Apartments for 200k

MSforums

Hello,
I am looking to buy a studio or 1 bed apartment in Edinburgh or the local area.
My budget is 200k.
I saw this apartment in Sitrling going for 100k.
It looks very nice to me.
https://www.rightmove.co.uk/property-for-sale/property-66626670.html

Any drawbacks that you can see?
Thank you.

MSforums

If I could get something like the Stirling apartment closer or in Edinburgh, that would be perfect. 
Any suggestions?

davidmcn

MSforums said:

Hello,
I am looking to buy a studio or 1 bed apartment in Edinburgh or the local area.
My budget is 200k.
I saw this apartment in Sitrling going for 100k.
It looks very nice to me.
https://www.rightmove.co.uk/property-for-sale/property-66626670.html
Any drawbacks that you can see?

1. Stirling isn't generally regarded as being "in the Edinburgh local area".

2. The flat is directly above commercial premises, which will restrict the market (and mortgageability).

3. It's in the same building as a restaurant / take away, which will really restrict market / mortgageability.

4. No nearby parking available.

MSforums

davidmcn said:

MSforums said:

Hello,
I am looking to buy a studio or 1 bed apartment in Edinburgh or the local area.
My budget is 200k.
I saw this apartment in Sitrling going for 100k.
It looks very nice to me.
Any drawbacks that you can see?

1. Stirling isn't generally regarded as being "in the Edinburgh local area".

2. The flat is directly above commercial premises, which will restrict the market (and mortgageability).

3. It's in the same building as a restaurant / take away, which will really restrict market / mortgageability.

4. No nearby parking available.

Hello.
I don't think these are issues, unless it's very noisy, then that WOULD be an issue. I'm a cash buyer, mortgage is not needed. I can drive but prefer using public transport.

I can see the roof being an issue as it is a listed property. If the roof were to leak, would I, and other tenants, have to contribute to the cost of a new one? How much would that be?

NewShadow

MSforums said:

Hello.
I don't think these are issues, unless it's very noisy, then that WOULD be an issue. I'm a cash buyer, mortgage is not needed. I can drive but prefer using public transport.

I can see the roof being an issue as it is a listed property. If the roof were to leak, would I, and other tenants, have to contribute to the cost of a new one? How much would that be?

They're issues if you ever want to sell it to someone who isn't a cash buyer - and I think the main point was that a flat in Stirling isn't a good baseline for price of a flat outside of Stirling... if you want to live in/close to Edinburgh then you can set a search area and criteria on Rightmove then ask people here for views on properties you like the look of. 

Some possibly relevant statements: 
- If you are buying - you're not a tenant, you're an owner.  
- As an owner, you may be a freeholder - at which point you're responsible for repairs for what the deeds say you're responsible for;
- Or a leaseholder - at which point you're responsible for whatever your lease says you're responsible for... which normally includes a share of costs for repairs and maintenance. 

MSforums

NewShadow said:

MSforums said:

Hello.
I don't think these are issues, unless it's very noisy, then that WOULD be an issue. I'm a cash buyer, mortgage is not needed. I can drive but prefer using public transport.

I can see the roof being an issue as it is a listed property. If the roof were to leak, would I, and other tenants, have to contribute to the cost of a new one? How much would that be?

They're issues if you ever want to sell it to someone who isn't a cash buyer - and I think the main point was that a flat in Stirling isn't a good baseline for price of a flat outside of Stirling... if you want to live in/close to Edinburgh then you can set a search area and criteria on Rightmove then ask people here for views on properties you like the look of. 

Some possibly relevant statements: 
- If you are buying - you're not a tenant, you're an owner.  
- As an owner, you may be a freeholder - at which point you're responsible for repairs for what the deeds say you're responsible for;
- Or a leaseholder - at which point you're responsible for whatever your lease says you're responsible for... which normally includes a share of costs for repairs and maintenance. 

Stirling is approx. 50 minutes away from Edinburgh by train.
This apartment looks nice, good price. 3 beds. Next to train station. Above Cafe Nero.
Why so cheap?
66255909

MSforums

3 bedroom flat for sale

Port Street, Stirling, Stirlingshire, FK8
66255909

[Deleted User]

What does the home report say? 

Do you want to live in Edinburgh or Stirling because Stirling is not in Edinburgh's local area, it's an entirely different city. Is there a reason you want to live in Edinburgh such as a job, study, family? Would you have to travel a lot between the two cities if you bought somewhere in Stirling? 

MSforums

Lover_of_Lycra said:

What does the home report say? 

Do you want to live in Edinburgh or Stirling because Stirling is not in Edinburgh's local area, it's an entirely different city. Is there a reason you want to live in Edinburgh such as a job, study, family? Would you have to travel a lot between the two cities if you bought somewhere in Stirling? 

You get more for your money in Stirling.
I will study in Edinburgh University for 1 - 2 years. 
I want to buy an apartment there and live there after University.

NewShadow

MSforums said:

Stirling is approx. 50 minutes away from Edinburgh by train.

And parts of Northampton are 50 minutes away from London - that doesn't mean it's the local area - it's actually the maximum distance many people would consider commuting... 

Either way - if you're trying to figure out why a property is 'cheap' or 'expensive' - set yourself an area on rightmove that you're happy with; then compare the price of flats with those that have sold within the last year or so within about 3 miles

Make sure you're considering like for like:

- Anything that will be hard to get a mortgage on - because it's above a commercial premises, or less than 50 years on the lease, or without a working kitchen, for example, will be cheaper than the same property without the problems; 
- Anything that needs renovation, or is decorated from the 70s, or with signs of damp, or with no parking - all will be cheaper than the same property without those issues. 

[Deleted User]

MSforums said:

Lover_of_Lycra said:

What does the home report say? 

Do you want to live in Edinburgh or Stirling because Stirling is not in Edinburgh's local area, it's an entirely different city. Is there a reason you want to live in Edinburgh such as a job, study, family? Would you have to travel a lot between the two cities if you bought somewhere in Stirling? 

You get more for your money in Stirling.
I will study in Edinburgh University for 1 - 2 years. 
I want to buy an apartment there and live there after University.

How long will it take you to commute between that flat in Stirling and Edinburgh University? How much will the commute cost?