Exchanging soon but feeling conflicted! Should I buy?

dirty_magic

How long do you plan to stay there? I think in the long term London prices are only going to go up. It's a different world in London, madness!

Pete9501

The electricity thing sounds scary :eek:

reeshay

dirty_magic wrote: »

How long do you plan to stay there? I think in the long term London prices are only going to go up. It's a different world in London, madness!

Hi dirty_magic,

I plan on staying there for up to five years. I don't think i'll be able to pay off the equity share and I'd rather not pay interest on it.

Should I be worried that the return will be long due to such a short occupancy?

reeshay

Pete9501 wrote: »

The electricity thing sounds scary :eek:

it's absolutely horrid! Especially as it isn't regulated by Ofcom however, i'm under the impression that this is the case with most new builds (although may be wrong)

carefullycautious

I live very close to a 'halfway house' it is the quietest place I have ever encountered. It is built right next to residential houses.


I would be more concerned about what you are buying than whom you are buying by.

reeshay

carefullycautious wrote: »

I live very close to a 'halfway house' it is the quietest place I have ever encountered. It is built right next to residential houses.


I would be more concerned about what you are buying than whom you are buying by.

Thanks carefullycautious, you've really helped put my mind at rest. I'm usually not one to pay to much attention to such things but with family and friends giving their opinions, it's hard to not let it bother you.

penguingirl

I work in mental health services and it wouldn't bother me at all. One in three of us will have mental health problems and lots of people require some short hospital treatment/ temporary support. I think most of us would be surprised by how near we live to rehab homes/ hostels etc as there are loads around and normally they are very unobtrusive. I'd much rather live near one than a something like a pub.

acs901

> I think in the long term London prices are only going to go up.
I wonder why. Very few locals can afford to buy in London already. Prices are being pumped up by Russian and Chinese speculators. If that ever stops there will be very interesting times.
--

reeshay

Thanks for commenting penguingirl! I feel a bit ridiculous now for making such a big deal out of something so small, you've definitely helped put my mind at rest!

& acs901, my main fear would be house prices going up over the next few months and therefore pricing me out of the market. I'd also be incredibly worried if overseas investors looked else where as we'd end up with more horrifying price crash than we've just experienced. Thank you!

Elfbert

reeshay wrote: »

Hi Silvercar ... thanks for the prompt response!

Yes it is Colindale (the only area i could really afford), the dream would have been Hendon/Golders Green or Hampstead at a far stretch.

You're right in the fact that Colindale will be flooded by new flats, but i've always thought the majority are Buy to Lets.

Should the number of new flats in the area put me off?

The problem with lots of new flats in an area when you're trying to sell is that lots of people would actually rather buy a shiny new flat than a second-hand one in the same area. (Quite probably foolishly, as a second-hand flat will hopefully have ironed out all the snags etc., but that's the way of it!)