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Deciding what to buy - Help
mestrec
Posts: 6 Forumite
Hi guys!
My wife and I are getting ready to buy our first property and would like to hear some thoughts on what you think is the best decision. W have been assessing properties for the past 2 months, having mapped more than 120 flats/houses, viewed around 20 and shortlisted 3. The 3 properties that we shortlisted are all in the same new build development but we are not sure which one to choose. We are married, no children, but planning to have one in the next year or so. We also have a dog. Let me try to explain our options quickly:
1- 96 sqm duplex, 2 bedrooms, 1 parking space, terrace: this apartment costs 500k using HTB.
2- 105 sqm flat, 3 bedrooms, 1 parking space, balcony: has the same cost as the duplex apartment
3- 71 sqm flat, 2 bedrooms, no parking space, balcony: it costs 395k and would be using the Shared Ownership scheme from a Housing Association. For comparison, a similar 2 bedroom at the same development costs 450k to buy it privately.
My concerns are related to the long term resealability, property price increase and income from yield from the flat.
What do you guys think?
a- Is a duplex a great investment and have a great appeal to potential tenants or buyers? Or I would be in a better position with 3 bedrooms?
b- Does it worth to spend 100k more on a duplex than a 'similar' flat in the same development but from a Housing Association? Would this property price increase more than the duplex, considering a similar 2 bedrooms flat in the same development is 50k more than one from the HA?
c- Do you see any issues in trying to resell a flat from a Housing Association (from the point of view of lender/potential buyers)?
Thank you very much for any thoughts on this!
Best,
My wife and I are getting ready to buy our first property and would like to hear some thoughts on what you think is the best decision. W have been assessing properties for the past 2 months, having mapped more than 120 flats/houses, viewed around 20 and shortlisted 3. The 3 properties that we shortlisted are all in the same new build development but we are not sure which one to choose. We are married, no children, but planning to have one in the next year or so. We also have a dog. Let me try to explain our options quickly:
1- 96 sqm duplex, 2 bedrooms, 1 parking space, terrace: this apartment costs 500k using HTB.
2- 105 sqm flat, 3 bedrooms, 1 parking space, balcony: has the same cost as the duplex apartment
3- 71 sqm flat, 2 bedrooms, no parking space, balcony: it costs 395k and would be using the Shared Ownership scheme from a Housing Association. For comparison, a similar 2 bedroom at the same development costs 450k to buy it privately.
My concerns are related to the long term resealability, property price increase and income from yield from the flat.
What do you guys think?
a- Is a duplex a great investment and have a great appeal to potential tenants or buyers? Or I would be in a better position with 3 bedrooms?
b- Does it worth to spend 100k more on a duplex than a 'similar' flat in the same development but from a Housing Association? Would this property price increase more than the duplex, considering a similar 2 bedrooms flat in the same development is 50k more than one from the HA?
c- Do you see any issues in trying to resell a flat from a Housing Association (from the point of view of lender/potential buyers)?
Thank you very much for any thoughts on this!
Best,
0
Comments
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I think before anyone can give the best answer you need to work out / clarify whether you want this to be a home to live in or an investment, because it’s not clear from your post.
Though for what it’s worth, I think it’s far better to try and “make do” with something that isn’t shared ownership/ HTB ... especially as it doesn’t seem like this will be your forever home.0 -
I think before anyone can give the best answer you need to work out / clarify whether you want this to be a home to live in or an investment, because it’s not clear from your post.
Though for what it’s worth, I think it’s far better to try and “make do” with something that isn’t shared ownership/ HTB ... especially as it doesn’t seem like this will be your forever home.
Thanks for your reply! My main intention is to live in the property for many years to come (at least 10/15yrs, I would say) but I am also trying to think what could give me the best gains/opportunities when the time to sell/rent it comes.
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2 is much better than 1. More space. More bedrooms. 3 is a non-starter."Real knowledge is to know the extent of one's ignorance" - Confucius0
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Thanks for your reply! My main intention is to live in the property for many years to come (at least 10/15yrs, I would say) but I am also trying to think what could give me the best gains/opportunities when the time to sell/rent it comes.
The main determinant of price in the same development will be space. 105 > 96."Real knowledge is to know the extent of one's ignorance" - Confucius0 -
You might also want to see if the leases allow you to have pets. Some don't.
If you buy new you have to factor in the premium for new so if you want to sell in a few years time you may have to sell it for less than you paid for it. You can work out how much you are likely to lose by comparing the price of the new flat with a similar flat that isn't new in the same area.0 -
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Think about when you do have a child. They and their belongings take up room. Think about drop in income etc whilst on maternity.
Bedroom layout may also be a consideration, access with using a pram etc...0
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