Query on resale value

themag

Hi,

We recently put an offer on a really nice 3 bed flat in north london in a very desirable location. We are very happy with it and hopefully the deal goes through. However I have recently started having nagging doubts about resale value - the property is ex local authority (this in itself is not a problem - the building is brick and looks quite pretty and most of it is privately owned); it it also on the 4th floor and there is no lift.
However it is a great flat, very spacious and modern inside, a great location and with good transport links into central London.
Am I worrying too much? As a first time buyer I would appreciate the thoughts of a more experienced property guru.

Thanks

Doozergirl

If you think the price you are paying holds up well to other properties that you've seen then go for it.

Property values change all the time. Goodness only knows what it will be worth when you come to sell.

Pretty much anything sells in London; there's enough people for everything to suit someone! It suits you, doesn't it?

cattie

I think really you've answered your own question. You yourself have offered on it, consider it a pretty good purchase & by your positive description of the block I don't think you should have any hesitation about it keeping it's value in line with other property values.

I once bought an ex local authority property, although you'd never had known it was ex la to look at, it was a small single block in a very desirable conservation area. The building was in a courtyard setting & out of 12 flats/maisonettes 10 were privately owned. I made a whopping £90,000 on the maisonette when I sold it 2.5yrs later.

lynzpower

I certainly wouldnt be worried about resale value on an Ex-la.

Personally Im on a one woman crusade to show scetical buyers 5that ex-la properties are THE best property prospect in terms of places to live ( s long as the estate is OK) there is in london. Give me a 3 bed ex la over a 2 bed period conversion any day of the week! Benefits include

Significantly more floor space for your money
generally well connected locations ( for those "poorer" in the past who didnt have cars, tend to be nearer to transport links than some conversions)
tremendously well built, as compared to a) new build ( of which Ive just sold) & many period conversions ( stud walls my own pet hate)
good sized rooms that tend to be square/ oblong as opposed to period conversions that often have some strange little room/ corner where the rooms been shoehorned in.

Doozergirl

lynzpower wrote: »

Benefits include

Significantly more floor space for your money
generally well connected locations ( for those "poorer" in the past who didnt have cars, tend to be nearer to transport links than some conversions)
tremendously well built, as compared to a) new build ( of which Ive just sold) & many period conversions ( stud walls my own pet hate)
good sized rooms that tend to be square/ oblong as opposed to period conversions that often have some strange little room/ corner where the rooms been shoehorned in.

Sold to the lady with the blue hair!

themag

Thanks all for your thoughts - that has certainly helped address some of my concerns

Rick62

Significantly more floor space for your money

I read somewhere that council/LA properties are built to a decent room size specification making them much better proportioned than most development properties that are just maximising their own profit per sq ft.