Poor in a lovely house, or comfortable in a so-so house? WWYD?

[theyoungvisiter]

So we are house buying at the moment, and there are two houses we are looking at.

One is well within our budget and ticks our boxes, but somehow just doesn't have that "x" factor that makes your heart sing. On the other hand, we could do it up nicely, and get someone in to do the boring work for us.

The other is at the outside edge of our budget and a wreck, so would swallow all our disposable income (and time) for the foreseeable future. We would have to do almost all the work ourselves as there won't be much left in the budget for professional help. However it is (or could be) a lovely house, the kind of place I have always wanted, and more practically, it should be a great return on our investment after we put the time in.

So my question is, wwyd? Eat beans and sand floorboards in the lovely house, or quaff wine and laze in the so-so house?

Comfortable in so so house here but then I'm regularly told I'm too practical and have no soul!!

Couldn't take the risk of financial insecurity given the current climate but I grew up with parents that argued about lack of money so have 'issues' about it as it were......

On the other hand, it's important to do what makes you happy, so if a lovely house is more important to you than your bank balance you should go with the lovely house and beans

Lovely house - but then I love doing up wrecks (have been doing one for the last 5 years!

I would choose comfortable in a beautiful house

Noddy that's good advice about the sums - thanks.

Tiger - there are no pictures of the wreck on rightmove - it's that bad!! Actually I am being a bit mean, it's an ex student rental so it has horrible decor throughout and a tiny cupboard instead of a kitchen, but it's been reasonably well maintained in bricks and mortar terms.

And yes, agree about getting a cast iron full works survey!

Could you get the lovely house and have a lodger in for a few years until the children are older? And put the rental income towards doing the house up?

If you can manage to do the nicer house up it will be a much better financial investment.

If it's really crappy décor because of being a student rental but is basically in good order (obviously you need to check this), could you not extend the mortgage by a relatively small amount to pay for the complete rewiring/replumbing/replastering/new floors that you will need up front?

When I bought my first house, at a far too young 20, I put an offer in on a beautiful, victorian terrace, lots of original features (sash windows, original tiled hall, fireplaces etc) but when the survey was done I was frightened. It needed new roof, central heating put in,and damp sorting. I could have afforded it (just), but it would have taken time, so I bottled it.
I bought the boring, no work needed, option.

So, 11 years later, and currently living in an okay but not mine rented house, I still drive past that other house and feel sad. I know that life goes different ways and all that, but I just really wish that I'd had the guts to give it a go. When DS1 was tiny I used to imagine how gorgeous his pram would have looked in that light, airy hallway.

So, as you have no doubt guessed, I say go for the lovely, dream house. Memories are made in the work, and you'll get to stay there for longer with them.

I'd gor for the so-so house. Life is too short for renovation projects that take up every waking hour (and penny). You'll end up with your 'dream home', but all those months (years?) when you could have been living will be gone forever. Trust me. Been there!

Our neighbour is currently doing up his house, which needed complete gutting when he bought it. It's over a year on and I still occasionally see him almost in tears, surrounded by rubble. I think trying to do all this, with children around too, must be unrelentlessly hideous.

Theres some really good points and I understand as I have looked at some different places and fell head over heals with a total renovation and then remembered that we want to have a baby and both work full time already!

One thing I would be aware of it that most people presume that a house (sometimes only)slightly under market value house has potential to make money from; when it comes down to it and all the work is done and the enivitable suprise jobs that you didnt budget for you may have been better of buying something that was already done!

And considering the market and economic climate we have all learned dont rely on the market value going up

I would say neither. If the first affordable house is too small you will waste money on stamp duty which could have bought you kitchen and bathrooms twice over! If the lovely house really is a massive risk, there is no point being stressed and miserable and wondering how the hell you are going to afford it (we have been a bit like this at points, having really stretched ourselves and found out my dh made redundant) so I would think carefully.

I'm sure there is a middle way to be found.

Still a split!

Bonsoir, I'd rather live in a hovel than have a lodger and I suspect any lodger faced with my two delightful but noisy toddlers would feel the same.

Still, it would always be an option if money was really tight.

Honeymoo, I wish that perfect house was out there but there's really not much choice within walking distance of DS1's school (which is our limiting factor) and believe me we've looked! The issue now is that we have an impatient first time buyer for our place who is keen to get cracking, so we have to make do with what's out there.

Thanks for all the perspectives!

I'd think really really carefully about buying a house that needs lots of work doing and living in it at the same time with two small children. Because it can be extremely stressful and very disruptive to family life. (Been there, done that and worn the t-shirt).

We lived in the house (Vicotrian terrace too) for 5 years, remortgaged and spent £££ on doing the work we wanted (remodelled attic; converted basement; new windows throughout; new kitchen). We started the work nearly 2 years ago. The main building work took about 6 months. Every room was affected. We still haven't finished decorating. The disruption was phenomenal and our finances will never be the same again!

TBH, I'd rent somewhere until another house that suits you better comes along. The compromise house sounds like a compromise too far (and think of the costs associated with moving again a few years) and the "lovely" house sounds too big a job unless you're willing to make a lot of sacrifices- and I'd be very nervous in the current economic climate.

Is your wreck genuinely structurally bad, or is it just awful decor? If the latter, it may not be that much work, and I suspect you'll find after you've lived in it for a month you won't even notice the awful kitchen. Our first house was ex "problem tenants" (doorframes trashed where the police had kicked them in, plasterboard wrecked etc), and it really wasn't that bad sorting it out.

If it is structural problems I would be a lot more cautious about it (have done that, too, and it was fine but wouldn't want to do it with kids).

We bought in desperation a bit, had lost the house we really wanted after surveys,fees paid etc and were in danger of losing our buyers so bought a 'good enough' house.

Now in a position where i have never really felt totally happy here-even after 5 years.Would mean a huge jump in mortgage to go the next 'rung up' to make moving worthwile ,and there is nothing actually wrong with our house, my heart just isnt in it iykwim.

Waffle to say, go with your heart, always imo.
It sounds like it is a financially viable option as you sound very sensible re-size of mortgage and you will be living/working on something you love rather than living/working on something you dont (the position i am in)
good luck

keep looking.

We've stretched ourselves to upsize. The next few years will be tight. We are only just within our bugdet if we are very careful. I find it incredibly stressful. I woudln't have called myself extravagant beforehand, but I have no spare cash, and find myself noticing the cost of everything. How many bananas can 2 children eat, how much does cheese cost, even on offer.

There's always something extra to the budget each month, and MOT, a car seat, a birthday....

I don't regret moving, and we would have had to spend money putting posessions into storage or replacing it with smaller stuff otherwise, but I find it very tough living like this.

For us this was the only option other than staying put due to a variety of circumstances. I think if there had a been a cheaper house that didn't have the "wow" factor, like you I would have been tempted to move, but now I would have been thinking maybe it was the better option.

HTH, sorry if I have just depressed you.

If it is going to be a long term home go for the lovely house. Will be a better investment in the long run (as long as you get it for the right price) and it is Phil and Kirsty always say you should get to the top of the property ladder in as few moves as possible due to the expense of moving.

Only take on a big project and live amongst the chaos if you love the house it does make it easier You will resent the mess and upheaval though if you are skint!

Oh gosh - so many different versions!

Loving the gospel according to Phil and Kirsty

I think the wreck is mainly cosmetic - not that I'm a surveyor, but I know the obvious things to look out for. There's a bit of damp we'd have to get fixed but apart from that it's just the decor and the non-kitchen.

Long term we'd want to do the windows and the roof, both of which are sound but not in keeping with the house. But they would be expensive jobs and could wait.

Arg... think I am going to have to hide this thread as it's sending me in circles!

If you don't hear from me on mumsnet for the next five years you'll know I'm either sanding or drunk!

The other question I guess is can you live with the cosmetic stuff for months/years? If so, for sure I would go for the big house & improve it as and when you have the cash. You can always make one room nice, ban the dcs from it and keep it as a sanctuary

No - I can't live with it for years, it's pretty hideous.

But we can slap on a load of magnolia as a holding measure. I could live with magnolia camouflaged hideousness for a while.

V tempted by the idea of a childfree sanctuary though!

I can feel I am talking myself round to the wreck which probably means we'll phone on Monday and find it's gone [sods law emoticon]

Could you afford to rent for a short time in order to do teh work?Sometimes works out cheaper in the end

If you are buying it to live in it iyswim (ie not just with a view to doing it up to make money) I'd go for the lovely house. It might take a few years to get it how you want it but if it's going to be your home it's worth the hassle. In that case it's eventual value is irrelevant because you won't want to move at any price. What I wouldn't want to do is spend months living in a building site scrimping and saving to pay for the work only move out immediately it's fixed up.

def lovely house.