slightly cold feet

mrcow

Which flat number is it (if you don't mind saying?)

slopemaster

mrcow wrote: »

Will you promise us something? That you'll at least be keeping an eye out for other properties that come onto the market. Most people are here to try and give advice to help others save money. I'm really worried that this could end up a big black money pit.

Yes I will keep looking and I appreciate your concern

slopemaster

mrcow wrote: »

Which flat number is it (if you don't mind saying?)

AFAIK, they're all the same - if you're looking at Zoopla they've got different prices but all listed as 1-bed.

mrcow

No I was looking at nethouseprices - the prices for the flats in no 48 seem to vary quite a lot (if I'm looking at the right street that is!)

slopemaster

mrcow wrote: »

No I was looking at nethouseprices - the prices for the flats in no 48 seem to vary quite a lot (if I'm looking at the right street that is!)

twentyeight

slopemaster

Yes, they do seem to vary a lot.
Thinking of knocking on neighbour's doors tomarrow and asking questions, what's it like to live here - also try and see if all the same?

slopemaster

penguine wrote: »

personally I would never recommend buying a 1-bed flat. They quickly become unsuitable if your circumstances change.

Not worried about that, I'm too old to have kids (got one grown up)
so it will be just me or maybe at most a couple.

penguine wrote: »

while we're in recession prices are highly likely to fall (much) further.
And hasn't Reading had a big property boom in the last decade? So it's due for a big crash.

I guess that's more what worries me.
It looks cheap now, but.... depends how long prices keep falling

penguine wrote: »

Plus that building looks really, really ugly.

mrcow

Originally Posted by penguine
Plus that building looks really, really ugly.

Actually to be fair, I think it's a really bad photo. Looking at the ariel view, it doesn't look half as bad in its surroundings. It's almost like they wanted to make it look like somebadly maintained council block. Someone needs to have a word with the EAs photographer.

penguine

I would steer clear of this one unless you want to live in it / own it for a really long time. It looks like it would be really hard to sell.

And since it's the location that appeals to you the most, what happens if you change jobs (or your company moves its offices)?

Hold tight, better and cheaper properties are going to come onto the market. There's never yet been a crash where prices dropped quickly then turned around and shot back up again. Prices always fall for several years, then remain stable for several years before starting to rise again. In this recession (which already looks to be really bad) it's very unlikely to be any different.

barnaby-bear

mrcow wrote: »

Actually to be fair, I think it's a really bad photo. Looking at the ariel view, it doesn't look half as bad in its surroundings. It's almost like they wanted to make it look like somebadly maintained council block. Someone needs to have a word with the EAs photographer.

60/70s flats can be good value and avoid some of the bad soundproofing/weird conversion layouts/leasehold shared between a few only issues. Often you'll get a block like this plonked in a nice area where a couple of old houses were knocked down. The OP isn't going to have a family and it's in an area where they can walk to work and have the lifestyle they want which sound like strong pluses. I'd be thinking if you can live with the layout then reasonable choice but if you feel you have to do lots of work it's silk purse piggy zone... at least the bathroom has a separate entrance at the moment so if you don't have lots of friends round using the downstairs as a regular entertaining area - couple of comfy chairs and small foldable table (so you can invite someone for dinner) -and the upstairs as a bedroom or with preparation (a screen for the bed/a futon) lounge could work.....