Should I sell a big house on a rough street to buy a smaller one on a nice street or stick it out until I have more equity?

We bought a house in London a couple of years ago. We absolutely fell in love with the house. It’s a Victorian house with a 6m long lovely garden that we could extend out into. About 1400 square ft of living space. A loft that has potential to add another bedroom of another 300 square ft. It’s all renovated beautifully too. It’s 5 mins from an Outstanding school. 5 mins from a tube station. 5 mins from a big park.

But the street is rough af. It’s a main road with traffic. And it’s not particularly nice either. There’s a few shops around the corner where I’ve often seen people deal drugs. There’s a cafe two doors down which always has lots of men hanging around outside. There’s often fighting across the road. Overall very unpleasant to walk out of the house.

Of course we did know all this when we bought the place. But we were dumb. And thought we’d get over it because of how great the house is. And 2 years later we’re not over it.

Selling it now means we don’t really make much money on it. Not even enough to recoup the stamp duty we paid when we bought it.

What would you all do? Stick around and suck it up for a bit longer. Or move straight away and accept that we’ll lose money and have to settle for a smaller place or further away from a good location in London?

Posted Mar 10, 2024, 5:58 PM UTC

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