House vs area

[brian]

One of the issues I've recently realised that - as a first-time buyer - I'm not going to get a great house in a great location.

Instead, what I seem to be faced with a choice of is:

1. Nice house OR
2. Nice area

At present I figure it's better to go for a smaller property in a decent area, on the grounds that I would probably want to look for a larger property in the same area at a later date.

That seems less disruptive on everyone - especially the kids - than moving to different areas everytime we move up the property ladder.

However, does anyone think they would be better off going for the house over the area first?

[OneofaKind]

If I was in your position, I think I would definitely go for area over house.

It's not worth having a large home if you don't have the peace of mind to enjoy it.

On the other hand, it might be an option to find a nice part of a generally not so good area

[vicki2]

I tend to agree, but I also wouldn't give up on finding both ..especially here in Scotland. The last thing you want is a house you love in an area which really sucks lol. Of course, it's one reason, I prefer rural!!!

[OneofaKind]

I think it is generally easier to find what you want in the rural areas as compared to in the city.

[ninikins]

I'd go for area. A house can be upgraded and worked on but a GOOD area will always give you a good return when it comes to selling.

[vicki2]

Of course ...the throw a spanner into the mix ...it is possible to gamble on an area gentrifying. I managed it once in an area which was pretty bad and bought a loft space to live in. In two years time, the area was really up and coming so I was lucky to make a nice profit. Living with the neighborhood until it all turned was a bit weird tho and not for the faint hearted!

[MarkD]

If you are into DIY or have good friends who are willing to help then buying the worst property in the best area can be very profitable, so I would go for area too as long as you could bring the property upto standard in a reasonable period of time!

[vicki2]

My thoughts too ...especially if it's for investment rather than a long term home. That said, I've got friends who invested and who ended up staying because they had a low cost investment, made a great home, and ended up with a great piece of property they didn't want to leave. They ended up with the best of scenarios!

[ninikins]

Thinking about buying a property as an investment should always be the case. You will sell eventually, most likely and it's important to consider this.

[vicki2]

I think that's the case most of the time although so many times people follow their heart with housebuying and think they'll be there forever. Sometimes that logic means you might be there forever and not out of choice either!