What the hell do I do now

Curiousbuyer123

Hi - I need some advice from people who aren’t family and people who you view this as an outsider please.

My partner & I were purchasing a 1 bed flat in London early last year and it all fell apart 6 months down the line, we started looking outside of London and in parts of Surrey & Hampshire and have looked for 2 years total (inc the sale that we almost completed on) 

So we’ve found that of course our affordability has changed in terms of monthly payments it’s way more expensive now (in terms of the mortage but of course everything else costs more too) we found a place with 2 beds in Hampshire close to a mainline station 250k with allocated parking etc, the flat in London is 330k for one less bed, zone 4, close to tube, no allocated parking. 

The vendor of London flat has just made an appearance saying he is ready to sell now. Whilst the Hampshire flat is considerably less, our combined outgoings in terms of travel into the city will be over 800pcm combined, so when you add eveything up it evens out. 

Is it more beneficial to go for London property? As more money will be pumped into the property and not on travel? Is this the more profitable option? Has the market changed enough for us to revise the price? Should they pay for the new survey and searches considering the end of the sale previously was on them? There’s also DPC work that needs doing and the vendor refused to contribute previously. 

So many questions, the Hampshire flat was better in terms of size and layout but each place has equal pros and cons. Please tell me in terms of investment what’s the better thing to do. 

I’m also concerned being back in London means we get sucked into going out a lot etc but also we are still young so what’s the bother really, I miss my friends a lot as they all live in London. 

I can’t work out a solution and I hope someone has beeen through a similar thing, mostly people have advised Hampshire but the travel costs are WILD! And everyone is assuming we will want a baby asap and need an extra room….

I know no one can tell me what to do but my heart and my head are both stuck and I need some actual constructive advice,thanks

anselld

You need to consider it a lifestyle choice rather than an investment.  For example it is not just about the cost of commuting it is the amount of your life you are wasting doing it.

Personally, I don't like London and no amount of money would persuade me to work or live there, but if your work is there and you enjoy living there then that is what you should do.

GDB2222

It’s not just the commute cost that matters, but the time also. How do those compare?

Do you prefer London or Hampshire, in general?

Martico

Do you know anyone in Hampshire? If you're not getting home until past 8pm most nights, I don't rate your chances of getting to know people. The time lost commuting (have you seen the trains recently?) as well as the lack of social network would put me off

MikeJXE

From a financial point of view I can't say but from an ex family man and ex builder I will chip in.

So the vendor in London is now ready to sell, is that because the property market is taking a dive ? 

80K difference 2 beds v 1 bed ideal if you have a family and better place to bring the kids up. 

A 1 bed means you have to move again which is another load of hassle 

The travelling cost for 2 would be halved if one of you needs to stay home to look after the children.

You mention the DPC suggest to me it could be old and installing a DPC is never 100% successful and very costly. 

No parking so that will be costly plus I doubt you could have an electric car on cheap electricity 

RedFraggle

It'd depend for me on where in London and where in Hampshire 

Curiousbuyer123

anselld said:

You need to consider it a lifestyle choice rather than an investment.  For example it is not just about the cost of commuting it is the amount of your life you are wasting doing it.

Personally, I don't like London and no amount of money would persuade me to work or live there, but if your work is there and you enjoy living there then that is what you should do.

To be honest we have lives in beautiful countryside Hampshire renting for a year and as amazing as it is the commute is a killer, and for any shops or anything I need to drive, we don’t really have any friends here and I spend 3 hours if not more commuting. I don’t love London but we have to be there for work and we have so many friends there just everyone who does not live in London are like why would you want to and it’s making me question it

bouicca21

A commute that is longer in distance is not necessarily longer in time; check the journey out.  In general one bed flats tend to be more difficult to sell when the market goes flat.  

What are the two areas like?  Cafes, restaurants, cinemas, clubs, shops, green space ?  And how does that match up to your current and projected lifestyle?

Curiousbuyer123

GDB2222 said:

It’s not just the commute cost that matters, but the time also. How do those compare?

Do you prefer London or Hampshire, in general?

We love Hampshire as we go to the new forest regularly and are so close to the outdoors but this is also something we can still do in London as we have a car. Commute time is something I haven’t even considered as I’ve been so fixated on money, you’re right. I spend an unholy amount of time on trains and many times I’ve been stranded in London or getting a train to woking or Virginia water and having to get a lift (nowhere near where we are). Or another thing I have to clock watch when I hang out with my mates cause I know the trains end at X time so I don’t feel like I can fully relax. 

I am just reaffirming my choice reading this back, but I feel a lot of pressure from people who don’t like London ‘why would you want to live there?’ I feel like I can see myself in Hampshire but maybe when I’m older it’s better, we’re in a village here now and there’s almost no one our age. 

anselld

Curiousbuyer123 said:

anselld said:

You need to consider it a lifestyle choice rather than an investment.  For example it is not just about the cost of commuting it is the amount of your life you are wasting doing it.

Personally, I don't like London and no amount of money would persuade me to work or live there, but if your work is there and you enjoy living there then that is what you should do.

To be honest we have lives in beautiful countryside Hampshire renting for a year and as amazing as it is the commute is a killer, and for any shops or anything I need to drive, we don’t really have any friends here and I spend 3 hours if not more commuting. I don’t love London but we have to be there for work and we have so many friends there just everyone who does not live in London are like why would you want to and it’s making me question it

Then why dont you rent for a year in London and see if you like it any better before you commit to buy?

katkatmachine

A 2 bed flat in the countryside vs a 1 bed flat in the city. Both are still flats so for me neither. Lol. Kidding aside, if I were in your shoes I’ll choose the 1 bed flat in London since it’s more convenient and closer to work. I’ll only move to the countryside if it’s a house and not a flat. That’s what we did actually, we bought a house in the countryside but still working in London. Outside space is very important to us, so the house with a garden was the selling point. Though it’s a bit far from the city, it makes the hassle of long commute worth it. But if just a flat vs flat then i’ll choose the one that closer to my work.