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Five flats for sale in same building - red flag?
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I've cycled through small villages and seen a disproportionate number of houses for sale and always makes me think there is some reason for them selling up. Maybe you could ask a few of them why they are selling or speak to neighbours, look on a local community group on facebook etc
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Could be many factors, if it's a relatively new build 5ish years it might be HTB equity loans starting to incur interests and people looking to move. Or it could be people who like to live in new shiny and just moving up the ladder to a new build. Is there a new development due completion soon in the area?
If you like them, having 5 for sale at the same time is a good bargaining point. Just be extra vigilant when checking Lease terms, nearby planning permissions etc.
Ask the owners why they are moving, if there is something major, 1 of 5 is likely to spill the beans. Or hang around when people come back from work and ask the neighbours.0 -
How old are the flats?
If they are new build they may have equity loans up for payment all at the same time - ie 10 years. So will be trying to sell rather than find the chunk of money they owe.
The building is a 2006 new build.Check out sales in the block over the past say 5 year, is that sort of turnover normal?
According to Rightmove, there were:
2 sales in 2017
8 in 2016
3 in 2015
8 in 2014
5 in 2013
None for this year yet, so I guess it's on track for 2018 to be comparable to previous years.0 -
I've cycled through small villages and seen a disproportionate number of houses for sale and always makes me think there is some reason for them selling up. Maybe you could ask a few of them why they are selling or speak to neighbours, look on a local community group on facebook etc
"2nd homes/holiday homes?0 -
Crashy_Time wrote: »"2nd homes/holiday homes?
Perhaps though the area doesn't strike me as a place for second homes given it's not places like the seaside - talking villages around Birmingham outskirts often where you could commute to the city but surrounded by farms etc. Just get the impression if there are 2-3 near each other all up for sale maybe something is happening there soon like new build plans or whateverSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Perhaps though the area doesn't strike me as a place for second homes given it's not places like the seaside - talking villages around Birmingham outskirts often where you could commute to the city but surrounded by farms etc. Just get the impression if there are 2-3 near each other all up for sale maybe something is happening there soon like new build plans or whatever
Could be...0
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