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Old Bungalow Or New House?

Discussion in 'Home Decoration & Improvement' started by anivijay, Jul 13, 2020.

  1. anivijay

    anivijay Silver IL'ite

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    Hi ,
    We are trying to buy our first home in UK and in dilemma.. Please give your thoughts..


    We are living in current rented bungalow(FYI, Here they refer houses in single storey as bungalow and mostly preferred by elders) for last 7 years and We love the house. It is close to train station (5 min walk) And both my husband and son depends on train station for their commute to office and school. My office is 7 mins walk and daughters school bus stop literally at our door step. We have hospital at back side and grocery shop next to us.

    House is on double or triple size plot compare to other houses. We have beautiful garden with flowers at front and big garden at back side too.

    Obviously we love the house and our land lord agreed to sell the house to us and asked us to offer a price. here comes the dilemma.

    1. Even though its a big bungalow, its still only 2 bedroom. But we have space for extension at back side.

    2. Our landlord inherited this house as a gift from his late sister. But he had to do legal formalities and he paid £336k for this house, but got back around 70% as his share. But in our locality 2 bedroom bungalow costs only £290k. But as I told earlier, this plot is atleast twice as other bungalows. So we thought of offering £350k. Not sure whether he agrees or not. If not, no need for dilemmea.

    3. But this bungalow is tired and 50 years old. and I am planning to convert dining as bedroom 3 and extend the house at back to have big kitchen/diner. extension and redecoration costs around £80k I guess. So, a 3 bedroom bungalow would cost around £440k where as 4 bedroom houses in our area costs around £420k. and 3 bedroom houses costs only £360k. Ofcourse on smaller plot size.

    4. It seems we can only get mortgage for house value and not for extension. We only have half the amount required for extension at hand now. So, either we have to wait for 1 more year or do the extension in stages. I know its going to be very stressful till we complete all the work.

    5. I am not sure, even if we do all redecoration, it would look like new. If anyone did similar thing, please let me know your thoughts.

    In the mean time, we found a beautiful 7 year old , 4 bedroom house 10 mins drive from train station. It is spacious, new and cost around £400k. Don't need to do any work and I can move in as it is. For grocery shopping , I need a car. not walkable like current house. Plot size is half of current one.

    Husband and son can leave car at station and catch their train. But I have to pick up son in evening from station. I need to do this for next 6 years. I am on Contract job now and my office is close to station. its not a problem for time being. But this would restrict my job choices in future as I need to be at station at 5pm.

    We need around £300 extra in our monthly budget for 2nd car and parking charges etc.

    What do you think?

    Which house to buy? old bungalow or new house?

    Thanks.
     
    Last edited: Jul 13, 2020
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  2. Angela123

    Angela123 Gold IL'ite

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    I would go with the new house. All houses come with its on liabilities. But, if you were to renovate the old bungalow, you might run into things that you haven't anticipated before because of the age of the bungalow. If you were to update plumbing and electric and you found things that are not with in the current code, the expense of renovation could run high. That being said, there are people who do that and love it. Depends on what you want. Think about the house you like keeping aside the expense, and go from there. Or write a pro con list. that helps too.
     
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  3. Laks09

    Laks09 Moderator Staff Member IL Hall of Fame

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    In the current market, why are you offering an increased price? What he paid for the house isn’t your problem. You should offer the fair market price if you want the house. I’m sure any reasonable home owner would sell for the current price especially in this scenario.
     
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  4. Anbhu

    Anbhu Silver IL'ite

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    I think, it is better to buy the new house. Commute, groceries all may look difficult for first few months, but after some time those will become habituated. If you still feel the pros of living in current house is more, you can buy and use for next 6 years and move to better house. In that case you can wait for the renovations.
     
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  5. MalStrom

    MalStrom Platinum IL'ite

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    If you are getting a mortgage in the US the bank will insist on an appraisal to determine the price of the house. They will give you the loan based on that amount. So you should find out that number before you make an offer to the landlord. If the price is higher than the appraisal then you may have to make up the difference on your own.
    You also want to make sure that after renovation you will not end up with the costliest house on the block as that may affect resale price.
     
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  6. startinganew

    startinganew Finest Post Winner

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    The beauty of a new home gives immense joy *initially* but it becomes one's normal very soon. (actually a popular theory I read about when making a very similar choice to you)

    The inconvenience of a ten minute drive (which may be longer door-to-door, including prep) as compared to a few minutes walk won't normalize very soon. The same amount of commute only feels the same amount of "annoying" or worse over time.

    My personal choice would be to reduce commute time. Being able to walk to your office, kid and H to train station and to the grocery store is a huge plus I feel.

    Add up the extra time spent on commute for the 4 of you times number of working days in the year - I feel likes that's a big loss in other opportunities for family time or personal time. 10 mins for H + 10 mins of son + 10 mins of DS pickup: that's min 30 mins of family time lost every working day for the next 6 years. But if you include new routine to take the car out, park, some potential delays, etc it could be close to 45 mins - an hour every day.

    I also prefer the larger plot size since it can encourage kids and parents to spend time under the sky. (even if its "boring" yard work, it gets the family out in the sun and moving)

    So my recommendation would be to go for the current home provided you can negotiate a good price on it.
     
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  7. netflx

    netflx Silver IL'ite

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    Naturally, 100 people survey will say various points since house is a very personal feel and choice and tradeoffs. Best for you and hubby to decide without our outsiders bias on who is more clear in their writings, IMO. You will find it great either way, make this you and DH personal choice,you have correctly listed pros and cons. Which choice I make will be based on my bias(I like the bungalow and customized extension)
     
    Last edited: Jul 13, 2020
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  8. ProudIndian

    ProudIndian Gold IL'ite

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    In uk only 3 or 4 months u can sit outdoors. Plus renovations are head ache and expensive. Don’t be attached to any house. Think practically about your resale value, appreciation, convenience etc. it become dark after 3 pm many places in uk. So safety and commute is important. Draw on paper all these factors and decide. You should keep searching more houses and wait. With recession coming things may change drastically.
     
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  9. centsibleindian

    centsibleindian Silver IL'ite

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    Instead of you quoting a price, ask the landlord to quote his proposal. That way, you know how much he is expecting and you can negotiate for a better rate.

    If both costs the same, i'd go with the old house as it's very convenient. New house would add extra work and time commitment and it wouldn't work for me.
     
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  10. Rihana

    Rihana IL Hall of Fame

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    If there are no other options such as hiring a person to pick up your son, or your son stays on at school and leaves later, and husband cannot help with pickup at all, 6 years of needing to pick up your son at 5 pm should be a huge factor.
     
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