First time buyers lost in flat-buying minefield

mangojoe

We're first-time-buyers with a budget of £138000, we're looking in Southsea and would prefer two bedrooms so realistically we are looking at buying a flat rather than a house. We are struggling a bit to judge what makes a flat sellable. Is it better if it's in a block, or one floor in a terraced house, or even above a shop?
Is it better to go for an up-together property near our upper limit, or something nearer the £125000 mark? Properties in this price range that we have seen include a garden flat with only 1 bed but with an extra reception room, a 2 bed that needed some basic renovation, a big flat at the top of a tower block and flats with kitchenettes in the lounge, should any of these be avoided?
We would like somewhere we can sell on without too much difficulty, but that we can add value to AND live in comfortably. A lot to ask I know! Does anyone have any tips or personal examples on the pitfalls of flat buying and/or selling??

meanmachine_2

Flats above shops are always cheaper than other types.

It's very difficult to "add value" to a flat.

Personally, in areas outside of Manc and London i'd suggest stretching to buy a house. Look at two bed terraces.

If you can't afford it now, save.

That just feels like the best advice for areas beyond the two major cities.

Would something like this not be practicable?

http://www.rightmove.co.uk/viewdetails-7626165.rsp?pa_n=1&tr_t=buy

Murtle

Having bought a flat, I'd recommend looking for a house! Flats don't increase in value like houses do.

[Deleted User]

I dont agree my flat doubled in value in 5 years before i sold it.

keeperbear

Murtle wrote: »

Having bought a flat, I'd recommend looking for a house! Flats don't increase in value like houses do.

I don't know where you live, but flats in West London are increasing in price by a tremendous amount.

Most people in London can't afford a house, so they have to buy flats.

mangojoe

Southsea has similar problem. Desirable area therefore expensive and quite overcrowded. Certain types of flat will probably increase in value but we don't want to get stuck with a white elephant. We want to know which type of flats are easier to sell/more desirable. Size, location, with outside space etc etc??

[Deleted User]

If you can, buy a house. Flats will increase in value in a raising market, but in a stagnant market you need to look for flat with potential, for example a first floor flat in a period house with a loft that can be converted or a basement/ground floor flat with a garden with potential for an extension. Derelict flats are also worth considering if you don't mind doing work to it. I'd avoid new builds unless you stay put and I'd stay clear of flats above shops personally. That's all I can think right now, good luck.



Good luck!

[Deleted User]

mangojoe wrote: »

We want to know which type of flats are easier to sell/more desirable. Size, location, with outside space etc etc??

Of course location is important. If you're trying to sell a house that would suit a family, good schools and a nice garden or a park nearby would make it easier to sell, whereas if you're selling a flashy flat suitable for a childless couple/professionals, it should be near transport links and ideally not far from bars/pubs, what I am trying to say is it depends who you are targeting.

Make sure you know the area well and what it has to offer before you buy, check out crime rates and visit the area at different times of the day and even weekends.

meanmachine_2

keeperbear wrote: »

I don't know where you live, but flats in West London are increasing in price by a tremendous amount.

Most people in London can't afford a house, so they have to buy flats.

Er that's nice dear.

But for once think outside your metropolitan bubble and consider giving some relevant advice to the OP - who doesn't live in some aircraft plagued part of London.

:rolleyes:

Houses will always be in demand. Flats are ten thousand a penny. No shortage of those, even in the mecca of property inflation, London.

Doozergirl

I'd always try to go for the two bed terrace over a flat. It has a far wider appeal for resale and you will probably find it takes you longer to grow out of than a flat.

It's really hard to say what is better from your list. Generally, Period Conversions sell for more but purpose built flats well, the clue is in the name! They are designed for purpose meaning they are safer and are less likely to carry sound through floors. In terms of where you would enjoy living; I suspect it would be a purpose built. If you do look at conversions, go in the evening and get the sound turned off on radios, tvs etc. and listen for neighbour noise.

silvercar

flats at the top of a tower block are risky unless you are talking luxury penthouse - what happens if the lift breaks down?

I see nothing wrong with an ex-local authority house in a decent sort of area but would stay away from LA flats as you could be stung for high maintenance charges.

I would also be wary of flats above shops. What is now a quiet estate agents office could turn to a smelly take away or dry cleaners.

If you are buying a flat check out the maintenance charges and who is responsible for maintenance.