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Should I buy this flat?
Comments
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A complete novice should be instructed to look further afield and explore all options. Especially before committing to a major purchase without thinking about where they'll be in ten years time.
Some flats are great but a lot aren't and turn into potential resale nightmares much more quickly than houses.0 -
With a recession on the way (if we're not already in it) house prices are predicted to fall quite a bit more this year, if not for several years to come. The asking price may look quite good compared to 2007, but that was the peak of an extremely overinflated market. There is not really any sense buying a flat at all except when prices are very low -- ie at the bottom of the market. How will you feel if in another year or two that £120k could have bought you a house instead?
We live in a flat, incidentally, but one which my OH bought at the rock bottom of the last house price crash. We have lived here for 10 years and have a 5 year old child. It's not ideal, but what makes it liveable is knowing that because we bought at the bottom of the market, our mortgage payments are a pittance compared to everyone we know.
If you're serious about going ahead anyway, make sure you find out what the maintenance charges are for the building.0 -
Compared to the 07 price yes that is a bargain. But remember in a few months time it may have dropped in value a bit more. So if its on for £120k at the moment id try and make an offer of.. about £95k and see what kind of reaction you get. It could be a good buy especially if you will be happy living there for the next 10 years at least.0
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how about post a rightmove link? Many knowledgable ppl on here will then inform you of the research they are suggesting you do yourself (i.e other selling prices/area etc etc).
Also, where do you currently live? Would the mortgage on the flat be MUCH less than your current rent?0 -
Selling It Later On Will Be Harder As Most Of These New Build Flats Will Not Last Twenty Years..It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
agree with above post a link to the flat if you can?0
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