Semi-detached vs mid-terrace with loft conversion

myrealusernameunavailable

i am a first time buyer and hoping for some advice.

after having an offer recently rejected due to the other interested party willing to pay more than the price the property was listed at, i have found myself in a dilemma with regards to two properties i have viewed.

the first one is a mid-terrace property with pretty much everything done to a high standard (added extra bedroom as the loft conversion). the asking price (£400k) is at least 45k-50k higher than another property a few houses down the same road - but that is probably down to the state of the other property itself. it seems like the expectation from EA and vendor is somewhere north of £395k.

the second one is a semi-detached property which is bigger in comparison to the first one but requires complete modernisation of the kitchen and bathroom alongside flooring and other cosmetic changes. the vendors on this one are looking to negotiate the price down to somewhere in the region of £425k but that still means i undertake the re-work.
in terms of affordability both are manageable, but there is the added overhead of the
not-so-insignificant rework (and effort) associated with the semi detached property.

both of them are in a similar-ish location but admittedly the semi-detached is in a better location and is my preference. my other half however seems very keen on the mid-terrace for which i would not want to pay over the odds (going by the previous sale history in the area).

any help/advice would be appreciated.

Doozergirl

What I would be very careful of, as a FTB, is totally underestimating the work needed to the actual fabric of the semi-detached house.

Houses needing a 'complete modernisation' of kitchen, bathroom and decoration don't miraculously have everything up-to-date behind the wallpaper.

If the cosmetic appears neglected, the whole house usually has been neglected. It is imperative that you have a good level of survey so that you don't get any nasty surprises - which renovation houses will always throw you. Roof, guttering, windows, electrics (even just the number of sockets we need now vs 20 years ago), plumbing, whether the plaster falls off with the wallpaper...

That said, the semi probably has longer term potential for growing into - loft conversions or extensions etc itself, and at least half of it isn't attached to a neighbour.

Davesnave

You talk about undertaking the re-work using the personal pronoun "I," but even if you mean it's you planning the work and others doing it, there's still much to consider in terms of research etc.

And without wishing to be rude, maybe your OH knows you best and/or understands how costs can spiral once people start making these 'cosmetic changes.' It's also a heap of no fun when they drag on and prevent you doing other things, if you are not a great fan of DIY.

I say this as someone who is still in the final throes of renovation, roughly 4 years on.

myrealusernameunavailable

Doozergirl wrote: »

What I would be very careful of, as a FTB, is totally underestimating the work needed to the actual fabric of the semi-detached house.

Houses needing a 'complete modernisation' of kitchen, bathroom and decoration don't miraculously have everything up-to-date behind the wallpaper.

If the cosmetic appears neglected, the whole house usually has been neglected. It is imperative that you have a good level of survey so that you don't get any nasty surprises - which renovation houses will always throw you. Roof, guttering, windows, electrics (even just the number of sockets we need now vs 20 years ago), plumbing, whether the plaster falls off with the wallpaper...

That said, the semi probably has longer term potential for growing into - loft conversions or extensions etc itself, and at least half of it isn't attached to a neighbour.

you are right. the house has not had any obvious work done - it is quite clear looking at it.

also thank you for bringing up the "surprises" that an old house can throw. it is just one of those things that i have clearly underestimated.

would you have anything to say about the other property in the mix on what seems to me an significantly increased valuation? thanks again.

myrealusernameunavailable

Davesnave wrote: »

You talk about undertaking the re-work using the personal pronoun "I," but even if you mean it's you planning the work and others doing it, there's still much to consider in terms of research etc.

And without wishing to be rude, maybe your OH knows you best and/or understands how costs can spiral once people start making these 'cosmetic changes.' It's also a heap of no fun when they drag on and prevent you doing other things, if you are not a great fan of DIY.

I say this as someone who is still in the final throes of renovation, roughly 4 years on.

that's very useful. thank you for your feedback.

i have to say the enormity of the task and the research that needs to go into it is now becoming quite clear - and it definitely now looks like a key factor to consider (not that it wasnt earlier, its just become even more important).

as i asked in my other post woudl you have any advice on the other property in the mix in relation to what to me looks like an over valuation (no scientific proof to back it!).

gaz_moose

offer what you think its worth and see what happens.

Doozergirl

None of us can advise on the price if we don't have the first clue of where it is. All I have to go on is the price of the two houses, not even the size of them.

hazyjo

tbh I'd probably wait for a third choice... Not sure I'd pick either.

Socajam

I would go with the semi - even though it may take time to do the work, you are 100% fully aware of what needs tro be done and done to your satisfaction.
With the other house, everything may seem fine, but you have no idea if the work was done to code until you move in and things start going wrong.

M_Python

myrealusernameunavailable wrote: »

both of them are in a similar-ish location but admittedly the semi-detached is in a better location and is my preference. my other half however seems very keen on the mid-terrace for which i would not want to pay over the odds (going by the previous sale history in the area).

As the saying goes ............ buy the worst house on the best street.

You can always change a house but you can't change the location!

Personally, I would go with the semi-detached over the mid terrace all day long

Davesnave

If you think a house is overpriced, you offer what you consider it's worth, or maybe a little more if you really like it, but if the vendor rejects this, you walk away.

My comment was me being devil's advocate to some extent. Like others, I'd buy the semi, provided I envisaged it as as long term home. However, I remember having an inter-war semi, which we extended, where the modernising wasn't complete after 20 years! Life can be very busy, funds can be low and tarting up property shouldn't come at the expense of family life. We didn't mind the unfinished muddle we sometimes had, but we are not everyone.