Having a wobble over buying cheap house in 'bad area'

Kittenmum_2

I'm getting myself into a right state. Hubby and are can't afford to live in our house any more and the mortgage people won't give us interest only. So we have found what we thought was a nice cheap house in Hardwick, Banbury. But since then everyone has been telling us to avoid the area. The only trouble is we can't afford to buy anywhere else. We'd love to stay in Bicester but there's no where we can afford.
Should we go for the cheap house or rent until I find a job?

Better_Days

What's wrong with Hardwick? Have you had a look at the crime map for the area to get an idea of what some of the problems may be? Do you know anyone there who you can ask? Have you spoken to any of the neigbours near to where you propose to live?

Buying a house has a number of associated costs and you really need to be staying for a few years to make it worthwhile financially. Do your sums and it may be that you will be better to stay in rented until you can afford to buy where you would prefer to be.

SuzieSue

Kittenmum wrote: »

I'm getting myself into a right state. Hubby and are can't afford to live in our house any more and the mortgage people won't give us interest only. So we have found what we thought was a nice cheap house in Hardwick, Banbury. But since then everyone has been telling us to avoid the area. The only trouble is we can't afford to buy anywhere else. We'd love to stay in Bicester but there's no where we can afford.
Should we go for the cheap house or rent until I find a job?

It depends how bad the area is. Do you have children, if so, depending on their ages, I would say definitely rent in a better area. If you don't have children, what is wrong with the area? I don't live in a great area, but haven't had any problems in the 12 years I have been here but I wouldn't live here if I had children.

Fire_Fox

Welcome! You should be looking to purchase somewhere you can stay ten years, IMO if you are not sure about a house or area rent there until you decide if it is for you.

sniggings

depends where it is, your idea of a bad area may be different to mine.

Saying that though, I once moved to a bad area as the rent was much cheaper and I thought it would do until I paid off my debt, I visited the area a few times and thought, yeah it's not great but it's not that bad really, well as soon as I moved in I regretted it straight away, just driving into the area depressed me, leaving in the morning for work I was scared just going to the car and being seen with shopping and in a works uniform I felt I was a sitting target for mugging, 6 months and I was out of there, it just wasn't worth it.

Really check out the area, and if you are still unsure, it's best to be in the cheapest house in a good area than a good house in a bad area.

elsien

Again, it depends what you mean by bad, and what the people warning you are basing their perceptions on.

I bought a house in a "bad" area because I was never going to be able to afford a "nice" area and it's fine. The prejudice against the area is because of lots of rented properties which have a more transient immigrant population. A lot of neighbours do tend to move on fairly quickly but my immediate neighbours are long term and we get on well. And I feel safe walking around, and as the local copper pointed out, no-ones going to break in as the burglars head to the nicer areas where they assume there's richer pickings.

Having said that, I've also rented in some very dodgy areas where I'd never consider buying. You need to do some more homework and visit at different times, especially at night, to get a feel for the area before you decide.

Edit - just looked up the crime map for my road and I've clearly been walking around with my eyes closed for 10 years, totally oblivious to the world around me. :rotfl: I don't recognise the place from the statistics.

MercenaryMan

As others have said, it depends on your perception of what a "bad area" is. Crime maps (among others - demographics, flood, noise) are worth a look. You may also want to try looking at insurance as a way to measure risk in the area.

sniggings

elsien wrote: »

and as the local copper pointed out, no-ones going to break in as the burglars head to the nicer areas where they assume there's richer pickings.
.

I've heard the opposite, not meaning to scare you but Robbery tends to stay within the area the person lives, yes rich areas get hit too but even poor houses have the items robbers are looking for and they know the area, just check the crime map, you will see, the bad areas have a far higher crime/robbery rate.

elsien

It doesn't scare me. I've been burgled before, if it happens, it happens. All you can is put in some decent locks and not do anything daft like leaving the back door open. If anyone's that determined to get in they will, regardless of where you live.

Mickygg

It's all location, location, location. I wouldn't buy in a dodgy area just because I could afford it. Rent until you can afford an area you will be happy with. Buying and wanting to sell a year later is criminal on finances, unless house prices by chance were to jump in that period.

Better_Days

elsien wrote: »

Edit - just looked up the crime map for my road and I've clearly been walking around with my eyes closed for 10 years, totally oblivious to the world around me. :rotfl: I don't recognise the place from the statistics.

Me too!!
DH knows the area pretty well being a postman, and he knows lots of people and we were both surprised when we had a look at the crime map. We did spend a little while trying to tie up the crime stats with some of the local gossip, but didn't get very far! Still we seem to be getting on OK just being oblivious and having a woofy dog if someone dares to come down the drive.:):)