Buying in cheap areas...

Tallu

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Jack_Johnson_the_acorn

Tallu wrote: »

Have any of you bought your own home in a 'cheap' aka 'not the most highly desirable' area, and was it worth it?

If it's a toss up between the house and the area, what would you choose?

I'm in a 'cheap' area just now but have good, friendly neighbours who are very tolerant of noisy building work etc - it's a shame because the houses are traditional and it could be such a gorgeous area but it is run down.

Is it worth hoping things will improve and taking a punt on a cheap house, or would you always opt for the best area you can afford and a slightly less grand house?

Mix of both in my opinion, no point buying a house that doesn't fit your needs, but also you don't want to be living in an area you don't particularly like.

alberty

Don't go below your minimum acceptable house size, areas get better or worse but you're stuck with a house.

Jack_Johnson_the_acorn

We bought a "doer upper" in a decent area but most importantly for us was the house itself, all the space we could need, we're happy living somewhere that'll take years to get to the finish we want, but we are content living in what should be our forever home.

missbiggles1

It depends whether it's a cheap area on the way up or the way down.

lisyloo

It's better to buy the worst house on a nice street than the best house on a worse street.
Location location location.

You could take a punt on somwhere being up and coming but by the time it's public knowledge then it's already priced in.

Also depends where you are. Cheap in some cities can mean crime ridden.

chucknorris

My wife bought her original home in Hackney for £110k in 1997, her mother has lived in it since 2005 when she moved in with me. Yesterday when she was visiting her mother, her mother's neighbour told her that she had just sold her house for £900k. We thought that it was worth about £650-£700k, so it was a nice surprise, for me too, as my wife will buy half of the house that we live in when she gets possession back of that house.

duchy

I'm a bit lost..... Why would a husband and wife need to buy and sell property between each other ? Surely it is already a marital asset?

chucknorris

duchy wrote: »

I'm a bit lost..... Why would a husband and wife need to buy and sell property between each other ? Surely it is already a marital asset?

Well I bought the house we live in for us, she didn't pay towards it because at the time she didn't have the cash and I thought that it was fair enough as she was providing a home for her mother. But when she gets possession back she said that she would pay half then.


EDIT: Her other two houses in Hackney have gone up by about £250k each, which means that her property portfolio has increased by £700k. So her overall wealth has caught up with me, so I don't think that it is unreasonable that she contributes half to our home.

WobblyDog

I definitely subscribe to the adage "buy the worst house in the best street". I think it might be possible for some people to succesfully move to "bad" areas, but they are probably people who are unusually good at integrating into the local community.

Green3

Is Feltham an area that is improving or going down? Some houses there are nice and affordable. Also there are very good shopping facilities on the high street near the station with major banks, grocery stores (Asda, Tesco), restaurants, clothes shops, pubs and also a cineworld and leisure centre. What more does one want? Also Oyster card works up to Feltham rail station (but not beyond). But because of its bad reputation about crime and gangs, people feel scared to buy property there. So does anyone have any idea whether Feltham is improving or is really not bad at all. Facilities wise it is great.