Help deciding between two properties in North Greenwich

chami1982

Hi All,
I am unable to help decide which flat to buy so seeking your guidance/opinions/point of view.
1. Flat 1: Offer accepted £500K ( originally listed £525k) and 3 weeks in contracting process/searches going on. 2 bed 900 sqft 3 year old apartments in greenwich millennium village. 996 years lease 3100 service charge 400 ground rent BUT no parking. Its just few year old so feel of almost new flat.
2. Flat 2. On which i had earlier offered 500k got accepted late in mean time i had chosen flat 1 and decided to continue with flat 1. Few days back agent called that seller will take £480K (originally listed £530k) . Its almost same configuration 2 bed 900 sqft but 10-15 year old flat in greenwich millennium village. 980+ yr lease. 5500 service charge 400 ground rent. BUT it has parking. Its 10+ year old so offcourse internal look and feel it cant match Vs flat 1.

Considering below, I m getting inclined for Flat 2
1. It has parking - for new build flats GMV selling parking for £20k and i hv heard its quite difficult to get monthly parking space under 100 ft Vs 5 min walk
2. Although annual charges (5500 Vs 3100+ parking 1200) - i will end up annually paying 1200 more
3. Now offered at 20k less that flat 1
4. I can potentially spend few thousands to get bathroom, carpet etc refurbished to give new feel
5. 12 min Vs 18 min walk to North Greenwich station and much more close to local shops ( both are within 3-6 min of bus stop).

I am not in position to wait and will go ahead with one of two option. I think with brexit price has stalled/reduced/dont think will go substantially down from here more importantly for work reason i need to relocate from outside london to london ( we had earlier lived in North Greenwich and hv zeroed down here)

Appreciate your response to help me resolve my confusion.

AdrianC

You've done all the sums - but you haven't mentioned the single biggest deciding factor...

Which would you actually prefer to live in?

cattie

It's amazing how few flats seem to be built now with access to parking. Developers seem to be of the mind that young professionals are happy to rely on public transport when properties are fairly close to station.

The one thing that would put me off of flat 2 is simply the higher service charges. £5500 made my eyes water! This will no doubt rise each year. I live in Greenwich borough myself & currently pay around £1500 per year & have a garage. We have beautiful gounds but admittedly we probably won't have the additional facilities the properties you're considering have.

I think Adrian has hit the nail on the head by suggesting going with the one that you can see yourself living happily in for at least the next few years. This is a situation where perhaps your heart should win out over your head.

chami1982

Both are equally good to live in - Flat 2 actually has nice waterbody/greenery as a view from living room whereas Flat 1 has road view & flats opposite road from living room side and communal/play garden area from bedroom side.

chami1982

AdrianC wrote: »

You've done all the sums - but you haven't mentioned the single biggest deciding factor...

Which would you actually prefer to live in?

Both are equally good to live in - Flat 2 actually has nice waterbody/greenery as a view from living room whereas Flat 1 has road view & flats opposite road from living room side and communal/play garden area from bedroom side.

chami1982

cattie wrote: »

It's amazing how few flats seem to be built now with access to parking. Developers seem to be of the mind that young professionals are happy to rely on public transport when properties are fairly close to station.

The one thing that would put me off of flat 2 is simply the higher service charges. £5500 made my eyes water! This will no doubt rise each year. I live in Greenwich borough myself & currently pay around £1500 per year & have a garage. We have beautiful gounds but admittedly we probably won't have the additional facilities the properties you're considering have.

I think Adrian has hit the nail on the head by suggesting going with the one that you can see yourself living happily in for at least the next few years. This is a situation where perhaps your heart should win out over your head.

Thanks, £5500 is for flat 2 which is 10-15 year old & already gone through multiple increase so less chances of increasing service charge Vs flat 1 where there are higher chances to increase service charge,,,

Yes, agree may need to decide from heart over head and see which is better for atleast next 5 year horizon

AdrianC

In five years, the one you've just decorated will still be reasonably fresh - while the other one will be approaching needing decoration.

chami1982

Happy to hear more feedback/guidance.... I am adding the links to both properties for reference
Flat 1: https://www.rightmove.co.uk/property-for-sale/property-59921664.html
Flat 2: https://www.rightmove.co.uk/property-for-sale/property-67541395.html

AdrianC

Flat 2 for me, ta. No-brainer.

You've got a balcony in both as an integral part of the living room. 1 is staring at a building site. 2 is straight onto the water and protected greenery of the "ecopark". 1's balcony is bigger, but more on a dog-leg from the room itself - and the size is no use if you don't want to use it.

Both have bedroom windows straight onto other flats - but 1 has floor-ceiling windows in the bedrooms...

On the other hand, I prefer the more open feeling of the kitchen in 1, but the alcove where the table currently is is a bit poky.

There's absolutely nothing wrong with the decor of 2 - it might benefit from a coat of paint and carpets to freshen it, but then I'd be looking to get shot of all that "feature" wallpaper from 1.

babyblade41

I prefer flat 2, with the watery vista .. not that it will help in your decision but number 2 for me plus parking

Simby

Much prefer flat 2, and if you redecorate it will all be new and to you style and taste, parking, view etc