. Our estate agent has told us he values it at 1 million so we're wondering if 975k might do it. In heart of village, 5 bed, double garage, 2250 sq ft, reasonable garden. 80s/90s build. Would need new carpets and decorating throughout. Bathrooms and kitchen are liveable but a bit dated. Kitchen is quite small compared to the property overall and would benefit from opening up to the dining room but not sure if/when we would be able to do it.

Which one takes your heart as well as your head? In my experience, if your heart is in it, you can live with things that need doing and happy (ish) to spend money on it. It depends on whether you think your earnings will allow you to save and do the work on property 2 and if there enough money for unexpected contingencies such as ill health / redundancy. If so, I’d personally try for the 1.1m - no harm in putting your top offer in and then you know you’ve done everything you can and no regrets if it’s rejected.

There must be other options. The second is too expensive, the first has major downsides and will cost more than the second after work.

Why do you need to move from your current house?

Both sound non-ideal.

But it depends on your priorities.

if it weren't for travellers I'd say property 1 as it is id say keep looking.

Edit: wrongly imagined / misread p2 was "the best" / most expensive house in the village so maybe disregard 🙈 if property w is desirable and will hold it might be worth it

Property 2 unless you have money to burn / can afford to get it wrong.... i think is a mistake.

We bought a very "regular" house good location, towards top end of budget but only cosmetics needed and we knew it would sell if we needed to.

I know a couple of people who bought the best / most expensive 2 bed in Greenwich/ cottage in the village / house on the sea front who were buggered when it came to sell and thry really struggled to shift them..

Neither sound like a good choice.

Keep looking.

Put an offer in on House 2 and if it's rejected then move on with your search, there's lots of nice places to live.

I would totally avoid no.1 due to the traveller site. There was one about a mile from where we used to live. There were bonfires burning all the rubbish which caused a lot of aggravation to people living nearby. Dogs running loose, big pile of rubbish (including animal carcasses!!) building up by the entrance before it got burnt that got blown around, quad bikes driving about..... Nothing ever got done about it. Even the police avoided going there. This is just my experience of one site and I'm not saying all sites are like this.

Put an offer in on house 2 but that is 12% off the asking price so I’d be surprised if it’s accepted, unless the house has been on the market for months.

Avoid house 1, even aside from the traveller site next door it sounds like a money pit, will probably end up costing £975 anyway and will still be much smaller than the other one.

I'd keep looking and hold your nerve. Don't let you sale fall through, plan to rent for 6 - 12 months if necessary. it's better to buy the right place for you than panic buy.

Option 2 above, if you are certain it's a good option and you will be happy there and can afford it, accounting for unexpected expenditure, offer £942 and settle at £950 as your best and final. Walk away at more than this.