Buy now (in Dundee) or wait?

westernpromise

Crashy_Time wrote: »

But no bill if his neighbours roof blew off? Those choosing to buy top floor flats should ask for a discount or have sufficient insurance to replace the roof if necessary IMO. They are buying a dwelling that is much more exposed to the elements than an average house or lower floor flat.

The roof is part of the freehold. It is not a part of the top floor flat.

Crashy_Time

westernpromise wrote: »

The roof is part of the freehold. It is not a part of the top floor flat.

I know, I am saying that is unfair. Older tenements (Edinburgh) are probably more prone to wind damage than some newer structures, so the risk should be clear to anyone buying a top floor flat, and as far as I know (Edinburgh for example) council no longer enforce the statutory repairs system (due to being found out abusing it) so it might be difficult to actually get neighbours to stump up for repairs, just another reason I for one won`t buy a flat.

Crashy_Time

Bluebirdman_of_Alcathays wrote: »

Oil is currently 71% UP from it's low of $28pb. You're not very good at this financial stuff are you? Probably best you stick to renting x

http://www.housepricecrash.co.uk/forum/index.php?/topic/202040-black-swan-coated-with-crude-oil/page-112

Debtslayer

OP if it were me i would buy now.
You say your rent is low but its still rent and the money you pay in rent could be paying a mortgage and helping to build up equity.
Perhaps you will decide if and when you see a property you really like and want

dktreesea

westernpromise wrote: »

Whereas if he'd owned a house instead, he'd have faced the whole bill for any roof repair.

With an important caveat - he would get to decide which contractor to use and how much to pay them.


With flats where the council is responsible for that kind of thing, like in Edinburgh and Dundee, the potential for corruption is immense. There are lawsuits at the moment in Edinburgh due to the council colluding with the contractors and charging way over the odds for such repairs.


Here's an example:


http://www.dailymail.co.uk/news/article-2158863/Ten-householders-slapped-307-000-repair-leaky-roof-bungling-council-hit-property-scandal.html


I like living in these kinds of big, old flats, but own one? Not on your life! The only house that will ever see my money to buy in this neck of the woods - and Dundee has a similar problem to Edinburgh with council run repairs - will be a detached house.

dktreesea

Crashy_Time wrote: »

I know, I am saying that is unfair. Older tenements (Edinburgh) are probably more prone to wind damage than some newer structures, so the risk should be clear to anyone buying a top floor flat, and as far as I know (Edinburgh for example) council no longer enforce the statutory repairs system (due to being found out abusing it) so it might be difficult to actually get neighbours to stump up for repairs, just another reason I for one won`t buy a flat.

Couldn't agree more. You and me both.


In Edinburgh, they are trying to get their new statutory repair team up and running, but the council, i.e. ratepayers, are facing write offs running to millions of pounds - still - because of the earlier corruption scandals.


http://www.edinburghnews.scotsman.com/news/budget-cuts-delay-new-statutory-repair-team-1-3725803



With flats, arranging common repairs, while not as extreme as in Edinburgh, is still a big problem. Yes, they seem a cheap option when you buy them, but over time they don't go up as much as most houses and you are not as free to do what you want with a flat as you are with a house.


Even if you have a top floor flat, if anything happens to the roof, the whole stair foots the bill, not just the directly affected top flat. Across the road from us is a tenement stair that has the opposite problem - rising damp and subsidence underneath the structure. The repair bill? £42k each.

Crashy_Time

dktreesea wrote: »

Couldn't agree more. You and me both.


In Edinburgh, they are trying to get their new statutory repair team up and running, but the council, i.e. ratepayers, are facing write offs running to millions of pounds - still - because of the earlier corruption scandals.


http://www.edinburghnews.scotsman.com/news/budget-cuts-delay-new-statutory-repair-team-1-3725803



With flats, arranging common repairs, while not as extreme as in Edinburgh, is still a big problem. Yes, they seem a cheap option when you buy them, but over time they don't go up as much as most houses and you are not as free to do what you want with a flat as you are with a house.


Even if you have a top floor flat, if anything happens to the roof, the whole stair foots the bill, not just the directly affected top flat. Across the road from us is a tenement stair that has the opposite problem - rising damp and subsidence underneath the structure. The repair bill? £42k each.

That repair bill is about 9 years rent to me. At last a poster who sees that the decision is about more than the monthly payment.
Yes, subsidence, that is a big problem in some Edinburgh tenements, absolute nightmare if you are locked in as an owner/mortgage debtor.

economic

Why 42k cost each? Why not claim under insurance like what usually happens?

Crashy_Time

I`m guessing structural damage costs a lot to fix, the flats are probably literally sinking into the ground. Depending on when people bought, and what their survey threw up insurance may or may not be an option, but I don`t really know, pretty sure insurance for that wouldn`t come cheap anyway?

Crashy_Time

Out of interest how much would this type of flat cost to rent in Dundee?


http://www.rightmove.co.uk/property-to-rent/property-53957110.html