How much this property worth if it was to be sold?

socrates

somethingcorporate wrote: »

You paid £370k for this :eek: I am sorry, but you've overpaid!

They have not overpaid - how would you know anyway?

All the OP has done is to invest in the wrong vehicle

jumperabv3

socrates wrote: »

OK well I have read your other thread now

You have bought this to rent it out

The numbers do not stack up on £300k plus properties in this area

What I would have done in your shoes was to buy a commercial property at auction for around £350k with a full insuring and repairing lease - you can look for decent tenants with a long lease

All you would do is draw the income and you can realistically get 7-9%

As you have moved overseas there is all sorts of tax planning you can do to minimise your income tax here

Whoever told you this area would increase by 20% needs their head examining

People who buy this type of property buy it to live in themselves - and renting a 3 bedroom will not achieve a lot more if anything than a 2 bedroom flat

You also bear the brunt of the service charges etc etc

I've just sent you a private message ....

jumperabv3

somethingcorporate wrote: »

You paid £370k for this :eek: I am sorry, but you've overpaid!

I haven't paid yet ...
The £370k is still in the bank but £40k was paid as a deposit and contracts exchanged ...

Yes, the icon that you put :eek: is what I feel now ... I am not sure what to do, I am in a terrible emotional state right now.

Trollfever

I hear that Athens and Madrid are the "hot" capitals for European property investment.

botchjob

Around about £350-360k i'd have thought, give or take. I know Wanstead quite well and it's a nice area which is also well connected transport wise. If you're in for the medium to long-term, it's as good a bet in the area as you're likely to find.

googler

I think the sub-text to the OP's question is - "can I complete on the purchase, and then very quickly sell the property for around what I paid for it?"

If so, I'd suggest - very unlikely. If the builder still has similar apartments available, they'll be able to easily undercut you, offer incentives, etc etc

somethingcorporate

socrates wrote: »

They have not overpaid - how would you know anyway?

All the OP has done is to invest in the wrong vehicle

Semantics!

Overpaid = mistake, investing in the wrong vehicle = mistake.

jumperabv3

somethingcorporate wrote: »

Semantics!

Overpaid = mistake, investing in the wrong vehicle = mistake.

How big the mistake is?

DVardysShadow

jumperabv3 wrote: »

DVardysShadow wrote: »

Other people who visited this site asked

• How long is my piece of string?
• Is my piece of string long enough?

What do you mean by that?

Reading your other thread and reading here, your view is rather 2 dimensional. Your picture of what you are buying is this:




With such a 2 dimensional view, you have to hope that there is enough headroom to walk around in that apartment.

Well, you are not going to get anything but the vaguest estimates off that, really you are not. A large part of the value depends on the building itself and its relationship to its surroundings and amenities.

As for the bigger problem, you have made a 2 stage investment. $ to £ to property. You lack the necessary mature insight into the $ to £ investment, being spooked by short term market fluctuations [and I think confusing the trading costs out and back with an actual change in value]. And you seem to be buying off plan with no clear insight into the value of the property.

jc808

socrates wrote: »

£320-£350k possibly more depending on proximity to Station

Holy catshit, thats smaller than my whole basement, and its 3 times the cost of my 5 bed house !!!!!!?