house v location , is it really the location that matters?

pinkparrott

Hi i would like some advice and thoughts on what you would do in my situation.
I live in a nice area at the moment and am wanting to move but the property in my town is so expensive. I have had a look at another area about 6 miles away and i can get a much bigger house with a garden their for the cost of mine here.
i'm not sure what to do as i would like to stay in this town if only i could afford something i liked.
is it really location, location location that matters?

teb_2

yip. no point in sitting in a lovely house if the area surrounding it is a bit rough, lol.

what about looking for a rougher house in the better area and doing it up yourself? you might be able to afford bigger that way?

poodledoodledoo

Location should always be your main consideration.

Any house can be made to look pretty but a bad area is a bad area.

terrierlady

its location Location LOCATION for resale im afraid. you may like to live anywhere but how will it do on the resale market when you wish to move on?

MJMum

I believe the saying is "you can't polish a t*rd".


My surveyor re-iterated to me yesterday that location, location, location determines the price.

vansboy

Most will say location & you SHOULD buy the cheapest/worst house in the BEST area, as you can only improve on it, that way.

But the problem we're facing, now we've sold ours, is finding ANYTHING of comprable value for money, to move to now.

So, depending on the compromises, we'd certainly consider, the right house, in the not quite right area, so don't dismiss any you might fancy.

VB

lynzpower

Why did you sell up?

zipwen1

doesnt it depend on why the area is so expensive, for example if its because of good schools and you ain't got any kids whats the point in paying the premium. you didn't say if the new less expensive area was bad or not.

spunkeyrich

best to buy the worst house in the best location than the best house house in the worst location

rich

Norma_Desmond

We knew exactly *where* we wanted to live and looked at everything from a pre-fab bungalow to a Georgian village house......luckily we bought the latter, and it's beautiful, but location was the deciding factor.

ExpertBargainHunter_2

I'm a chartered surveyor covering central London and YES it's TOTALLY down to location! For example, I've just valued a large Victorian house. It has 5 storeys, is in great condition and has a nice roof terrace. The houses at the other end of the street (ie 200 yards away) are similar and are currently achieving £1300 per square foot. The property I was valuing is opposite a small council estate and backs onto the A40 (6 lane very busy road). I valued it £600 per square foot.

Location is everything. Damp only costs £2000 to remedy, new kitchen and bathroom £20,000. Put a property near a busy road or council estate, or in a high crime/noisy area with no shops/tube nearby and watch the value plummet.

At the end of the day though, as long as YOU don't consider it a bad area and have done your research then go for it. A lot of places are expensive due to snob value (ie I think Notting Hill is rubbish and wouldn't particularly want to live there but it's the place to live) and you can get a nicer flat/house in a more diverse place for less. Just make sure you understand WHY the prices are lower and make the judgement.

Good luck!