Manchester Based - To Rent or Buy?

mlc2009

Hi All,

I'm 26 and still with parents ( no jokes please ) Looking at getting a 1 bedroom flat in city centre, maybe on the edge or beetham tower, somthing nice looking. Im curious as to whether I should or rent or buy..

This will be my first home alone, Im self employed and I'm earning 60k - 120k a year, and this has a potential to rise, around 50k cash in bank. Would it be sensible to buy in this climate? I checked luvthecity and prices for 1 bedroom flats are around 80-120k.

Any thoughts would be nice

poppysarah

rent. See if you like living in the middle of town.

You could buy 10 minutes from the centre of town for not much more than your entire budget
http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=POSTCODE^505324&insId=1&sortByPriceDescending=false&radius=0.25&includeSSTC=true&_includeSSTC=on

The_Negotiator

poppysarah wrote: »

rent. See if you like living in the middle of town.

You could buy 10 minutes from the centre of town for not much more than your entire budget
http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=POSTCODE^505324&insId=1&sortByPriceDescending=false&radius=0.25&includeSSTC=true&_includeSSTC=on

I would be surprised if anybody earning a reasonable salary would be happy in places like the above!

penguingirl

I'd rent for 6 months or so to see if you like it and start looking round properties, sussing out the good/bad flats etc. I guess it also depends how long you think you'll be in Manchester for- if you can see yourself relocating or moving to somewhere bigger within a couple of years it's probably not worth the hassle.

mynameisdave

120K for a 1 bedroom flat in Manchester?

Who in their right mind would pay that in this climate? I had a hugely lucky escape in Manchester when buying a 2 bed flat for 130K when the developer pulled out just before exchange. They eventually sold for £100k (570sq ft). Manchester is littered with flats, you could virtually adopt that "never more than 6ft from a rat" cliche to flats in Manchester.

mlc2009

mynameisdave wrote: »

120K for a 1 bedroom flat in Manchester?

Who in their right mind would pay that in this climate? I had a hugely lucky escape in Manchester when buying a 2 bed flat for 130K when the developer pulled out just before exchange. They eventually sold for £100k (570sq ft). Manchester is littered with flats, you could virtually adopt that "never more than 6ft from a rat" cliche to flats in Manchester.

Im very new to this market, I have no idea about climates etc so any help would be appreciated, is it worth paying for a 2 bedroom flat even if it's just me living there?

penguingirl

I guess it depends how much space you want! Do you want a guest bedroom/ study etc.? If not get a one-bed, but from my experience in the NW there isn't a great deal of difference in price. It would also depend on how big the lounge is etc. You are also more likely to outgrow a one-bed quickly (e.g if partner moved in)

mynameisdave

To be fair, I may have been a little hasty to condem the prices of the 1 beds in Manchester. There do seem to be quite a few at that price but they are top of the market. If its not top of the range you want you can be within a mile of the city centre for much cheaper.

I don't know the Manchester market fantastically well - the property I was going to buy was a BTL investment, but the consideration for a 2 bed v 1 bed is which is more likely to sell on in future. I'd say this is something only one with a detailed knowledge of Manchester could give. If renting I wouldn't bother with the second bedroom unless you need it - say you've got a load of home gym equipment or something like that!

The one thing I do know about the area is that going North out the city towards Salford has seen massive redevlopment and places like this seem to be common. It has been struggling to sell as this is clearly the same appartment (under offer for £73500) but with pictures taken by a photographer who knows how to allow more light into the camera! Obviously thats only one counter property and may not be to your taste but I would be amazed if you had to spend much over £100K to get a 1 bed in Manchester.

mlc2009

I was looking at somthing like this

luvthecity.com/10863f4ea6da481c86148d016eaff13d.aspx

skyline central seems nice, as does the hacienda

westlondonbuyer

You're obviously successful: I can't see you living in some central city block made up of a load of repo'd flats and anxious landlords letting to any old riff-raff just to keep the mortgage paid.

An upmarket 2 bed in an upmarket part of Manchester like Didsbury will cost £600-700 to rent and £150k to buy (in this market). £250k to £350k will buy you a 3-bed house. I'd rent and get the feel of an area before deciding where - and what - to buy.

mlc2009

Yeah I definetely dont want a dump. Ive been living in north east manchester all my life. Would like to stay in city centre, not sure about salford etc