Buying first home - cold feet about area

Rae18

Hi guys,

I could use some advice. I'm a first time home buyer and I've just put in an offer on a 2 bed terraced property for 85k which was accepted. It is a beautiful house, absolutely stunning. All recently renovated - brand new high quality wooden floors in every room, completely new kitchen and bath room, beautifully decorated throughout, brand new wood burner fire, new boiler etc.

The sellers are also leaving ALL their furniture bar a few pictures on the walls and their main TV. They've explained this partly as wanting to help a first time buyer get themselves set up, and partly because they're moving into a flat due to the wife's health issues and they've been told they need brand new appliances due to rules of the apartment. I live in a flat currently and have never heard of rules like this so I'm a little unsure what to think of that to be honest. Also, they're taking their chest freezer which isn't new with them so how does that tally with the "new appliances rules" reason? I can't tell if I'm over-thinking this or not.

It really is a beautiful property though with a massive garden (albeit a bit overgrown but will be stunning with a mow, deweeding and some minor tlc), an expensive gated paved front drive, beautiful built in wardrobes, and it's really close to the m58 which makes it fantastic for my commute to work. So there are a lot of compelling positives.

But I'm nervous and I can't seem to shake said nerves. I think it's for a few reasons.

- Area. It's an old council estate with a poor reputation and not at all in my desired town. The town it's in, I can only described as "errily vacant". Not in a "tranquil countryside" manner, more in a "did an apocalypse happen here?" manner. At risk of giving my location away, it's one of those purposely build new towns that was designed to hold a lot more people than it ended up attracting, hence there are parts of it that just feel overwhelmingly empty despite being full of houses. There's also no real town centre so it lacks that community feel. There's basically just a supermarket and shopping precinct in which probably 50% of the shops are vacant. Is this really an area I want to spend several years in? To be fair though, it's not far from a much nicer town that I currently live in so I'm only moving a few miles away meaning more attractive places to shop are available so it's not like I'm completely isolating myself in a town I hate.

- House prices. This isn't my forever home - as much as I'm in love with it, it's not big enough for a family nor is the property type or location my ultimate desire so while I'm happy to live there for a few years, negative equity/being able to sell at a profit are big issues for me. Both the houses next door (one on each side) are soon to be renovated and the estate agent reckons it will help the house appreciate value considerably and has said the owners are well aware they're selling at a loss but have to due to the wife's health (and this adds up - they have reduced the price by 15k in the 2 months it's been on the market). But, we will have to live with possible noise from BOTH houses being renovated and I can't help worry this is the REAL reason they're moving and they know more than they're letting on about the nature/scale of the works to be carried out. I'm not sure if I want to live in a house sandwiched between two renovation projects. Plus if the renovations DON'T go ahead, then I won't get my 'increase in value' the estate agent is promising, nor will the look of the terrace row be improved which could again impact on potential buyers - who wants to live next door to two run-down properties, especially ones in a poor area of a poor town. While I'm sure some people won't mind, I can see it narrowing my potential buyer-pool considerably.

But, those concerns aside, it is an absolutely stunning property that they'd made up for their retirement and you can definitely see it's a high quality home with real attention paid to it, and I really could see myself living there for a few years quite happily. I've seen other properties in this price range and they're not even close to as nice with easily noticeable issues (damp, structural issues). This property doesn't show any worrying issues (of course I will be getting a comprehensive survey due to its age) so compared to other properties in my affordable range, it really is a stunning property that I could move in to tomorrow and be completely at home right away. Them leaving all the goods as well makes it a very difficult offer to pass up as that would save me thousands. Even if I bought everything second hand it would WELL be a year before I had a fully furnished home.

I'm just nervous I suppose. It's a big deal buying a home. You make a mistake and you can't just hand in your months notice like you can in rented so it feels like a massive jump to take and I just can't stop worrying that I could be making a big mistake.

I guess I just need someone else's perspective here. Am I over-thinking this, or should I listen to those little nagging concerns?

amateur_house

Without knowing the area it is difficult to say, though the way you describe it isn't really selling it to me

Generally though I take the view that you can change most things about a house, but you can't change the location. Also, you say that this won't be a long term home and you want to make a profit so you can move to a bigger house in a few years. If the house is already fully renovated to a high standard I think it makes it more difficult to add value to it. I don't think the renovations to the adjoining houses would bother me too much as most of the work would probably be done when you are out at work.

Cakeguts

It has been reduced by 15k because they can't sell it for any more. The fact that it is still hanging about means that it is still overpriced. You won't sell this house at a profit because you are already thinking of buying for more than anyone else will pay for it.

You have got to find out what an ex council house that hasn't been modernised sells for on this estate. Well modernised houses in terrible locations don't sell for much more than non modernised houses in terrible locations. It is where a house is that makes it more valuable not how well it has been decorated.

Take no notice of what the estate agents says they don't work for you they work for the house sellers and they will say anything if it sells the house.

I think you should listen to your concerns and look for a house in a better area.

Rae18

Amateur house:

Area is Skelmersdale if it helps any?

You bring up very good points. The only thing I could think of that would add value to this property is significantly landscaping/designing the garden, and/or adding an extension to make it a three bed. But I couldn't afford either of those things even in the distant future. I have already looked into the cost of landscaping (I had ridiculous ambitions for the garden lol) and that alone looks to be an easy 10k. Extension prices just made my eyes water.

boliston

The description of the area sounds quite depressing with just a supermarket instead of a real town centre - it's not some awful town like skelmersdale by any chance is it? - that really seems bad after checking google street view?

Rae18

Cakeguts wrote: »

It has been reduced by 15k because they can't sell it for any more. The fact that it is still hanging about means that it is still overpriced. You won't sell this house at a profit because you are already thinking of buying for more than anyone else will pay for it.

Stupid thing is, I offered 5k more than asking price. Although to be fair, it's not actually a council home itself it's an old war era build that just happened to still be standing when they decided to build a council estate around it. Dunno if that will affect the price any. I do think I've got carried away by the freebies and pretty interior though. I've effectively been dazzled by shiny things.

I'm just worried that I won't find anything else suitable in my budget so seeing the quality of this house, the stuff they're throwing in etc... it is definitely a hard offer to turn down. Knowing I could walk away from this beautifully kept, modernised house into something that needs a lot of work which I probably can't afford , and with no furniture/white goods included is difficult but I do think you're right. They can't sell it because the area is bringing it down. I did get a very slight hint they were desperate to sell and only throwing in the furniture to make it harder to turn down.

Rae18

boliston wrote: »

The description of the area sounds quite depressing with just a supermarket instead of a real town centre - it's not some awful town like skelmersdale by any chance is it? - that really seems bad after checking google street view?

Haha, good guess. It is indeed Skem.

The problem I face though is the surrounding towns and villages are far too expensive for me to even think of affording. My mortgage limit that I've been offered is 78k with a 10k deposit. I love the area I live now and don't want to move out of here but I can't afford anywhere except Skem.

We need to move soon because we live in a flat currently (rented) and are having huge issues with our neighbours and their noise. We've spoken to them, had management send letters, and had the police involved twice and still nothing has changed. I live with my elderly, severely mentally and physically disabled mother and we're both being very negatively affected by their noise. We cant afford to RENT anywhere because my mother needs adaptations (walk in shower and either a bungalow or a house with a stairlift). Our renting options are hugely limited because anything suitable is way out of our budget - we're talking £700+ rents for unmodernised properties. Whereas a mortgage is around £450 tops.

So stuck between a rock and a hard place really :-/

Cakeguts

Rae18 wrote: »

Amateur house:

Area is Skelmersdale if it helps any?

You bring up very good points. The only thing I could think of that would add value to this property is significantly landscaping/designing the garden, and/or adding an extension to make it a three bed. But I couldn't afford either of those things even in the distant future. I have already looked into the cost of landscaping (I had ridiculous ambitions for the garden lol) and that alone looks to be an easy 10k. Extension prices just made my eyes water.

I had realised it was in Skelmersdale by your description and the motorway. Skelmersdale hasn't really ever been a premier area.

There is going to be a top price for Skelmersdale and the location that that house is in and how ever much you improve it you won't get over that price because if people can afford more they won't buy in Skelmersdale they will buy in a nicer town.

boliston

Rae18 wrote: »

Haha, good guess. It is indeed Skem....

When you said "new town" MK was the first thing that came into my mind but most houses there would be double at least what you quoted.

I think new towns might suit people that like getting about by car as they were designed that way, to facilitate easy car travel, but I feel happier getting about by bike or on foot (or train for longer trips)

Rae18

Cakeguts wrote: »

I had realised it was in Skelmersdale by your description and the motorway. Skelmersdale hasn't really ever been a premier area.

There is going to be a top price for Skelmersdale and the location that that house is in and how ever much you improve it you won't get over that price because if people can afford more they won't buy in Skelmersdale they will buy in a nicer town.

I realise this is true but it's all I can afford I'm 28 and still live at home so my options are 1) buy a nice property in a poor area and pay <£400 a month on a mortgage. Or, move out into a !!!!! rented property and pay someone else mortgage by way of >£400 a month in rent. Either that or I live at home the rest of my life :-/

And I have no idea what the most sensible option is tbh!

Cakeguts

So let me get this straight. You offered 5k over the asking price of a house that they couldn't sell at the asking price because that was too expensive for the area it was in? Do you need a mortgage? What are you going to do is the mortgage company value it at a lot less than you have offered?