Jump to content
House Price Crash Forum

Recommended Posts

We are looking to buy right now and are faced with a bit of a dilemma. Out of the houses we have viewed, I like 2. One house has been done already, has loft conversion, and conservatory. All we would need to do is paint it to our tastes. I can't see how we could add value though. Location is a bit further out than where we are living right now so local amenities a bit further, no shop very close but we both have cars.

The second property is more expensive but in the perfect location for us and what we are used to right now. It does need work and the loft is perfect for conversion if we would like to do this at some point. HOWEVER the garden is really wierd as in it sort of wraps round the property and the best part is at the front; We would really have to fence off better as we have two small children and put it back to lawn in parts. That being said, other properties in the same area with similar floorspace and a more conventional garden are more expensive and definitely out of our price range

which would you choose? Perfect house or perfect location?

Share this post


Link to post
Share on other sites

We have been waiting for the past three years for house prices to do exactly that but they haven't....

house prices here seem to be determined by the good state primaries

Share this post


Link to post
Share on other sites

Location. You can make change to the house. But you cannot change the location.

But I also sense this is a classic dilemma between “buying a house” and “making a financial investment”, which a lot of industries and VIs that exploit.

You have to decide on ONE of it.

If you are buying a house, buy the one that you can AFFORD and is better for your family. Do NOT thinking about making money. Do NOT listen to the sweet talk of that you MAY “add money to it”. Recent research shows that in a falling market, major home improvements often lose you money.

If you are making an investment, then do NOT get emotional. You MUST be ruthless about working out the costs and profits. Be realistic. Do NOT listen to the sweet talk of “your wife and kids will love it. It’s worth the premium”. You never buy an investment with a premium. You always buy an investment with a discount.

Share this post


Link to post
Share on other sites

I guess it depends on where but I would always say location first from my experience. The place I'm renting now is a lovely quiet area but I'm spending hundreds on parking a month in addition fuel etc that I wouldn't otherwise be spending if I was near a tube station like my last place.

Share this post


Link to post
Share on other sites

We are looking to buy right now and are faced with a bit of a dilemma. Out of the houses we have viewed, I like 2. One house has been done already, has loft conversion, and conservatory. All we would need to do is paint it to our tastes. I can't see how we could add value though. Location is a bit further out than where we are living right now so local amenities a bit further, no shop very close but we both have cars.

The second property is more expensive but in the perfect location for us and what we are used to right now. It does need work and the loft is perfect for conversion if we would like to do this at some point. HOWEVER the garden is really wierd as in it sort of wraps round the property and the best part is at the front; We would really have to fence off better as we have two small children and put it back to lawn in parts. That being said, other properties in the same area with similar floorspace and a more conventional garden are more expensive and definitely out of our price range

which would you choose? Perfect house or perfect location?

It doesn't sound from what you have said that the location of the already done house is that bad

and you seem to be thinking that by having work done on the other house that you will add value.

My view is that the cost of work on the house would probably be more than the value added and the disruption to your lives with two small children would be huge.

Also if you have small kids a nice garden they could play in would be a big advantage.

It really depends how bad the location of the 'perfect' house is and whether you are actually being drawn to the other house because you think you can 'add value'.

:blink:

Share this post


Link to post
Share on other sites

It doesn't sound from what you have said that the location of the already done house is that bad

and you seem to be thinking that by having work done on the other house that you will add value.

My view is that the cost of work on the house would probably be more than the value added and the disruption to your lives with two small children would be huge.

Also if you have small kids a nice garden they could play in would be a big advantage.

It really depends how bad the location of the 'perfect' house is and whether you are actually being drawn to the other house because you think you can 'add value'.

:blink:

The main motivation is not adding value but was just thinking about that asect. The location of the property that needs work is a location we live in now and are used to. The other area does not have amenities on the doorstop

Share this post


Link to post
Share on other sites

Location. You can make change to the house. But you cannot change the location.

This.

The value of a property is governed in large part but it's location. The best made house in a crappy location isn't worth a thing. A house that's falling down in the best street is still worth a lot.

Share this post


Link to post
Share on other sites

Depends how long you are planning to stay there.

If you're only planning on a few years, I'd go for the nice house - if you do it up you won't be around to enjoy it. If you're planning to stay there 20 years then go for the location, take time to do the place up to your liking, and enjoy the fruits of your labour for many years to come.

On our purchase we've gone for a nice place in a slightly more remote area, as we only plan to stay there for 3 years max.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 336 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.