Which house would you choose?

ForkSnorter on 20/03/2023 - 08:53
Last edited 20/03/2023 - 09:06

GF and I are sick of where we live, and are seeking to sell and move to a new house. We're interested in 2 properties, but having difficulty deciding due to lack of knowledge of building/renovation costs etc.

House No. 1
2 bedroom, 1 bathroom, small block
Pros: Location (walking distance to everything we want, e.g. shops, recreation areas, parks), quiet, nice street, no asbestos, good neighbours, cheap price, liveable as is
Cons: Extremely small house, not renovated (30 or 40 years old), small block, very close to neighbours, backyard needs a bit of work, no street appeal
Ideally, this house requires an extension to make it a 3-bedroom house with an extra living area, but we probably can't afford it in the current economic climate due to costs of building and associated costs, interest rates, etc. Instead we were thinking of doing what we can cheaply (renovate kitchen, refresh bathroom, add low timber deck in backyard just above the grass).

House No. 2
3 bedroom, 2 bathroom, large block
Pros: Completely renovated (although it's also an older house), garden quite good, quality house with nice street appeal, 2 living areas, internal area roughly twice the size of House no. 1, land size approximately twice the size of House no. 1
Cons: A bit further from everything, not walking distance to shops, asbestos in eaves/porch, neighbour has a bit of asbestos too, not too far from a busy road so there is a bit of road noise when outside. Price a fair bit higher than House no. 1.

Would appreciate any insights/advice.
Thanks

Poll Options

  • 10
    1. Buy House no.1
  • 4
    2. Buy House no. 2
  • 65
    3. Keep looking
  • 1
    4. Wait a while, prices will drop further
Home & Garden

Comments

  • jorf on 20/03/2023 - 09:06

    What's your definition of cheap renovation? What you've described could be easily more than $100k and if you don't have cash on hand, you might have to get a construction loan to fund it, or live in a shit house for far longer than you were expecting.

    Loaning money to buy a house is far easier than extending a loan.

    • ForkSnorter on 20/03/2023 - 09:12
      -1

      What's your definition of cheap renovation?

      I edited the description to state that in the backyard we would just "add a low timber deck just above the grass". We would do that ourselves, wouldn't require a roof or poles or anything. Estimate $10k for materials. We would also refresh the bathroom ourselves (new vanity and mirror and some paintings etc.). Estimate $2k costs.

      Kitchen cost, estimate $30k.

      • jorf on 20/03/2023 - 09:22

        A $30k kitchen these days is a cheap kitchen. Maybe you're ok with that, but if you're intending to stay there for while I would consider doing it properly. Future buyers can also spot an Ikea kitchen and know that it's bottom end.

        Really though, if you think you can do it and have a realistic expectation of costs, I would buy a house that's more conveniently located than one that's further out. That's me though - not knowing how you live, that's really something only you can answer yourself.

        • ForkSnorter on 20/03/2023 - 09:33

          Any idea how much it would cost for an extension (extra bedroom, bathroom, and living area)?

          • jorf on 20/03/2023 - 09:50

            @ForkSnorter: Bigger jobs are generally cheaper per square metre than smaller ones, but i'd be looking at around $3k/sqm as a very rough ballpark (going to depend on lots of factors depending on the nature of the house and land for structural stuff, whether there's kitchen and bathrooms, stairs etc). Also need to factor in ~$20-25k before you've done anything on surveys, engineering, plans and approvals.

            We're about to do reno number 2 and i'm expecting it will be about $300-$350k (3 bed, lounge, 2 bath addition), but there's also quite a lot of structural stuff in ours.

            • ForkSnorter on 20/03/2023 - 10:03

              @jorf: Thanks. Adding 3 beds, lounge and 2 bathrooms is quite a large extension.

              • jorf on 20/03/2023 - 10:22

                @ForkSnorter: Yes, but an extension half the size wouldn't cost half of that. Small renos are often way more expensive than you think they're going to be.

        • teacherer on 20/03/2023 - 09:53

          A $30k kitchen these days is a cheap kitchen.

          Really???

          Ours was all stone and 2pac paint with shaker upper and lowers and cost 18k :o

        • freefall101 on 20/03/2023 - 11:19
          +1

          This. I bought a house recently and the owner was ranting and raving about how it's worth more because it's fully renovated.

          Most of the fittings in the house I can find on the bunnings website by searching the lowest price first. Even the oven came from bunnings.

    • HeWhoKnows on 21/03/2023 - 15:43

      With respect this is OPs choice and only OPs choice

      Nobody here is going to be living at either of these properties and everyones' needs are different

      Properties can often sell quickly

      If you definitely want one then move on it ASAP and stop procrastinating

      If not then keep looking till you find one within your budget that suits your needs

      BTW. Let the GF choose and just say Yes darling!

      happy wife, happy life

  • Malik Nasser on 20/03/2023 - 09:15
    +3

    This is a personal question that only you and your GF can answer.
    What is important to you?
    Do you spend a lot of time at home, or are you out most of the time?
    Do you live a minimalist lifestyle, or do you like to hoard stuff?
    Are you planning to have a family and need more rooms?

    • ForkSnorter on 20/03/2023 - 09:17

      Do you spend a lot of time at home, or are you out most of the time?

      Both. Probably would spent more time outside if we lived in a nice location. Probably would spend more time at home if we had an amazing house.

      Do you live a minimalist lifestyle, or do you like to hoard stuff?

      Both. GF minimalist, I'm a bit of a hoarder (books and computers).

      Are you planning to have a family and need more rooms?

      No, but obviously it would be nice to have an extra bedroom for when family/friends visit.

      • HeWhoKnows on 21/03/2023 - 15:46

        You werent meant to reply here to these questions

        These questions were mean for you to help clarify in your mind - food for thought to help you decide….OMG!

        Stop procrastinating and either move on one of them or move on

  • afoveht on 20/03/2023 - 09:26
    +4

    Why are you sick of where you are now? That might help inform your answer.

    First house I had was old and tiny, but exactly what I needed at the time. Current house is completely different, but again I think what suits best right now. I'm pretty sure that in a number of years something else might be the best fit. Things change.

    • HardQuiz on 20/03/2023 - 09:55

      This

      I’d like to know the answer to..

      Why are you sick of where you are now? That might help inform your answer.

  • shaybisc on 20/03/2023 - 09:27

    Do you want a big block? Big blocks just mean big mowing to me. Good if you are into gardening or you have dogs or kids though.

    Which direction are the main rooms facing? West will be hot. South will be cold.

  • jjjaar on 20/03/2023 - 10:34
    +1

    Need floorplans with north orientation.

  • Benoffie on 20/03/2023 - 10:41

    Either keep looking or number 2.

    Land size and bedrooms will always win long term. Not sure why the focus on asbestos (anything older that 30/40 years is virtually guaranteed to have it).

    Id be more interested to know the suburbs tbh. That could factor in more than anything else.

  • kanmen on 20/03/2023 - 10:41
    -1

    Sorry to potentially throw a wet blanket onto you, but I just wanted to throw it out there that unless you have an unlimited budget for how much you're willing to pay for a property chances are you might get outbid on both of these places…It's possible people have already thrown in offers on both properties that have already been taken. It seems like it's that kind of market now. My point is that by the time you've taken the time to decide what you want to do both places could have been taken out of the running anyway.

    I think you should decide what you want in a place and what's possible for you, then be decisive and make offers.

  • capslock on 20/03/2023 - 10:43

    It is interesting that "keep looking" is the most popular response. Remember that there is no such thing as the perfect property that will tick all the boxes. Keep looking for too long and there is a risk that you may fall behind.

  • Drakesy on 20/03/2023 - 11:08

    If you're not looking at having a family for like 4-5 years - house 1

    If you're having a family obviously house 2.

  • Some Human on 20/03/2023 - 11:25

    If you have to pick one, house 2.

    I live in a 2 bed small house. Perfect size for 1, but not for 2.

    I also find older houses tend to be a much better quality build.

  • Cherry12 on 20/03/2023 - 12:52

    None of the options look good to me. I'd keep looking. It's sort of a buyer's market so you would have less competition.

  • Euphemistic on 20/03/2023 - 13:17

    Redoing bathroom and kitchen is easy but expensive. Adding rooms is difficult and expensive. Paint renovation etc is cheap if you DIY.

    Think about the next 5-10 years. If you want a family, 2 bed might not suit, but location should be considered too. Walk to shops is worth a lot. Don’t forget to consider schools if kids are on the horizon.

    It doesn’t have to be a forever home, but it does need to suit at least the next 5-10 years. My first home was not great for kids, so we moved to a kid friendly backyard close to good schools when 2nd came along.

  • JIMB0 on 20/03/2023 - 14:13

    Neither. This is ozbargain where the standard house is 5 bedrooms and 3 bathrooms on a large block.

  • ihbh on 20/03/2023 - 20:17

    Avoid house 2 for health reasons. You don't want to be near busy road - forget noise, I'd worry about the pollution and impact on long term health, esp. if you're going to have kids later. Will take decades before all cars become electric.

    Need more info - what is the relative price differential? relative distance from key value drivers such as CBD or water.

  • 82norm on 21/03/2023 - 07:56

    If the house has crap street appeal, can it be improved over time without costing an arm and a leg? As for asbestos, as long as it’s not disturbed, it shouldn’t pose a problem. However, if there are renovations down the track, you’ll need to budget for removal etc.

  • Bob Svargis on 21/03/2023 - 08:22

    If you choose option 1, don't add a low timber deck "just above the grass". Go with either pavers or a composite decking board. Low decks don't generally work too well with natural timber, speaking as someone who has one and is currently remediating it.

  • [Deactivated] on 21/03/2023 - 09:21

    Location, location, location, if most of the value of the property is in the land and not the house, I'd go for #1
    Check the rates documents and compare the relative values of house v land.

  • 2esc on 21/03/2023 - 19:31

    Renovations are always more involed and cost more than you expect. Asbestos is most likely in the first house as well though non friable asbestos is not a problem until you disturb it as in cutting it.

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