Help deciding between two properties in North Greenwich

letitbe90

I was originally looking to buy an apartment at around 400k budget in London. What disgusted me was the insane service charge - when you realise the mortgage payment equivalent of some of those ridiculous charges it really puts it into perspective. And they are only ever going to rise.

Decided to buy a house for 450k instead and thinking back, I don’t know why I even considered buying a flat. I’d only rent one now - only reason to consider them is if you can’t afford a house but you clearly can.

Sorry but £5k service charge is a joke. I thought my Apartments ~£3k service charge (if I was to buy instead of rent) was excessive even with concierge and 1/2 a gym.

I work in the city of London but I decided the way inner London is going (Zone 1-4), I’d rather have a longer/expensive commute than end up suffocating in an overcrowded mass development for the sake of political favour area.

zagubov

Is it close to the airport and are the takeoffs and landings audible?

chami1982

Thanks all for your replies.

I was expecting few to recommend flat 1 but to my surprise no one did. My wife prefers flat 1 thats coz its newer and has all new fitments - smeg appliances and newer feel.
Also, Few dont seem to have liked North Greenwich area. We moved to UK in 2016 and rented there as it had newer build flats and was within 30-40 min commute to my office near bank station. While i moved outside london for another reasons for few years we have been exploring houses as well as flat in sutton, carshalton, royal victoria, Kingston, richmond, worcester park area but couldnt like any house/flat of our likings so we zeroed down at North Greenwich as it has ecology park, greenery, less commmute, good/outstanding two schools near by for my reception year kid.
On house Vs flat, we have seen few houses which may be on good street but may not have liked the approach road etc so unable to get comfort regarding safety, future social circle etc. Hence now deciding to go with flat. I seriously hate the service charge but considering zone 2, assuming in next 5-10 years flat may give higher returns Vs house of similar value and will compensate service charge to some degree. Offcourse there are no guarantees in the current market so worst case is I am saving my rent to certain extent.
It will be good to know good alternative areas within 30-45 min commute door to door to bank station.

letitbe90

chami1982 wrote: »

Thanks all for your replies.

I was expecting few to recommend flat 1 but to my surprise no one did. My wife prefers flat 1 thats coz its newer and has all new fitments - smeg appliances and newer feel.
Also, Few dont seem to have liked North Greenwich area. We moved to UK in 2016 and rented there as it had newer build flats and was within 30-40 min commute to my office near bank station. While i moved outside london for another reasons for few years we have been exploring houses as well as flat in sutton, carshalton, royal victoria, Kingston, richmond, worcester park area but couldnt like any house/flat of our likings so we zeroed down at North Greenwich as it has ecology park, greenery, less commmute, good/outstanding two schools near by for my reception year kid.
On house Vs flat, we have seen few houses which may be on good street but may not have liked the approach road etc so unable to get comfort regarding safety, future social circle etc. Hence now deciding to go with flat. I seriously hate the service charge but considering zone 2, assuming in next 5-10 years flat may give higher returns Vs house of similar value and will compensate service charge to some degree. Offcourse there are no guarantees in the current market so worst case is I am saving my rent to certain extent.
It will be good to know good alternative areas within 30-45 min commute door to door to bank station.

With the way they are mass producing flats in around inner London, I’d be weary about return on investment.

I used to live in zone 2, then zone 4 and now zone 6. The problem with overcrowding by means of flats is that services ranging from doctors, hospitals, schools and even road congestion is badly affected.

I personally wouldn’t invest that much money in North Greenwich, especially a flat and especially with those ridiculous service charges. This year £5k, who is to say what it’ll be in a year or two...

suki1964

I don’t know the area you are looking to buy as I’m a south Londoner and I’m not up in prices now having lived away for many years now

However looking on right move for that postcode, there’s a few ex council houses I would buy long before I’d look at a flat ( call it an apartment, it’s a flat )

bouicca21

Well it’s a question of what floats your boat. I don’t like North Greenwich, but I’m not you, and you are the one who has to live there. You probably wouldn’t like areas that I love ...

However those service charges are seriously frightening. Mine is in the region of £1200, but maybe you are going to get a fancy concierge and lifts with gold fittings. I hope you have read the leases.

Maxwell007

North Greenwich is a dump
Too much traffic
No real life to the area
But if u have that sort of cash to spend on a penthouse with a view then go 4it
500k plus the yearly service charge cost y not just buy a nice house u can own sorry i'm just saying

Maxwell007

U can buy my nanas 2bed ex council flat next to greenwich free parking 422k lol
£400 a year service charge need lots of work and no lift or gym and the neighbour are very loud

Alan2020

chami1982 wrote: »

Thanks all for your replies.

We moved to UK in 2016 and rented there as it had newer build flats and was within 30-40 min commute to my office near bank station. While i moved outside london for another reasons for few years we have been exploring houses as well as flat in sutton, carshalton, royal victoria, Kingston, richmond, worcester park area but couldnt like any house/flat of our likings so we zeroed down at North Greenwich as it has ecology park, greenery, less commmute, good/outstanding two schools near by for my reception year kid.
On house Vs flat, we have seen few houses which may be on good street but may not have liked the approach road etc so unable to get comfort regarding safety, future social circle etc. Hence now deciding to go with flat. I seriously hate the service charge but considering zone 2, assuming in next 5-10 years flat may give higher returns Vs house of similar value and will compensate service charge to some degree. Offcourse there are no guarantees in the current market so worst case is I am saving my rent to certain extent.
It will be good to know good alternative areas within 30-45 min commute door to door to bank station.

Here lies the problem, you should spend a bit more time before loosing your money.

You can very easily buy a freehold house with large private garden and parking within walking distance to North Greenwich station.

Assuming you have young kids, will they be safer playing on their own in your private garden or in the eco park where there could be a drug dealing, stabbing etc??

Do you want to have a bbq in summer in garden with friends or be cramped in your flat??

What are you going to do when some random person parks their car in your apartment space, call ghostbusters??

Please don’t rush, a smeg appliance influencing decisions shows how much you don’t understand the uk housing market.

If I were you I would seriously think of making the commute longer and moving to a nicer area.

I think you have to look at other zones of London a bit further or even out.

That’s my advice

suki1964

Id have to agree with Alan, buy a house with a garden when you have children

You mentioned you looked at Sutton, did you also look at Morden? End of the Northen line, you always get a seat on the tube And St Helier mainline station straight into London Bridge

I lived there for 10 years, our first home, and if you pick the right street, its not a bad place to live. We knew our neighbours and we were a community
https://www.rightmove.co.uk/property-for-sale/property-70638994.html is an example