Should I buy this flat?

staroceanxc

Hello,

I am kinda new here I need your advise.

I am quite interested to buy a flat recently. The asking price is 120k. I have checked price on https://www.houseprices.co.uk. The same flat has been sold for 190k in 2007. Is this kind of price a bargain? Should I get it right now? If not how much lower I should offer? Is the information from houseprice.co.uk accurate?

Sorry for so many question, but I really could use your help. I am first time buyer with little experience. Thank you.

poppysarah

No. Don't buy a flat. It'll be too small as soon as you breathe out.

staroceanxc

well, I am a single young person(at least I think so) with no children etc. It's a 2 bedroom flat it's big enough for me and gf. If I get a child I will definitely buy a house. right now I just think this might be a bargain?

poppysarah

when do you imagine you might have kids? Just think about it? 5 years? 10? 20? You've got to gauge where you'll be in the housing slump when you'll be wanting to sell that expensive flat for a lot less than you paid for it.

How much deposit have you got? How much are houses in the same area?

Zammo

yes, but it, prices only go up in the long term. You'll miss the boat if you don't buy now. They're not making land anymore and thee's a shortage of housing in this country.

staroceanxc

I'd say maybe in about 7 or 8 years I will have kid.

I have got about 30k deposit right now.

The flat is in the city centre. A 3 bedroom house will cost from 130-150k but worse location and older building.

Rolandtheroadie

Buy it, theres only a credit crunch or a property price crash problem if you need to borrow or want to sell.
With a 25% deposit, you'll get access to most of the good deals.

nethouseprices and myproperty give free prices as well. The prices should be right.

Dont worry about the day that may never come.

PasturesNew

Find out who the other flat owners are. How many of them are Owner Occupiers, how many of them are being let out. How many of them are to be let out but are empty.

Go knock on some doors in the block. Find out who your neighbours would be.

In fact, don't go - send your gf to do it on her own in the evening. If she's living there too she'd have to be out and about after dark there alone.

hethmar

Which city centre? Have you checked out prices other flats have sold for? Do you have parking with the flat?

socrates

staroceanxc wrote: »

well, I am a single young person(at least I think so) with no children etc. It's a 2 bedroom flat it's big enough for me and gf. If I get a child I will definitely buy a house. right now I just think this might be a bargain?

Exactly where are you going to "get" this child - does it come free with the flat?

sarah_elton

poppysarah wrote: »

No. Don't buy a flat. It'll be too small as soon as you breathe out.

What a ridiculous generalisation. I own a two bed flat and the room sizes are the same as I'd get in most two bed houses. I had more space than I needed when I was on my own and it's still a nice size for OH and me now. We're about to put it on the market as we want to move to a family house next year but to this stage it's been perfect.

Agree with hethmar - what's key isn't what this flat has lost in value, but what others are currently selling for. If comparable properties are selling right now for £150k it's a bargain. If they're selling for £100k, it's not at all. If nothing's selling (as is most likely the case), it's a judgement call.