Small and expensive/big cheap?

[okgo]

Hi,

I have been keeping an eye on property papers and the like recently, I'm not yet in a position to buy, but it wont be a million miles away and I wanted to canvass opinion.

I live in outer sw London suburbs, currently renting, it's a large 1 bed flat, probably worth about £260-£275k.

Now when we come to buy I doubt our budget will be a lot more than this, probably around £350k tops assuming jobs are kept etc.

So for £350 you get a nice two bed flat maybe a garden flat. The issue I have is half a mile up the road you get a 3 bed semi with drive and garden of decent size. The area isn't as nice and it's further from the river etc, but it's not far to go to save over £100k.

Did you save up and stretch yourself to live in the nice bit? Or did you bite the bullet and go for the less desired area
And skip a rung size wise on the ladder?

[worsy]

Location Location Location

Go for the nicer area is my advice.

[R60EST]

I'd say it depends on the crime rate locally , the actual crime rate , not the perceived crime rate .

Personally ,as long as I felt safe enough I'd go for the quality / size of the house over the area as long as it wasn't crime central

[okgo]

Yeh, the cheaper bit is still perfectly safe in my opinion

[Slagathore]

It's further from the river? What's the relevance of the river?

Location would probably swing it for me. Unless there's kids on the horizon or you need a driveway and garden space, the flat would probably be fine.

It's a tricky question without knowing your area. I'd only need a small place, so 1/2 bed flat size, but then what that will cost in a decent area, you could get a 3 bed semi, probably ex council house. It wouldn't be the best area, but it would't be the worse. It definitely wouldn't be as a nice an area as the equivalent priced flat.

[okgo]

It's the Thames, people like it, and stuff cost more if it's near it.

The house wouldn't be council, it would be very similar to the same house you
Could buy here for a lot more.

I am not planning kids any time soon, but I think why move so many times? I guess you could buy a flat then rent and upsize in the cheaper area if you wanted to...

[Slagathore]

okgo said:

It's the Thames, people like it, and stuff cost more if it's near it.

The house wouldn't be council, it would be very similar to the same house you
Could buy here for a lot more.

I am not planning kids any time soon, but I think why move so many times? I guess you could buy a flat then rent and upsize in the cheaper area if you wanted to...

Yeah, that's another consideration. Can you be bothered to go through the process again if you decide to have kids/need somewhere bigger.

What's the probability of problems with the flats and service charges? Don't wanna get forced in to massive payments if there are any problems.

If the area the house is in is still a nice enough area, it would make sense to go for that?

[Jasandjules]

We've always lived in a nicer area but managed to get "better" places each time... But then I won't live in London...