Exchanging soon but feeling conflicted! Should I buy?

silvercar

reeshay wrote: »

Just spoke to E.on and I can't cancel the heat/water, only the electricity. So i'm basically locked in for 25 years (as is the person I sell it to).

Would you deem this to be a big issue?

Quick update: i've already sent the documents and deposit to my Solicitor this morning.

As someone looking for a possible buy to let, it is an issue. We have crossed one property off our list because there is some weird utility-bills/ service charge tie in.

ethank

I lived in a flat in Birmingham where your electricity meter was read every month, and you got a bill from the managing agent for the electricity. It was the weirdest ever! It would freak me out.

I don't believe that District Supply is very common in new builds.

reeshay

UPDATE [16/02/2015]:
So it has been nearly 10 days since I first posted the above but I have still note exchanged. I know have a few more issues:

1. My flat is just under 40sqft (bedroom 11x11). Is this perhaps too small? Most other flats (although 15k more) are 50+ sqft. Also the kitchen is open plan (not cut off from the living room). Would these factors affect re-sale?

2. Also apartment complex is the only one in the area which doesn't have a concierge/CCTV - however on a positive note it's service charge is at least £300 cheaper; would this affect resale?

Are the two above points major issues?

AMILLIONDOLLARS

reeshay wrote: »

UPDATE [16/02/2015]:
So it has been nearly 10 days since I first posted the above but I have still note exchanged. I know have a few more issues:

1. My flat is just under 40sqft (bedroom 11x11). Is this perhaps too small? Most other flats (although 15k more) are 50+ sqft. Also the kitchen is open plan (not cut off from the living room). Would these factors affect re-sale?

2. Also apartment complex is the only one in the area which doesn't have a concierge/CCTV - however on a positive note it's service charge is at least £300 cheaper; would this affect resale?

Are the two above points major issues?

Only if you want to make them! The issues are, will you be happy sleeping in a room 11x11? have you visualised where your bed is going? will you have enough storage etc?, is there enough room for you to feel comfortable? only you can answer those questions. If the answer is no, likelihood of anyone else being as happy or not, will come when you have to resell.

Concierge/CCTV, as you can see, you get what you pay for.

All this is besides the point if you have already exchanged. You are now tied into the deal. If not delay things for a couple more days to think your decision through. You can rectify matters now, not later!

Good luck

AMD

rosie383

It does sound as if you are having serious doubts. Make sure that you are certain before you exchange that you will be content to be living there, let alone worrying about possible resell.

Hoploz

If it has gone on this long with niggling doubts its obviously not right for you. Be fair to the seller and tell them now you are pulling out, and start looking again. If everything else on the market is so much better then buy some thing else. If you can't afford the better ones, well ..... you will have missed your opportunity.

You have strung these poor people along for long enough already.

reeshay

rosie383 wrote: »

It does sound as if you are having serious doubts. Make sure that you are certain before you exchange that you will be content to be living there, let alone worrying about possible resell.

Hi,

I don't have a major issue with living there. I've always fancied a 1 bed during my 20s but the reason why I am so concerned about selling it is because of the help to buy interest starting in after 5 years. There is no way i'd be up for paying interest so i'd probably just sell the property and hope I have enough to buy on my own.

reeshay

Hoploz wrote: »

If it has gone on this long with niggling doubts its obviously not right for you. Be fair to the seller and tell them now you are pulling out, and start looking again. If everything else on the market is so much better then buy some thing else. If you can't afford the better ones, well ..... you will have missed your opportunity.

You have strung these poor people along for long enough already.

I understand where you are coming from however the whole process has be rushed by the developer and I really want to take my time with deciding. I'm pretty sure if I backed out the developer wouldn't have any trouble selling the property but I really don't want to miss out on something good.

I definitely can't afford another property in the area (or so close to a tube station) but still have the issue of reselling eating away at me.

reeshay

AMILLIONDOLLARS wrote: »

Only if you want to make them! The issues are, will you be happy sleeping in a room 11x11? have you visualised where your bed is going? will you have enough storage etc?, is there enough room for you to feel comfortable? only you can answer those questions. If the answer is no, likelihood of anyone else being as happy or not, will come when you have to resell.

Concierge/CCTV, as you can see, you get what you pay for.

All this is besides the point if you have already exchanged. You are now tied into the deal. If not delay things for a couple more days to think your decision through. You can rectify matters now, not later!

Good luck

AMD

11 x 11 doesn't sound too bad (although a huge downgrade) I'm just concerned about storage space. It is hard to visualise i'm buy off plan and the show flat (which i felt was on the cosy side) is apparently bigger than my flat (although no-one can tell me by how much and where).

I have yet to exchange.

silvercar

Can't you view other properties with bedrooms 11 x 11 to get a feel for the size?

Round here there are main bedrooms 11 x 9 with en-suites and no storage, second bedrooms 8 x6 . Why anyone would think that an en-suite is important with no storage room at all is beyond me, but they are selling well.