Would you buy a loft conversion flat in a popular location

rammster

I saw a property yesterday , a 2nd floor (top floor) loft conversion flat, lots of windows and lots of sunshine but a sloping wall in every room (2 bedroom). Good sized bedrooms though. The location is Prince Charles' Poundbury, in Dorchester , Dorset. The kitchen is modern (the building is only 2-3 years old), with enough space for a dining table. It has a bedroom with on suite and a separate family bathroom. The location is close to all amenities and its just a small walk to the hospital where I work. The lease is 999 year , the service charge is 1000£ pa and the ground rent is 100 £ pa. Both bedrooms could accommodate a double bed.

the asking price is 167500 , on houseprices all of these flats in this building have gone for above 175k plus ( data only from 2004 onwards)

should I put an offer on it. (been on market for 2-3 days only)

at some places the roof slopes to about 5 ft.

The only thing for it is the newness, the location , the people (all brand new cars all around), allocated parking and privacy, space and unbeatable price.

the factors against it are slopy walls

check the link out:

http://www.rightmove.co.uk/viewdetails-14595910.rsp?pa_n=1&tr_t=buy

BusyLizzie_3

Oh I like that! I think I probably would put in an offer - it seems like the property ticks all the right boxes and the sloping walls could well be the compromise that comes with buying any property. What furniture do you own at present? Would it fit in the flat? Is there any possibility of having customised built-in wardrobes to maximise the space?

Good luck!

RufusFrog_2

I would worry about a 'loft conversion' but this is purpose-built and nearly new, so all the latest building regs about insulation etc. will have been adhered to. The ceilings may restrict the 'market' for such a flat - a tall person would probably not buy it - but that appears to have been factored into the asking price. I think you are getting a good amount of floor space for the money - and two flights of stairs are a happy medium between healthy exercise and a right pain in the neck.

My mum looked at Poundbury when it was first being built but thought it a bit twee. But my MIL knows someone who lives there who says it has a 'lovely atmosphere' and is very happy. The prices have certainly shot up there, probably even faster than the rest of Dorset, but as they say, 'past performance is no guide to future performance', so it's hard to know if it will be a good investment or not. Personally I think Poundbury will always be a desirable address but who knows?

As long as the pluses outweigh the negatives for you personally then go for it. I presume you've seen most of the current 'competition' in Dorchester already, so the choice is: go ahead with this one (despite your reservations) or wait for something 'better' to come onto the market. It could be a very long wait.

rammster

the property does make a lot of sense to me. To buy a 2 bedroom property in Dorchester for this price is always going to be an uphill struggle. I have been searching the market for about 5 months now. Had a deal which almost went through and then the seller backed off . That left me back to square one.

If you only want to live only in Dorchester , and you want two bedrooms in a decent location , then you are essentially looking at 2-3 properties a week which come up in the market (as it is a small town ). And you are right that finding that one property that you would put an offer can take a long time.

My brother lives in Milton Keynes and you get a lot for your money there.

Back to the flat , I will put an offer tomorrow and request another viewing. Hope it all works out well

rammster

Dear BusyLizzie

I live in hospital accommodation so as yet I don't own any furniture . The bedrooms do have built-in wardrobes though. I will look into customised wardrobes should I need any. Meanwhile I am single (thinking of getting married but still haven't found Mrs Right) , but this is a bit of planning for the future. To put things in perspective , a one bedroom flat in a popular central location in Dorchester can cost around 170,000 + .

The other alternative for me would be to buy in area called charlton down which is 6 miles away from dorchester, where again you can get good 2 bedroom flats but service charges there are hideous (2000+), plus the location isnt exactly fab (very isolated).

BusyLizzie_3

Rammster - sounds like a good bet. The amount of floor space, the light and the nearness to work would sell it to me if I was in your position.

Are you a FTB, and would you be the first owner of the property? If there are no chains on either side and your offer is accepted, you could be moving in very quickly. Have you got a mortgage arranged?

Good luck - keep us posted.