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

Smiffycaz

Hi, I lived in NottingHill and I would have to agree that is really is not that special.
In my humble opinion it is down to what you are looking for?
I moved to Bucks and got a 2 bed/garden & Garage for money that would not buy me a Studio in Nottinghill, so it is a question of what you want?
An Expensive Rabbit Hutch in a Over rated area or a spacious home with nice views etc..
Anyway all areas have thier downsides.
Look for areas with lots of developments going on as I am told in the future this increases values of property.

Hope this helps and good luck :O) p.s check out Right Move thats where I found my Home.

littlescarlet

I agree its best to buy a bad house in a good location but as has been said here it depends why. I live 50 yards from the boundary of a catchment area of a good school. Identical houses 100 yards from mine are £50,000 more expensive because of this. If you have no kids and the house is small (not trying to re-sell to a family) then you would be happier in my area rather than across the road. Another important thing is that you live among similar people - try https://www.upmystreet.co.uk to assess potential properties for 'fit'.

truly1

Easy to say that a good location is always best, but not everyone can afford this for their first ( or even second / +) purchase.

Many people stay in less desirable areas and often pay quite good prices for the priviledge. If the area is fine for you (hopefully, not too rough and you do not have the downside of a 'poor' school to worry about) then the only time it will matter is when you are re-selling.

You will still benefit from any general increases in property values, and - some previously 'bad' locations are now coming up in value as they are so affordable, so you could do well over time.

tomstickland

It depends on the buyer. Personally I'd prefer to live in a falling down house in a nice area over a sorted house in a shoddy area. I can fix the house but not the area.

ds1980

littlescarlet wrote:

I agree its best to buy a bad house in a good location but as has been said here it depends why. I live 50 yards from the boundary of a catchment area of a good school. Identical houses 100 yards from mine are £50,000 more expensive because of this. If you have no kids and the house is small (not trying to re-sell to a family) then you would be happier in my area rather than across the road. Another important thing is that you live among similar people - try https://www.upmystreet.co.uk to assess potential properties for 'fit'.

Ok there is no such thing as a cathment area for a school its a myth. Our lass works for a very well regarded school in nw london and the house prices are ridiculous near the school and she has turned the majority away as they don't fit the criteria so please beware!!!

ds1980

ExpertBargainHunter wrote:

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!

ok your a surveyor but £2k for damp!!!!! and £20k for kitchen and bathroom!!!!!!! yeh maybe in a 6 bed £2 million pound house but not as a general rule.

Don't discount anything just do your homework.

pinkparrott

Hi thanks for the replies. the area i live in is in west yorkshire, but i probably live in one of the best towns its a former spa town with a famous moor!.
i have a little boy aged 1 and the schools in my town are very good, however the school near to the new area is equally good. However I only live 5 mins walk from the town centre at the moment and it has great shops, really good quality restaurants(not that i get out too much at the moment). We also have a direct train line to leeds and bradford which put the house prices up.
The other area is nice but is on the outskirts of another town(not within walking distance to any shops or the train station) so it would mean that we would have to become a two car family again.
I think the deciding factor is going to be my sons childhood/future as the facilities here are really good and i have a great childminder which i would also have to change.
Just wish i could afford a bigger house with a garden instead of a back yard!.

ds1980

pinkparrott wrote:

Hi thanks for the replies. the area i live in is in west yorkshire, but i probably live in one of the best towns its a former spa town with a famous moor!.
i have a little boy aged 1 and the schools in my town are very good, however the school near to the new area is equally good. However I only live 5 mins walk from the town centre at the moment and it has great shops, really good quality restaurants(not that i get out too much at the moment). We also have a direct train line to leeds and bradford which put the house prices up.
The other area is nice but is on the outskirts of another town(not within walking distance to any shops or the train station) so it would mean that we would have to become a two car family again.
I think the deciding factor is going to be my sons childhood/future as the facilities here are really good and i have a great childminder which i would also have to change.
Just wish i could afford a bigger house with a garden instead of a back yard!.

i dont have kids so im not in your position but it would be a lot easier to move now rather than when they start school etc.

bargainquest

I too am having a bit of a location v. available space dilemma. One of the properties we are considering is an ex council house. It is only one street (cul de sac) of council houses and most seem to be privately owned. A lovely new estate has been attached to it (some of the houses are part of the same road) and houses a stones throw away go for between 200-500K. The house we like has been extended and is up for £179K (although the highest sold price is 127K for a non extended house). Am I likely to have more resale difficulties with an ex council house despite it offereing more space than more expensive houses in the area?

nic_santorini

I would so stay where you are - it sounds lovely. My husband and I bought the same size house at the same time as my ex-flat mate and we paid £50,000 more to live in a nice village - where she opted for what I call a rough area and it is worth it - nice people, no nuisance youths, a sense of community, knowing your neighbours and I mean doors and doors down - my friend dare not venture out and always thinks she will go back to a burgled house. I would pay the extra money anyday for a nice location.

As for the person considering ex-council - not a problem per se - but issues with mortgages - most companies will not touch local authority property - don't know why but this may reduce the mortgage companies you go for - but if you are a cash buyer and the area is nice - why not go for it. My friend (another one) bought an ex council house 6 years ago for £50,000 and it has been valued at £170,000 - although it is ex council in a village which is georgous.