How to choose between 2 houses to buy (London) HELP! Need cool-headed advice!

MilkyWay

Hello everybody!

In the moment of making decision and it scares me a bit, need the advice from outside: after 4 months of house hunting in London we found 2 properties we like. Both are Victorian terrace and suit our living style, but one is on a good, desirable street and the other is on "less desirable street". The SAME neighbourhood, just different streets and the difference in price is £200,000(!) :eek: In addition, the more expensive house does not need any renovation, except for garden. The cheaper house needs some work but rather cosmetic and it's has larger footage square than expensive one. I know about "location location" factor, but how £200,000 can be worth to splash for desirability of location...? Which one is really worth to buy???

We could afford to get mortgage for expensive property if we really realy stretch ourselves... But on the other hand we have to "work until drop", we are in our 40s. Any advice/thoughts will help me to see the whole picture clearer:(( 😗 thanks for reading!

silvercar

Is the less desirable street in an up and coming area? Consider what both areas will be like in 5-10 years time.

MilkyWay

The less desirable street looks less residential than other one, BOTH streets are busy with bus stops etc, just the cheaper one feels more exposed, maybe that's why prices are lower, but £200,000 is too big difference...in 5-10 years both areas won't change I guess (we are local residents), and there is one point: the desirable area is in possible radon contamination area (my husband says it's not harm and most of people even does not check for this...)

EverGreen_2

You may need to post the link of both houses. If you can't post the link (because you'r NEWBIE) just send the post code and prices and someone will find and post it for you.

missbiggles1

What percentage of the house price is £200,000?

bouicca21

Post the links - You need someone who knows the neighbourhood(s) which in London can change sharply from street to street.

Rollinghills

Do you / will you have children? What are the schools like? Proximity to good schools can make a very big difference to house prices in London.

From what you say I'd be tempted to go for the cheaper one. But I think you could be missing some big factor, maybe schools or something else.

Doozergirl

It sounds like you know the area already. You're the only one who knows the answer. People here will be split, just because we're all different and all know what we're comfortable with.

I'm not fussed about being in the best street. Home is where the heart is. As long as I feel safe, I prefer more room to furnish and less pressure in outgoings. Will you be happier working longer to live in the more expensive house? Does it balance for you?

duchy

Which house can you add value to ?

MilkyWay

Thanks for replying! Yes, my husband and I are from the same neighbourhood, and we know there are no any big development plans for both streets at least for near future. The cheaper house is £1m and more expensive one is £1,2m ��, no kids, but planning, good state schools are between two properties, postcode is SE21 8JL, not sure if I can post links...

MilkyWay

About value added: the expensive one can allow to make some extension for small study in the loft in future, not a BEDROOM, not sure that I could increase price significantly, because house is already expensive...