Help deciding between two properties in North Greenwich

onwards&upwards

chami1982 wrote: »

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

I’d got for flat 2 too, but a word of warning don’t count on this! Be prepared for it to go up every year and for occasional additional bills on top too.

How will the ground rent increase?

FIRSTTIMER

FLAT 2!!!! You do not want a balcony facing other flats and construction for sure. The canal view and balcony view is a no brainer - that is what will make flat 2 sell in the future....

Flat 1 service charge will get to the same cost as flat 2 eventually, flat 2 is already there with it! Hence the 1k extra

FIRSTTIMER

Also, if the seller will accept 480k = say you will offer 475k

J_forest

If Greenwich is the location has to be, Flat 2 is preferable because of the surrounding and the parking. You can spend the discount money to make it to be your OWN home.

cattie

I'm shocked at how rude some posters have been about the area you've chosen to live in! For most people working in central London, transport links are very important so can often dictate, along with price, of where to live for convenience. Not everybody wants to be living way out in the country or suburbs & wasting goodness knows how many hours of your life commuting to & from work.

Op, flat 2 simply for the view is what I'd go for & as far as flats over houses go, & I do prefer a separate kitchen.

As far as value goes, I've acutally made a lot more money selling the flats that I've lived in in London that have good transport links than I have when selling houses I've owned. Flats in London appeal more to young professionals or downsizers & seem to shoot up in price, whereas houses a bit further out appeal more to families who are not too bothered about what central London has to offer & don't seem to increase in price the way a centrally located flat does.

zagubov

Another argument for moving further out is ease of selling on the property. Freehold properties may appeal to more buyers than leasehold; this might not be reflected in increased prices but could mean less time needed to find a buyer.

RedRuby_2

Flat 2.

Please let us know which 1 you decide to go with.

Alan2020

Just had a nose around loads of good houses in that area OP likes to buy


https://www.rightmove.co.uk/property-for-sale/property-59056365.html

https://www.rightmove.co.uk/property-for-sale/property-60460206.html

I don’t know but I live 50mins from bank by tube. I would not like living where the OP dreams of living.

A friend of mine about a year ago bought in the vicinity for £400k a similar sized apartment due to quick sale by someone leaving due to Brexit fears and new job. They got it with designer furniture, and he was telling me original owner lost 100ks. OP thinks of making big profits, maybe. Anyway OP please let us know how it goes and best wishes on finding the perfect place

seven-day-weekend

Don't know London at all so no bias here about the area.

Flat 2 every time if you must have a flat, but I agree with others to try to buy a freehold house, those service charges are only going to rise. There can occasionally one-off charges too, if the service charge does not cover the cost of what needs doing. My son recently had to fork out £4k on top of his service charge ( which admittedly is less than £1000 per year).

Sammy_J

Have you considered the Millennium Quay and New Capital Quay developments that are in the main part of Greenwich?

They straddle Deptford Creek. MQ is on the Deptford side (but part of Greenwich borough) and is about 18 years old. NCQ is on the Greenwich side and is about 3 years old. They're within a 5-10 minute walk of both Cutty Sark and Greenwich DLR stations that will get you to Bank in 20 minutes.

I'd say it's the better end of town as you can walk into the old part of Greenwich - naval college, park, market, restaurants etc. Don't know about NCQ but at MQ you can request a free parking permit to park on the private road if you live there and don't have one of the underground car parking spaces.