Head versus heart in property decision

tiernsee

Just wanted to ask for some thoughts/perspectives. Been looking for an investment property for some time, the first one I fell in love with offered, gazumped, agreed asking price, survey, then the vendor changed his mind. The second property I never really liked but kept thinking it is an investment you don’t have to like it but eventually decided that the issues (built on land not belonging to the property and no consent for splitting into two units) were too much.

Went on holiday for a break and have come back refreshed and ready to start looking again. Now found two properties, both of which I like, both of which need work (reflected in asking price) and both have potential either as holiday lets or AST. My head and heart are telling me to different things and I would appreciate any sage comments.

Property 1 – 2 bed terraced, glorious countryside views, garden, large lounge (with views), good sized kitchen, two toilets, road parking, about 15 minutes walk to beach. Should be able to get for around £115k, needs approx £20k spent on it. AST rental approx £550-600pm, not too sure on holiday rental rates.

Property 2 – 2 bed detached, very close to beach (2 mins walk), large kitchen-diner, OK lounge but window looks on to wall, no garden but roof terrace with sea glimpses, shower room and bath room (but bathroom restricted headroom as built into eaves) single garage. Should be able to get for £130k, needs about £17k spent on it. AST rental approx £550-600pm, better option for holiday lets due to location.

If I proceed with either I would, of course, get a full structural survey done. An electrical and plumbing survey has been done on property 1 so have costs of this (built into the £20k work).

Any thoughts, ideas etc gratefully received.



Many thanks

Gwhiz

If it's business you go with your head.

McKneff

My gut reaction, Propert no 1. All positive.

There are so many negatives on property 2, Window looking onto a wall, (could you resite the window) restricted bathroom.

I would rent 1 but wouldnt even think about property 2, I would maybe go have a look but the window and the wall? i wouldnt even bother going upstairs to be honest.

myhouse_2

You shouldn't be falling in love with any investments properties. Just get something at the right place and the right price for what you wish to do with it.

poppysarah

Money.

Lay it out in cold hard terms of finances.