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House Buying

Hi

After a recent break up I find myself back at my folks in search of a new home I am after some advice
I am going to view a 2 bed semi detached house this afternoon it seems perfect has off road parking enclosed back garden renovated throughout to a very high spec. However this is making the asking price +£125k and there are some downsides the property is located opposite a main train line and on a main road to an industrial estate (speed bumps have been put in place to reduce speeding). The asking price would also make it one of the most expensive houses on the street. Its also on the other side of town for where I wanted to be.
So my question is assuming all goes well and there arent any major issues do i go for it on the basis that there is stability in that tnothing needs doing to it and i can save with the intention of moving in 5 years / wait until a house comes up in the area I want to be that will probably need something doing to it?

There is no doubt that this house will sell and they will probably get what they are asking for as there is a lot of interest

Thanks
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Comments

  • Comms69
    Comms69 Posts: 14,229 Forumite
    10,000 Posts Third Anniversary Name Dropper
    Can you afford what you want, where you want?


    That's really the ultimate question
  • ikceb wrote: »
    Hi

    After a recent break up I find myself back at my folks in search of a new home I am after some advice
    I am going to view a 2 bed semi detached house this afternoon it seems perfect has off road parking enclosed back garden renovated throughout to a very high spec. A lot of houses in other areas can give you your perfect specificationsHowever this is making the asking price +£125k and there are some downsides the property is located opposite a main train line and on a main road to an industrial estate (speed bumps have been put in place to reduce speeding). This isn't going to change and will always be a reason for many people not to consider this propertyThe asking price would also make it one of the most expensive houses on the street. Its also on the other side of town for where I wanted to be. Would you rather be in a high spec house in the wrong area or a house that may need a bit of work in the right area?
    So my question is assuming all goes well and there arent any major issues do i go for it on the basis that there is stability in that tnothing needs doing to it and i can save with the intention of moving in 5 years / wait until a house comes up in the area I want to be that will probably need something doing to it?

    There is no doubt that this house will sell and they will probably get what they are asking for as there is a lot of interest I'm assuming the agent has told you this??? Typical sales tactic to rush people into a quick decision based on fear of missing out!

    Thanks

    From what you've said I'd say that this isn't a great property for you but only you can really decide.
  • ikceb
    ikceb Posts: 11 Forumite
    Thanks for your replies
    Comms69 yes and no the problem I have is I can only get a small mortgage+ deposit but the deposit also needs to go towards any work that needs doing if that makes sense? so the more work that needs doing the less the house needs to be.
    downhillfast thanks i am scared of panic buying i am ready now for my own space (again!!) sometimes I just need another perspective on things.

    Thanks both for your replies
  • hazyjo
    hazyjo Posts: 15,474 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Location, location, location.


    Sounds to me like the house is right, but everything else isn't. You're doing it the wrong way round.


    Buy the worst house on the best street. Not the tarted up house in the worst location.
    2024 wins: *must start comping again!*
  • Ozzuk
    Ozzuk Posts: 1,884 Forumite
    Eighth Anniversary 1,000 Posts
    I always try for worst house best street, but thats because I do the majority of works myself, and its good to know there is room within ceiling price for growth. Plus it helps with unstable market.

    It is relatively easy to change the inside of a house, but pretty much impossible to change your surroundings. Plus, you may find once you live in a property that the layout doesn't suit, or you want to make changes -if its been done to a high spec it's always a bit galling undoing that work, even if someone else did it.
  • Cakeguts
    Cakeguts Posts: 7,627 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    Watch out for the ones that have been done to a high spec badly. By that I mean have they 'papered over the cracks.'



    It is unlikely that anyone has spent a lot of money on a cheap house so expect cheap fittings and be prepared for problems to come to light.



    It is better to buy a house in less good condition so that when the problems come to light you haven't already paid extra for the cosmetic improvements that now have to be taken out.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    Comms69 wrote: »
    Can you afford what you want, where you want?


    That's really the ultimate question

    Also can you afford higher interest rates as the pound tanks after Brexit, and are you emotionally equipped to watch prices plunge? (same for stock markets, except property is a very illiquid investment in a correction) If you are staying put for 30-50 years the advice above might work out.
  • danlewi2
    danlewi2 Posts: 186 Forumite
    Fourth Anniversary 100 Posts Combo Breaker
    what rubbish you talk crashy time
  • ikceb
    ikceb Posts: 11 Forumite
    Just to let you know the house was perfect but Ozzuk pointed out it was the best house on the worst street. The hunt continues thank you all for your valued comments it really helped
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    Also can you afford higher interest rates as the pound tanks after Brexit, and are you emotionally equipped to watch prices plunge? (same for stock markets, except property is a very illiquid investment in a correction) If you are staying put for 30-50 years the advice above might work out.

    The Pound won't tank after Brexit (already priced in its hardly a surprise is it ) and interest rates won't rise because a low Pound is great for exports and discouraging imports, plus numerous previous financial crises have shown even our most dumb politicians and economists the futility of keeping sterling high that way (not that they want it high)

    So as well as consistently calling the housing market wrong you are on a two for two regards basic economics
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