London buyers: how did you know where you wanted to settle?

sterl1ng

Whilst i'm still saving every penny and rent in east london for 10yrs+ I really am itching to buy somewhere but want to maximise on what I buy BUT thing is, i'm not 100% sure where I want to buy. Whilst i've been looking in se london, croydon mostly i'm not sooooo sure either. What I love about croydon is the transport links as I can go to brighton, easily get to victoria, go catch eurostar from kings cross plus there is a bit of greenery in comparison to where I am now. AND the added bonus of new westfield being built which is for much needed regeneration. Plus bfs family are over there too.

There is a BUT though. What if, once I have my deposit and the wheels go in motion I don't feel ready? What if that area isn't for me BUT its well priced. Its all very scary I have to say BUT at same time i'm sick of where I live.

So my question is, how did you know the area you wanted to buy in?

sterl1ng

PLUS, what if bf and I didn't work out and i'd then be lumbered being near him and his family :oD

sterl1ng

Then again I could just sell up!

Mortgage_Reduction_Novice

I think you've already realised that nothing is forever... but since you will pay fees to buy you need to have a good idea and be fairly certain you'll stay in that area for at least a few years.

When choosing an area you need to think about lots of aspects of your life - work, friends, relationships, recreation, amenities, hobbies, local costs. Start by working out which areas of London would be within your budget and what you get for that budget (bedsit or mansion for the same price?!). Then go and visit those areas, work out your commuting time to work and get to know the area. Only you know what's right for you but by doing the research at least you're making an informed decision and not just picking somewhere because someone else said it's good.

suestew

North West London (Kilburn, Queens Park, West Hampstead) is a nice place to live. Good transport links, easy to get to Brighton, Kings cross and central London. Westfield Shepherds Bush is quick and easy to get too. But it is pretty expensive to buy there. Best to visit different parts and hang out a bit to get a feel of the place.

chewmylegoff

if you're planning to buy in a completely new area of london, and you're not really ready to buy yet, then you could always rent there for a year first to see whether you like the area.

one implication of getting it wrong which is worse in london than outside (generally) is the stamp duty that you have effectively chucked down the drain. obviously depends how much you're spending but most stuff in london is over £250k, so you're looking at shelling out more than £7,500 in stamp duty alone before you've added on the other costs of buying/moving. personally, where i am starting to think about buying, the stamp duty would probably be almost as much as the annual rent for an equivalent place, so i wouldn't want to buy anything where i wasn't sure about the area or wasn't sure i could live in the house for 5 years at the very minimum.

if rent is dead money, i don't know what stamp duty is...

sterl1ng

That's the think with north side of london too, its expensive in comparison to se london. Plus se london is closer to my commute into work which i've already factored in.

I do find a lot of time when looking at places online I steer towards croydon as being there at times I like it but at same time I realise I only visit every so often and so living there might be totally different. I know transport well around there plus there is added beneifit of tram service. Lots of shopping areas and great parks. And connecting to victoria is very easy for when I travel. Its an allrounder I think but at same time i'm not 100%.

I did think clapham/balham/tooting but those in comparison are pretty expensive plus only northern line which is notorious. I use to rent in streathem hill, would take bus to clapham common then tube it, not best experience but only one line to rely on. Whereas we now have east london line as well as overhead trains.

Perhaps once I get to my deposit goal and start actually looking at places and i'll get that feeling about the place as I did with the place I rent in now. Though place I rent in now i've had enough of area and most definately don't want to buy in.

BitterAndTwisted

I have two lots of friends who now live between the park and the shops on the high street in Addiscombe and they are extremely happy there. It's a lovely, friendly oasis (first-name terms at the butcher and greengrocer type-of-thing) and only about three tram-stops from East Croydon station. All of them commute to various parts of central London

johnmcga

Since moving to north London there are things about the area I hadn't considered that I love, and other things I didn't realise would be problems that actually cause some inconvenience.

I guess what I'm saying is that if you're buying in such an enormous and intimidating place as London, your preconceptions of an area can be very different to the reality. So it's definitely worth renting in your target area before you take the plunge.

As you want out of your current place anyway, why not move to Croydon and rent for six months or a year?

SuzieSue

I would imagine that most people would move to where their family and friends are, after all, if people like you enjoy living somewhere, the chances are that you will like living there too. Also, obviously, it is more convenient for you to see them if you live near them. (Conversely, if you don't like your family and don't want to see them too much then you should move to the opposite side of London to them!)

All you can do is speak to as many people you know who live where you are considering moving to and if you are still not sure then, as John says, rent first.

topbargainhunter

When I bought my 1 bed flat in London, it was the only one in the whole of North London that I could afford on my wage. It was cheaper than renting so I bought it. It was a bit nerve wracking at the time, but I felt I had more to gain than lose.

I absolutley loved the place (Friern Barnet) and stayed for 12 years, until I had to move due to a job out of London.

I still own it and have to rent it out as the market was at rock bottom when I moved away. I now have it up for sale at £175k, so it's not quite as expensive to buy in London as you may think (and no stamp duty). It's been a good investment for me, far better than paying rent for 12 years.