The end of term has finally arrived, and it's been very pleasant spending the weekend doing normal things pretending to be people with normal jobs. I've spent much of today being feckful - I've even tidied up the sitting room!
We're facing a dilemma at the moment, and it's occupying quite a lot of time trying to think through the issues. If you're able to shed advice or opinions, it would be good to hear other views. We are due to move out of the Boarding House flat this summer. The Head thinks that he will be able to offer us another school flat in the village, although I reckon that it probably won't be as nice as the one we have now. Let's call this Property A and, although we'll have to pay rent, it will be well below the market rate. The problem with this property is that it won't be very big, and we would certainly need to move on if/when we have children. I don't think that it will have a particularly large kitchen and I'm not sure if it has a garden/outdoor area either.
On the other hand, I've found a potential house for sale - three double bedrooms, good-sized garden, big kitchen, let's call it Property B - on the outskirts of Burton. It's within our budget (just) but there's plenty of room there for chickens, children... The only problem is the area, where most of the houses are ex-council houses and the ACORN profile suggests that most people are on lower incomes. The area is not particulary pretty or desirable, and the local secondary school is not good either. However, it's a LOT of house for the money, and the vendors are prepared to include things like a gas range cooker, a washing machine, curtains and furniture with the price. Apart from the location it ticks all of the boxes.
We're completely torn. Is it better to have a nice house that would be suitable for many years to come, even if it is in a less desirable area? Or should we choose the school flat with the intention of moving on to our own place within a year or two? There have been very few other properties that have come up locally that tick all the boxes, so do we take the risk that there may be nothing as good as Property B in a year or two's time? HELP!
Monday, March 27, 2006
by Mad at 6:14 pm
Subscribe to:
Post Comments (Atom)
6 comments:
A - nice and handy for school
B - an investment, something which is yours
Long term, you don't really know what might happen.
Schools change, areas change. I wouldn't worry too much about it being council. Most such areas have been bought up if they are nice, or are very obviously very crappy if not.
The houses can be weirdly built, but tend to have Gardens and Garages which modern houses don't. If you value space, above being a snob about the area.
On the other hand, many house buying people have advised me it is best to buy the crappest house in the nicest area, and spend a lot of time making it nice.
Some ways of thinking
1) You could live cheap rent for a year/18 months and save up lots more deposit money. Equally, living in the village you could spend it all in the pub with your friends
2) If you buy, the law of averages says the value will grow in a similiar fashion to other properties. You would be on the property ladder.
[um, I thought you taught economics, so you should know this]
my gut feel would be hang in there on the rent free front and bide your time until he perfect local house comes up. but then again you may need space to avoid each other once you're married!!
ps - I'm getting really worried about my inability to retype the random letters at the end of the comments that they have for security. either I need another trip to the optician or I need medical help.
Ey Up Mad
First of all, its not the area you live in put the parents who really make the children. My mum and dad went for the economy and we got a fantastic house. Our primary school was over subscribed but secondary was not (its still in the top 100 worst schools in the country).
Other thing. Areas which are deemed to be "deprived" a little known fact is that you get the stamp duty back on these properties.
So being an inner city girl from Liverpool. I would say go for the house with a future.
Aims x
For the short term I would stick with the community you love - IF you can continue to save to offset not being on the property ladder. I think...
An addition to option A with a standing order for the difference between rent and mortgage being put into a suitable savings account. So the money is psychologically separate from spending cash.
Housing market probably at a plateau, ISAs, high lending charges, yadda zzzz
Post a Comment