What to look for re reselling a property

kazzamunga

So, we've seen a house that we like that is quite expensive for the area, but that's mainly because it is new-build with high spec, and has a garden and parking which is unusual for the area. The houses next to it sold for similar prices a couple of years ago (slightly lower, but it was 2018 and they have smaller gardens), so I guess it's not overpriced as such.

Our idea is to live there for the length of a 5 year fixed rate mortgage, perhaps have a lodger in at some point to bring in a bit of income, and then review whether we sell at the end of it - dependent on the jobs we have then, the amount the interest rises by, etc. It's not a stretch for us mortgage wise, but we do want to make sure that it's somewhere that is saleable at the end, given that it will be 7 years' old by then instead of 2. I'm going to view it tomorrow. I don't know loads about the value and saleability of relatively new (but not new-build) properties as we usually look at older properties, but this one happens to tick a lot of our boxes.

Any advice?

https://www.rightmove.co.uk/property-for-sale/property-76936915.html

haf1

As you say, the property is quite expensive for the area, and it seems tiny, with a car park right behind the fence.



This end-terrace is the most expensive 3 bedroom property currently for sale in a one mile radius. 5 years down the line, finding a buyer at the right price may be an issue.



As an example, a detached house with garden, great views and off road parking + garage is on offer/sold stc at £260k on Manchester Road (albeit with a damp issue or leaky roof and need to redecorate).

https://www.rightmove.co.uk/property-for-sale/property-86203169.html



According to the local maps, the house is at high risk of surface flooding: see https://flood-warning-information.service.gov.uk/long-term-flood-risk/map?easting=407952.18&northing=413852.25&address=10094114303&map=SurfaceWater

kazzamunga

Hmm thanks, good to know another perspective. I've seen the one on Manchester Road of course, but I didn't really see it as comparable, because although it has a lovely garden and stuff, you'd really need more like £290k at least to be able to bring it up to date, so it doesn't seem like as good a deal to me. Also, Manchester Road is a busy main road that I wouldn't really want to live on, and we want somewhere that is a shorter walk from the station for work. So I guess it comes down to what peoples' priorities are, and hoping that other people have the same ones as us.

kazzamunga

Re the flood risk, surely when it was built just 2 years ago, the council planning department would have looked into this? I used to work for a housing developer in the technical department, and we were always being asked by planning departments to show evidence of flood risk mitigation when we built in an area that was perceived to be a flood risk? The house is elevated and the flood risk map shows that surface water flows into the car park at a lower level, which tilts down into the road. I think it'd have to be a pretty catastrophic flood (not ruling it out!) for it to flow up into the garden!

JayRitchie

Coincidence - I went to Eastcote today having been suitably intrigued by your other thread.

What are your reasons for buying in that area? There are pros and cons but it seems a bit expensive given some of the downsides to me. I'm years out of date but did visit flats near there (I think they show in one of the pictures. The flats were nice but the local area not so much....

kazzamunga

Haha well the whole Eastcote thing was mainly my mum's idea, but also I have a lot of family living around there. I admit that I wasn't that keen on the idea when I moved there (not knowing that much about it at the time), but I found it to be safe, have a decent amount of greenery around, I liked the style of the 1920s and 30s houses, there was a decent mix of shops and cafes (which is improving I believe), and the transport was good. I know that people keep saying that the central line areas are better, but I feel like people who think that aren't in any real rush to get to work in the morning. The Met line connects to all the other major lines and is at Baker Street in 20mins and King's Cross 7 minutes after that. It covers the areas that a lot of people actually work in London, and was invaluable to me.

kazzamunga

From the surveys of the site I've looked at, there's quite a steep fall of around 3m from the house to the car park behind, and there's also a drainage channel that cuts across the three gardens and flows into the pond at the bottom, which is now being used for the surface water.

JayRitchie

Oops - sorry - I meant buying in Slowit! I know it better than my 2 hours in Eastcote (good pub there btw). I guess to me the Manchester Road area seems a bit unusual for a house of that style and price. I've not been for a few years but would check:

- how steep the roads are and what the drive would be like in snow and ice.
- which are the local schools. My guess is that anyone buying in that area might find that a problem.
- where do people who want executive looking houses want to buy? I get the impression that places nearer to motorway links have got far more popular over the years.

In a lot of ways its an unusual house for the area and I can see the attraction - especially at the price. I'd be very nervous about needing to sell in a rush as the market looks a bit limited.

franklee

Why is there a fenced off path from the gate and along the side and bottom of the garden. Does anyone, like a neighbour, have a right of way?

Land registry has price as £120,000 on 2017-06-08. Is that low price explained by shared ownership or what?

I can see the appeal, clean lines and sleek looks. In particular the kitchen and bathrooms are a strong statement which is great now but will they stand the test of time or look dated and cold? Will a kitchen without windows so as to be part of the living space remain fashionable? I like it but you did ask about selling again.

getmore4less

kazzamunga wrote: »

Re the flood risk, surely when it was built just 2 years ago, the council planning department would have looked into this? I used to work for a housing developer in the technical department, and we were always being asked by planning departments to show evidence of flood risk mitigation when we built in an area that was perceived to be a flood risk? The house is elevated and the flood risk map shows that surface water flows into the car park at a lower level, which tilts down into the road. I think it'd have to be a pretty catastrophic flood (not ruling it out!) for it to flow up into the garden!

If they did it will be on the planning for the place

You have checked?

getmore4less

https://www.kirklees.gov.uk/beta/planning-applications/search-for-planning-applications/default.aspx

on a map

Application number
2016/60/90017/W
2016/61/93304/W
2017/44/91832/W


Conservation area

the side path is the rear access for the mid house.

this link might work

The plans have a culvert in the garden connecting to the pond at the bottom.

.....