Right house wrong area or vice versa?

Rambosmum

We've accepted an offer on our house and the sale is progressing nicely.

We put an offer in on a house, initially accepted, then rejected and the vendor went with a cash buyer. Offered on a second house, again vendor chose another buyer. And now we can't find anywhere else.

How long is it reasonable to keep looking before we risk hacking off our buyers?

We have found one house, but it's 2 miles from our preferred area and we've seen several in our preferred area but none are right for us. So if pushed, do we go for right house wrong area or wrong house right area?

Surrey_EA

It depends. How committed to your house are your buyers? Some buyers will wait 6 months, or maybe even longer, if they know think they're buying something special that doesn't come up all that often. Other buyers will get fed up after 6 weeks and go off looking elsewhere.

As the say on the telly, "location, location, location." you can change a lot about a house, but not where it is. Only you can really decide whether you are prepared to compromise and buy a house 2 miles from your preferred location, and what compromises this will involve.

It's a rubbish time of year, as relatively few people will put their properties up for sale between now and Christmas, and will typically wait until the new year. So, if you've eliminated everything that's currently on the market don't be surprised if 8 weeks pass before stock levels improve.

AdrianC

You can change a house to better suit your requirements, but not the area...

melanzana

Right area for you, all the time.

ReadingTim

Rambosmum wrote: »

How long is it reasonable to keep looking before we risk hacking off our buyers?

The only people who can really answer that are your buyers themselves, but it probably also depends on what you're selling and for how much compared to similar properties. People might hang on for a while if they think they're getting a good price, or a property which doesn't come up for sale very often. But ask someone to hang on for a bog standard 3 bed semi, a 2 up 2 down terrace or a newbuild flat that's priced just the same as all the other 3 bed semis, 2 up 2 down terraces or a newbuild flats, then they will simply find one which is genuinely available to buy.

Rambosmum wrote: »

We have found one house, but it's 2 miles from our preferred area and we've seen several in our preferred area but none are right for us. So if pushed, do we go for right house wrong area or wrong house right area?

Personally, I reckon Phil 'n' Kirsty are on to something with that property show of theirs, but it does depend on what makes it a "preferred" or "right" area for you. Is it objectively speaking better (higher house prices, more affluent area, better schools, lower crime, better transport links, higher quality housing stock, less unemployment, deprivation etc) or is it simply that you like it, you know it better, it's closer to friends/family etc? If the former, then "location, location, location", to coin a phrase. If the latter, perhaps you need to be a little more open minded about where you live, if you want to move at all that is...

SuzieSue

If you can't find a suitable house in your preferred area it is probably because your budget isn't high enough for the area.

I know everyone says location, location, location, but I bought the right house in the wrong area because I wanted a detached house and all I could afford in my preferred area was a run-down terraced house.

It worked for me as I have been here 20 years and have not plans to move.

Only you know if the compromises you will have to make with the house in the wrong area are worth it to get the right house.

ThePants999

If you can afford the wrong house in the right area AND to turn the wrong house into the right house, that's a no-brainer.

If you're going to have to compromise (where compromising on house could be because it can't be made into the right house or because you couldn't afford to do the work for a long time), then personally I'm with SuzieSue - I'd compromise on area.

Hedgehog99

In the late 80's / early 90's when people were priced out of some areas, they used to say look for the next up & coming area (check for skips). The area where people are buying properties and improving them. Now people are priced out of those gentrified areas too.

So perhaps, a location that might not be 100% now, but that you are sure will improve, could be a good investment, especially if you can also add value to the property you buy there?

There's also the chance that a nice area can turn not-so-nice if the residents change over years/decades and the culture of taking care of the local area is lost, so it can work both ways.

Think of the location-related things that would annoy you - do you need to be in a school catchment area or have good access to a commuter route or public transport connections? Is that worth living in not such a good house in a better location or is your free time base more important for relaxing after the working day/week?

Fireflyaway

Area every time. A house can be changed over time but if the area is dodgy you won't be happy no matter how cheap the house. We bought a small flat in a nice area. Could have had a house 3 times bigger on the dodgy estate down the road but I know we made the right choice. It was a small place but we had 12 happy years there.

SuzieSue

Fireflyaway wrote: »

Area every time. A house can be changed over time

No, a terraced house cannot be turned in to a detached house. Everyone has different priorities. For me, a detached house was a priority because I did not want to worry about noisy neighbours and I wanted to be able to have my music on as loud as I wanted.

No-one is advocating buying in a dodgy estate where you are likely to be stabbed, but to consider the slightly less nice areas for the right house.

Mickygg

I think it depends. There is an area I want to live, however a 3 bed detached is out of my price range so as a 3 bed detached is my no.1 requirement I'm looking at a different area.