buying in a grotty but about to be revamped area

Nenen

I'd really appreciate some opinions on a potential purchase! We're desparately trying to buy a home in an expensive area and it is proving difficult to find something big enough for our family of 5 that we can afford. We've just had a look at the outside of a lovely property which has been totally revamped and we hope to view next Tuesday (agents couldn't possibly show us round last Saturday as they were far too busy:eek: ).

If it is as nice inside as our peep through the windows and the photos and details suggest it would be great... except for one thing... it is backing onto the edge of an absolutely ghastly looking concrete block built estate. The view from the back of the house/garden is one of the worst I've ever seen! :eek:

However, the local authority have plans (I've viewed them online) to totally demolish and rebuild the estate within the next five years. The new estate would be part owner-occupied, part shared-ownership and part housing association rented, with open spaces and a new health centre ect.

The house itself is also ex-local authority (but a much nicer style than the concrete houses behind). However, the houses each side of it are also really grotty looking but would presumably be done up as part of this revamp (I'm ringing the council tomorrow to double check on this).

I suppose my question is... if we are in this for the long term and see ourselves living there for at least ten years (hopefully the new estate will be completed by then) will this be a good buy? We don't want to be stuck with something hard to sell in our retirement if we wanted to downsize! At the moment it appears to be about 30K cheaper than other houses further away from the grotty outlook! I know we'd end up living through months (if not years) of building work going on around us.... has anyone any idea what this would be like (maybe if you've moved into a new estate still being built)?

All opinions/advice gratefully received! :beer:

Doozergirl

You don't half pick them, Nenen!

Nenen

Doozergirl wrote: »

You don't half pick them, Nenen!

:rotfl: :rotfl: :rotfl: LOL Doozergirl!

Yep... that's me... a disaster waiting to happen!

Problem is we can't afford anything in this area without some sort of problem/reason why others wouldn't snap it up for far more than we could afford!

Every time we've moved house previously we've either been conned or managed to do it at the wrong time, for the wrong price, moved into the wrong area etc and ended up worse off than when we started!:eek:

I really, really don't want to make this mistake again! For example, if we had stayed living in our first house in London we would now have a house worth at least 350K with little/no mortgage... as it is, we've got about 70K to invest in a house in an area where even a really grotty 3 bed semi goes for at least 250K :eek: Taking on a mortgage of 200K+ on a joint salary of 60K at our age (late 40s) is really scarey and I don't want to be regretting this move as much as the others in a few years time or worst still living out my retirement in abject poverty! :eek:

Dh and I are both in caring professions... useless at business deals or DIY! I'm ever hopeful that MSE will at least give me some hope and helpful advice!

Doozergirl

Oh no! I thought you'd be more comfortable than that

I could get you a nice 3 bed detached in this part of the world

I guess you write down a lost of essentials and desirables and work out what is most important. Personally, I would be more inclined to go smaller than downmarket but I've turned into a right Middle England snob considering I grew up in Inner City London :rolleyes: My husband says I still sound like Patsy Palmer when I'm angry.

epz_2

dont know about your area but when the council revamp an estate in glasgow it involves moveing everyone apart from the folks who bought and the worst junkie scum tenants out then boarding the houses up and leaving them for 1-2 years eventually the demolish all the bits they own and force the owners to sell at a knocked down price cause they are living on a deralict site.

in terms of capital gains it may be great, if i had kids i wouldnt fancy it however on my back garden for 5+ years.

Running_Horse

Council did up our neighbouring estate, moved everyone out, demolished top two stories and put on proper rooves and turned walkways into individual balconies...and then moved the original tenants back in. As they say with pubs, you can change the decor, but not the customers.

I grew up on an estate, and can live with the shouting, the sirens, the mini motos etc. But it will always put off some buyers.

brock-cruse

Above says it all really! We currently live in ex-LA house although it has had a massive extension (now 4 bed, 3 reception room, downstairs loo, playroom etc etc)and has a huge garden. Down side is the surrounding area. When we bought the area wasnt too bad and it was a big house in comparison to what we had been looking at. However, 8 years down the line and we have struggled to sell ( most said lovely house, not sure about the area!). In fact since living here we have had no real problems...a few parties at the back and a broken window but thats it. Its just that we are on the edge of ex LA estate and that is putting people off. I have found however that we had better feedback and have eventually sold to people who live in slightly less better parts of the city so before any viewing i got the agent to check where the viewers were from! Plus whereas 8 years ago this house cost approx 10k more than the 3 bed semis in a nice area this has totally reversed and it is now about 20k less so hasnt increased in value in comparison.
So this move we are going better area...originally downsizing to a smaller 3 bed semi but when that fell through after 7 months managed to snap up (hopefully as still going through!) a 5 bed detached needs-totally -renovating repossession house in a village setting....bliss!!! Must say i would never compromise on the location.
Hope this helps.

Nenen

Thanks for all your helpful replies... the concensus seems to be that area is the most important... however, the grotty estate behind the house we want to buy is not grotty in terms of the people living there being difficult neighbours, just in terms of being an eyesore! The houses are 2 storey prefabs made of concrete blocks with flat roofs and look exceedingly ugly! Although the estate they are on is LA, it is not considered to be 'rough' (sorry to sound so classist just can't think of another word). However the house we looked at is beautiful inside and I could see myself living there happily!

However... it just gets better and better :rolleyes: (as Doozergirl so rightly said, I don't half pick 'em):D

Having seen inside the house today we found out from the EA it is under instruction from a solicitor as it is the subject of a court order to sell it as part of an acrimonious divorse. I assume one party is forcing the other to sell.
Do any of you lovely, knowledable people know if this is more or less likely to make them take a low offer?
Also, is it more or less likely to make the sale drag on and become expensive for our legal fees?
flipping heck... at this rate, if I ever manage to buy a house again it will be a miracle!