Apartments for 200k

davidmcn

MSforums said:

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.

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 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?

It's nice that you're not bothered about noise (though you're not going to get anywhere much noisier than the first floor of what is essentially a High Street) but you'll want something which won't be a pain to sell and/or mortgage if and when you want to do that.

If you're buying it then you're not a tenant, you're an owner, and yes everyone in the building is liable for a share of things like roof repairs. Cost? Don't know. Potentially lots, yes it will be more for listed buildings, and you also have the risk of not everybody being willing (or able) to pay their share even if you are.

davidmcn

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?

- 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.

It's Scotland, there's no leasehold here. Flats are all freehold.

davidmcn

MSforums said:

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

As above, what does the Home Report say? Similar issues to the other one in terms of commercial premises downstairs, sometimes there are ongoing issues with common repairs (the roof doesn't look well-loved on Street View), and the EPC rating is pretty poor (no central heating?). Bear in mind in that sort of location you're likely to be sharing a close with tenants rather than other owner-occupiers, potentially a bunch of HMOs so think high-density and transient neighbours.

[Deleted User]

Urghh, well this thread was a waste of time. 

https://forums.moneysavingexpert.com/discussion/6101096/why-cambridge-so-expensive#latest

zagubov

Stirling's a desirable place in its own right and is just about commutable to either Glasgow or Edinburgh.
However, I'm not sure the commute's affordable unless your job is reasonably well-paid. As a student it would be a stretch.
If you find Edinburgh flats unaffordable, look at Falkirk or Fife where prices are better, journey times will be less, but local amenities won't usually match Stirling, let alone Edinburgh.

AnotherJoe

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?

Not commutable to Cambridge.

Crashy_Time

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? 

Stirling is not a city, it may be classed as a city for Lord knows what reason, but if you are from a real city Stirling will be a culture shock, Edinburgh is barely a "city", if you are from London Edinburgh is basically like moving to a village for you.

Skiddaw1

Not sure the good folk of Stirling or Edinburgh would agree with you there Crashy

Crashy_Time

AnotherJoe 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.
https://www.rightmove.co.uk/property-for-sale/property-66626670.html

Any drawbacks that you can see?

Not commutable to Cambridge.

Train to Edinburgh/Glasgow - bus to airport - flight to Stansted - coach to Cambridge - easy, might take some time though, you might want to pack sandwiches and bottled water.

DCFC79

So is it Cambridge or Stirling you want to live ?