Please help me decide.

franklee

freebird65 wrote: »

. You don't know whether the shop will remain a beauty salon - what happens if it becomes an Indian takeaway - might be convenient, but not much fun in summer when you want to open the windows and it would be more likely to affect re-sale.

Good point, while no where near as bad as a takeaway I'd be concerned about a beauty salon too. Depends what it does of course but something like hairdressing stinks the place out. I wouldn't live over one!

As for which flat to buy, well I'd say neither. You are doing it primarily as an investment and have missed the boat IMO. If prices do drop (and there is a real possibility that they will) then I'd guess one beds and studios will be hit hardest. After all who would buy a one bed if they could afford two, so a fall would allow people to leapfrog over the one beds. IMO. YMMV.

firesidemaid

Buy the older flat and renovate it.

voted for the older one also.

a different view to add is that the older one in the village will appeal to both young and old buyers when selling ( i would think), whereas new-build will probably appeal to the younger buyers only.

i think someone also asked before - does the new-build have a lift? also the new build is all-electric, and therefore will cost more for utilities.

again, what is the difference in council tax, annual maintenance, buildings insurance costs etc?

go for it - before the mortgage rates go up again!

Tiger_greeneyes

Buy the older flat and renovate it.

I'd go for the old one every time! I've had old properties and new ones - I find new builds soulless - devoid of character, boring - I know they're not all like that - but you have to spend an awful lot of money to get a new build with character. It's definitely a no-brainer as far as I'm concerned!

hornetgirl

I'd go for the older one too. However, if you're looking to put in gas, check that this is allowed. I used to live in a flat built in the early 1970s and it had to be all electric - something to do with the construction and safety issues.

Also get ownership of the loft space checked out. A colleague moved his boiler into the loft of his flat, then when he was trying to sell, found out the loft space wasn't his. The sale fell through because of this, and he had to move the boiler back down into the flat before putting it back on the market.

Melissa177

Buy the older flat and renovate it.

Does anyoen really think you can make a 1 bed flat worth that much more by renovating it? I really don't believe I will make money by doign it up. At the end of the day it's still just a 1 bed flat. Perhaps if it was a 2 bed flat or certainly a house it would fetch money, but a flat? :S

This is what I'm thinking to be honest. I live in a block of six identical flats - I am currently doing mine up, but I am aware that the price my flat is worth is dictated by the other flats - there won't be much difference in them if we all came to sell.

I'm aware that a lot of new builds are overpriced in london (particularly those 1M London riverside flats, which seem to be going down in price when they get sold on "second hand"), but I don't know about the rest of the country. Some new builds are superbly built to modern building regs, whilst others have paperthin walls.

So, in summary... I don't know what I'd do! If you're undecided, it suggests to me that your heart isn't in either one. Are there other flats that you are overlooking?

lotto-dreamer

Buy the older flat and renovate it.

You might need to consider the length of time left on the lease - particularly if you want to sell in the future. Mortgagees sometimes are reluctant to offer mortgages to shorter leases - which could affect saleability.

I like the sound of the older one as well though!

typeractive

As for which flat to buy, well I'd say neither. You are doing it primarily as an investment and have missed the boat IMO. If prices do drop (and there is a real possibility that they will) then I'd guess one beds and studios will be hit hardest. After all who would buy a one bed if they could afford two, so a fall would allow people to leapfrog over the one beds. IMO. YMMV.

Thanks. I'm not not really in it to make money as such. I want to be on the property ladder, with something that has minimal commitment. I want something that I can live in, and if I decide to take a year out, rent it out and return. I know we can't all have everything, but that's my aim. I know what you're saying about the prices, I like everyone else live in that anticipation of the old: what if? at the same point though, I'm getting on in age, and want to have a go at it. If there's a crash, I just have to be content with where I live

I'd go for the older one too. However, if you're looking to put in gas, check that this is allowed. I used to live in a flat built in the early 1970s and it had to be all electric - something to do with the construction and safety issues.

Also get ownership of the loft space checked out. A colleague moved his boiler into the loft of his flat, then when he was trying to sell, found out the loft space wasn't his. The sale fell through because of this, and he had to move the boiler back down into the flat before putting it back on the market.

Next door neighbour has gas, so I assume it will be ok, but like teh loft space point I will get it checked out with the solicitors

Sazzacat - the new one does have lifts

So, in summary... I don't know what I'd do! If you're undecided, it suggests to me that your heart isn't in either one. Are there other flats that you are overlooking?

Yeah Mellisa, it's a tough one. Though I think this flat has good potential to be renovated, and if not it make money it will be nice to live in. As long as it doesn't lose money I guess. My heart is in buying something nice for the money and possibilities I have at the moment. I could hold it out, and keep saving, though there needs to be a bit of action sometime. I know I can't afford a house in any of the areas I'd like to live, but I'd like to live in either of these

You might need to consider the length of time left on the lease - particularly if you want to sell in the future. Mortgagees sometimes are reluctant to offer mortgages to shorter leases - which could affect saleability.

Yeah it's 64 on the old one, and 99 on the new. My relatives are extending the old one to 70 years I believe, regardless of who buys it I think

I hope 70 is ok! :S

Melissa177

Buy the older flat and renovate it.

I believe mortgage lenders classify anything less than 70 years as a "short lease" - they ideally want it higher than that. Some won't give take you a mortgage on anything less than 70 years.

Maybe a question for the mortgages board?

Tiger_greeneyes

Buy the older flat and renovate it.

If your relatives are the freeholders, then couldn't you ask them for a longer lease? 99 years would be good - anything above that would be a bonus!

typeractive

Tiger_greeneyes wrote: »

If your relatives are the freeholders, then couldn't you ask them for a longer lease? 99 years would be good - anything above that would be a bonus!

unfortunately they're not otherwise it would be great!

I will have to ask people how much it costs to renew a lease.

Thanks