1 bed flats - opinions ?

barnaby-bear

oli_ro wrote: »

Thanks a lot for the replies.

Just to clarify: I did not expressed myself the original post clearly, I am only interested in buying one flat. Because of budget and location constraints I was considering 1 bed flats. I know that its not a financially wise decision(also not very practical considering the size of my family) and I think we are going to save a few more months and then go for a 2 bed flat.

I know its mad to be paying this amount of money for a flat, but this is London. Surely I could get a 4 bed detached house for this money somewhere up north, but I would also earn 1/3 the money I am earning now.

Ahh the but you could move to Hull/Liverpool, hundreds of empty houses because of the limited nature and lack of work, you could waste your specialist training and move 100s of miles from your community and family network and friends.... :rolleyes:

Realistically your stamp duty / moving costs are going to be £4-5k and you'll have to do it again when upgrading so if you plan to upgrade in two years that's about £300 pcm overhead on top of mortgage/service charges/rent/maintenance which might alter the sums.

Thermidor

Are you talking about Hull or Hell Blondie?!

Miss_Money_Penny-less

Would you consider living just out of London? I dont know the market in london or where about you are located but I do know that there are quite a few 2 bed flats in Kingston, right by the Thames, that are being sold for decent prices as there are fewer 1st time buyers around. My sis has just sold one at pretty much the same price as she paid in 2005, bad for her but good for the buyer. It is quite nice there too, they are quite spacious and from what I have see Kingston isnt bad, but I am a tourist!

black_taxi_2

a large spacious 1 bedroom flat --will keep value and sell right location

but 2 small bedroom flat is risky

Fire_Fox

oli_ro wrote: »

Thanks a lot for the replies.

Just to clarify: I did not expressed myself the original post clearly, I am only interested in buying one flat. Because of budget and location constraints I was considering 1 bed flats. I know that its not a financially wise decision(also not very practical considering the size of my family) and I think we are going to save a few more months and then go for a 2 bed flat.

I know its mad to be paying this amount of money for a flat, but this is London. Surely I could get a 4 bed detached house for this money somewhere up north, but I would also earn 1/3 the money I am earning now.

If you are willing to move to the East of London you can get two bedroom flats from £100k upwards. Obviously some areas are pretty awful but perhaps something overlooking Wanstead Flats? Two beds would mean you could stay in the property longer, but also better for selling or renting afterwards as they are suited to couples, young families AND sharers. My parents used to own a charming two bedroom modern townhouse with gated entrance in Stratford that they made an absolute killing on. The area wasn't the best, tho it's up-and-coming and transport links are excellent.