flats above shops

Tomato

Thank you all for your comments.

The flat I have my eye on is above estate agents. I am hoping to stay there for about 5-6 years. Fingers crossed, it will be a good home and easy to sell.

hazyjo

Tomato wrote: »

Thank you all for your comments.

The flat I have my eye on is above estate agents. I am hoping to stay there for about 5-6 years. Fingers crossed, it will be a good home and easy to sell.

And if they move/shut down? Are you not at all worried about what might replace them? What about a shop next door, or even four doors down?

You also haven't said if you need a mortgage, or what sort of deposit you have to put down (if you do need a mortgage). Don't presume you'll get one. If you have difficulty, please also don't assume it'll be 'easy to sell'.

Crossing fingers is quite a risk when it comes to spending tens/hundreds of thousands.

Oh well.

Jx

Yorkie1

https://forums.moneysavingexpert.com/discussion/4788196

for a thread on a similar issue in the M&E forum.

freeisgood

I would never live above anything open in the evening.
Also should be easy to find out if the business is long established there, so not likely to shut down, and if they own the freehold, much more likely to stay put for a good while.

hazyjo

freeisgood wrote: »

I would never live above anything open in the evening.
Also should be easy to find out if the business is long established there, so not likely to shut down, and if they own the freehold, much more likely to stay put for a good while.

Adams Childrenswear
Focus DIY
Comet
JJB Sports
Jessops
Woolworths
Zavvi
MFI
Rosebys

Need I say more... little local high street shops (probably apart from EAs in a rising market lol!) are always at risk. And if something is doing that well, it may well relocate to larger premises.

Jx

freeisgood

Actually I meant independents. Never huge chains.

I am looking out of my living room window and I can see a dry cleaners that has been there for 38 years, I know they own the freehold and the son now runs it. The hairdressers again owns the freehold, been there for around 20 years, no where near retirement age yet.....that sort of thing would be a pretty safe bet.

hazyjo

I would imagine that independents are more at risk than 'huge chains'.

Could give you a far bigger list of those, only you wouldn't recognise any. Seen at least three shut down on my local high street in the last 6 months, even though it's busy.

Just saying you can never guarantee. Yes, some will be around for decades. But they are still at risk - especially if a family business where they may well sell up if no dependants to take over.

Dry cleaners are often a good bet, but I wouldn't want to live above one. The hairdressers near me all stay open til up to 9pm some nights (and some, 7 days a week now). Wouldn't fancy living above those either.

And, like I said before - even if you buy above a well established 'future-proof' business, you don't know what might change four doors up (or more!) either side.

Jx