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Exchanging soon but feeling conflicted! Should I buy?

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Comments

  • reeshay
    reeshay Posts: 30 Forumite
    Elfbert wrote: »
    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!)
    That'll be an issue as I know of 5 different developments starting this year/next in the area however i'm hoping that proximity to the station will lure buyers.

    Would you stay away from an area that is being "overdeveloped"?
  • silvercar
    silvercar Posts: 49,915 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    reeshay wrote: »
    That'll be an issue as I know of 5 different developments starting this year/next in the area however i'm hoping that proximity to the station will lure buyers.

    Would you stay away from an area that is being "overdeveloped"?

    Near me (and I'm less than 7 miles from Colindale) the developments nearest to the station attract a premium on resale.
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • reeshay
    reeshay Posts: 30 Forumite
    silvercar wrote: »
    Near me (and I'm less than 7 miles from Colindale) the developments nearest to the station attract a premium on resale.

    That's what I'm banking on although there will be new flats just opposite the station/on the newspaper library site soon.

    Thanks a lot of your help guys!! Looks I'll be going ahead with the exchange
  • Elfbert
    Elfbert Posts: 578 Forumite
    Ninth Anniversary 500 Posts Combo Breaker
    reeshay wrote: »
    That'll be an issue as I know of 5 different developments starting this year/next in the area however i'm hoping that proximity to the station will lure buyers.

    Would you stay away from an area that is being "overdeveloped"?

    I wouldn't stay away if I liked the area and the flat - my own area (West London) is being heavily developed - I just hope my flat will still be desirable when I come to sell it, as it also has great proximity the the tube, and hopefully the 'new' developments will overprice themselves, so my flat will only be around 10/12 yrs old, but a few grand cheaper, which will hopefully lure some people!

    Personally I'd prefer to buy a modern, but slightly older, flat (like I did with this one - 6yrs old when I bought). New builds seem to have so much snagging, and you lose that new-build premium cost if you're the first one in.

    Sadly none of us have a crystal ball, but you need to like wherever you live, that's the main thing.
    Mortgage - £[STRIKE]68,000 may 2014[/STRIKE] 45,680.
  • dirty_magic
    dirty_magic Posts: 1,145 Forumite
    Eighth Anniversary 1,000 Posts Combo Breaker I've been Money Tipped!
    I think if you were buying in a small town or village over development would be a problem, but as it's London I don't think it will be an issue at all.

    If the developments lead to more shops and cafes etc along with building more houses it could improve the area and increase resale values.
  • Question to ask is the development selling out fast?

    If so then can only go up in value but if not many sold it seems people are avoiding it for a reason.
  • reeshay
    reeshay Posts: 30 Forumite
    Elfbert wrote: »
    I wouldn't stay away if I liked the area and the flat - my own area (West London) is being heavily developed - I just hope my flat will still be desirable when I come to sell it, as it also has great proximity the the tube, and hopefully the 'new' developments will overprice themselves, so my flat will only be around 10/12 yrs old, but a few grand cheaper, which will hopefully lure some people!

    Personally I'd prefer to buy a modern, but slightly older, flat (like I did with this one - 6yrs old when I bought). New builds seem to have so much snagging, and you lose that new-build premium cost if you're the first one in.

    Sadly none of us have a crystal ball, but you need to like wherever you live, that's the main thing.
    Thanks Elfbert! I guess all I can do is hope. The area wasn't really what I had in mind however it's right in my price range (doesn't involve me stretching beyond my means). Plus being so close to the station I can only see myself going to the post office/supermarket - I mainly spend my time in other areas of London.
  • reeshay
    reeshay Posts: 30 Forumite
    WillyWonga wrote: »
    Question to ask is the development selling out fast?

    If so then can only go up in value but if not many sold it seems people are avoiding it for a reason.
    There will be a few commercial sites but not that many however, the Borris Johnson has apparently pledged to improve the area so my fingers are crossed.
  • reeshay
    reeshay Posts: 30 Forumite
    WillyWonga wrote: »
    Question to ask is the development selling out fast?

    If so then can only go up in value but if not many sold it seems people are avoiding it for a reason.
    Hi WillyWonga, there are about 5 flats left (2/3 beds) but it does seem as though the flats have been selling fairly quickly although looking at some resale properties in the area they seem to have been listed since October/November. Do properties usually stay on the market for so long?
  • cavework
    cavework Posts: 1,992 Forumite
    edited 8 February 2015 at 3:55PM
    Edit: Fourthly I'm signing a 25 year contract with E.on to provide my electricity and heating with a £400 service charge and at around 9p/kWh due to it being a District Supply. Although i am aware that this is the case with most new-builds


    never heard of this before?
    25 year lock in? Really?
    Just googled this, it does exist ..
    and I would run a mile!
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