Q:Hi,
My boyfriend & I are looking to buy our first house shortly but are struggling to decide in which area to buy in which makes a huge difference to the amount of any mortgage loan we'd need.
The choices are a decent 2 bed house in a ok area (edge of Manchester/Cheshire) for around ￡110-￡120k. Pros: Houses are generally in a good condition, areas with reasonable reputations, good schools/hospitals/transport links, low crime. Cons: Higher mortgage – we'd struggle if rates rose above 10-11%, houses that need work are very hard to find so no room for improvement, small gardens (if any at all, most just have yards), most houses in this range are terraced & semi's are again difficult to find
Or….a 3 bed ex-council house semi in an area of Manchester thats widely recognised as not-exactly-nice but has seen massive improvement recently and is having loads more money spent in the area. Pros: Only need an ￡80-85k mortgage & could afford interest rate increases up to around 14% without too much panicking, loads more space/room for improvement (a few houses I've been looking at have 3 gardens all the way round so could poss build a garage/bedroom above etc) plus its easy to find houses that need work doing inside too, good hospital, transport links don't get much better, close to work. Cons: As mentioned above – this isnt the nicest of areas, opposite side of Manchester so away from family/friends, crime & unemployment rate higher than other areas we are looking at.
I'm really looking for advice on which would be the better investment for us? Ideally we'd be looking at living in our first house for around 3-5 years so it wouldnt be a really long term investment, but obviously we need to make the right decision so it doesnt have a negetive impact later on.
Thanks in advance!
A:Good guess I currently live the opposite side of Stockport (as in going away from Manchester) and want to stay in that kind of area, but I work near the airport where the houses are much cheaper. Its a tough decision but all the responses from people today make me think I'm better off waiting for the right house to come up in the better area, it'll at least give me time to save up a bigger deposit so I won't have to worry about taking out such a big mortgage.
A:which areas are you looking in stacie? Im guessing Stockport?
A:It's always better to buy a bad house in a good street than a good house in a bad street.
A:Alternative, you can find a good sub area in a not-so-good area as the compromise. You can get the size you want at the affordable price range. Do a bit research, you might surprisingly find out some not-so-good area, has a few streets/location (nearl to school, or conservation area) highly regarded by locals.
A:Thanks for all your very replies, I think I'm just going to have to work on making myself believe that spending an extra ￡30k on a smaller house in a nicer area is a good idea. Luckily we have a good landlord & contract so we're not in any desperate hurry, plenty of time to wait for that house 'in need of modernisation' in one of the nicer areas & build a bigger deposit.
Thanks again
A:hmm obvious the house in better area…
Locaiton location location, I will vote for better area, smaller house.. as long as it's big enough for your family.. When market is good. ex-council house sells quickly, and as hot-potato, coz of its price, and people are desperate.. When market cools down, and dries out, ex-council will be effected first/most, compared with houses in better area. We needed to make this choice as well, and chose the better area/better school, may need to compromise in size, however, will feel safer living there.. Go around that not-so-good area at busy time, after school, to see if there are some yobs around !! .it's easy to spot out. The one we went to view was ex-council house, after school, saw some kids grouped together, destroyed a rubbish bin… and very intimedated !!!…
A:If prices fall during the period you want to move on, which will be easier to sell?
A:Putting all what you've said aside for a moment, my 3 bed semi in the Manchester area is for sale for ￡124,950 if your advice sways towards this type of house
A:cant really advise on the finances but we had the same choice.chose the not so nice area but better house.
so we got a 2 bed detached with driveway for 1 bed flat money but unfortunatly it hasnt worked out for us.
youth crime being the worst aspect and it has impacted no our enjoyment of the house.
obviously theres some luck and you will have ot make the judgement
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