FTB - Help deciding between 2 properties

EagerLearner

Hi all,

We're back again - with another 2 properties to present to your experienced eyes... Here's the nuthshell scenario:

Property 1 - Unusual Lane - ground floor flat
Around £110k
2 bedroom
garden (east facing)
Allocated parking
Needs some redecoration - say 2k
The problem: This property is only acessed via a wide lane (that you can drive up to) between 2 roads (lengthways). Basically the front door to our prospective home would be amonst other people's back yards as their front doors are on the main 2 paralell roads to this property. Hope this makes sense!
The good stuff - Cheap, very private and quiet, lots of possibility to enhance the garden; allocated parking; building in good condition.
The bad stuff - Strange way to access the property; only light coming in is from east/garden side as the property only has windows to the front/east. Only sun in the morning. Would need white re-painting job, nice lighting and light kitchen to brighten up. Could have problems with the lane as it's 'owned by no-one and owned by all' as far as we can tell.


Property 2 - Main road - 1st floor
Around £113k
2 bedroom
Needs new double glazing - say 2k
The problem: The road this property is on is a main road and in summertime apparently gets even busier as it leads to a local tourist attraction.
The good stuff - a more 'normal' access to the property, east and west light through the property; has been redecorated/recarpeted.
The bad stuff - very slim bathroom; tiny second bedroom; the fascia of the building in very poor repair and 3 x properties opposite it look pretty unloved.

Well - there you have it, if you can add any input or advice we would be very grateful ;o)

Sophie & Damon

mummytofour

Neither! Sorry, but the first one could turn into a huge great mess with access in the long run, if you were to have bad neighbours, it could end up nasty. As well as this there is the maintance of the lane, who pays for it? another amount of money required for the sinking fun...

Prop 2 now way sounds like to much work will need doing on the outside of the building, and that could cost a packet. There is a block of flats nr me that has 46 flast the outside of the building needed painting... the bill was 46k!!!!!!!!!!!!! 1k per flat.

Look for something that needs no work doing to the building itself and make sure that you check out how much the matiance charges are.

Vxx

Pinkleylandii

I agree don't touch either properties. When buying a property it needs to appeal to a decent market in order to sell it at a later date. Both these properties will not appeal to as wide a market as you would wish if you sold. Keep looking.

Joannaclaire

Sorry - not the answer you're probably wanting, but I agree with the earlier two posters - that you should keep looking.

Sounds like there will be problems with shared access with no. 1, not to mention the fact that it will be very dark most of the day.

And property two sounds like the freeholder doesn't spend money on the property exterior, like they should be doing, so not a good sign either.

Don't rush into anything you're not sure of. We've been looking for our first home together and have only just found soemthing suitable after looking for 18 months!