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Is it better to buy a studio in nice area or a 1 bed in a not so nice area?
needhouseadvice
Posts: 110 Forumite
FTB with a limited budget of £220-5k. I've got my eye on a studio in Walthamstow. The only thing is it's opposite a school playground. As it's in London would it be affect resale value?
Or should I try to get a 1 bed somewhere like Upton Park, Plaistow or Manor Park?
Basically which would be better in terms of value do you think? Obviously we've always been told location, location, location...! I'd prefer E17 as I have a few friends there but then living in such a mini place might get annoying after a while.
Or should I try to get a 1 bed somewhere like Upton Park, Plaistow or Manor Park?
Basically which would be better in terms of value do you think? Obviously we've always been told location, location, location...! I'd prefer E17 as I have a few friends there but then living in such a mini place might get annoying after a while.
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Don't they say Location is key...0
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You describe one of them as 'a not so nice area' - I would never buy there.0
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Yep! But studios don't go up in value as quickly as 1 beds. I guess I'm just wondering if in 5 years or so and the not so nice areas are a bit better would a 1 bed there be worth more. Although the market seems to be very strong (crazy) in E17 right now.0
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I thought it was difficult to get a mortgage on a studio - has that changed?
I would've expected Upton Park to be going up in the world now that WHFC are moving and the ground is being redeveloped.0 -
missbiggles1 wrote: »I thought it was difficult to get a mortgage on a studio - has that changed?
I would've expected Upton Park to be going up in the world now that WHFC are moving and the ground is being redeveloped.
My broker doesn't think it'll be a problem getting a mortgage0 -
needhouseadvice wrote: »FTB with a limited budget of £220-5k. I've got my eye on a studio in Walthamstow. The only thing is it's opposite a school playground. As it's in London would it be affect resale value?
Or should I try to get a 1 bed somewhere like Upton Park, Plaistow or Manor Park?
Basically which would be better in terms of value do you think? Obviously we've always been told location, location, location...! I'd prefer E17 as I have a few friends there but then living in such a mini place might get annoying after a while.
School playground would not affect the resale value. It would in my opinion probably help the value.
You can make a tiny space feel quite spacious. First rule is you need to keep your stuff to a minimum.
I personally wouldn't buy either a studio or a 1 bedroom property at all as neither of them would ever be my "forever" home. I won't even buy the 2 bedroom flat I'm renting now. It's not always cheaper to buy so make sure the numbers add up.
Check the service charges before making an offer.
I would use your money and put it to better use such as savings and/or a pension and rent a studio or 1 bedroom flat then when you retire buy somewhere where you want to live where it's also much cheaper.:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0 -
School playground would not affect the resale value. It would in my opinion probably help the value.
You can make a tiny space feel quite spacious. First rule is you need to keep your stuff to a minimum.
I personally wouldn't buy either a studio or a 1 bedroom property at all as neither of them would ever be my "forever" home. I won't even buy the 2 bedroom flat I'm renting now. It's not always cheaper to buy so make sure the numbers add up.
Check the service charges before making an offer.
I would use your money and put it to better use such as savings and/or a pension and rent a studio or 1 bedroom flat then when you retire buy somewhere where you want to live where it's also much cheaper.
I get that a school nearby would help resale if a family wanted to buy to be near a catchment area but surely no one would buy a studio for that purpose would they?
Renting a studio/1 bed would be even more than a mortgage in London sadly. I'd be saving less. There's no way I could buy a forever home on my dismal salary.0 -
Actually it's not even a dismal salary. It's probably a bit above average but damn London prices!0
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Not so nice areas become the better areas over time.0
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