Buy to Let Property

hazyjo

blue_max_3 said:

hazyjo said:

A flat with a private garden is called a maisonette.

A maisonette has its own front door (not shared entrance) and often over two storeys/split level. Doesn't always have a garden.

A flat with a garden is usually known as a garden flat.

Indeed. Not a maisonette as I was correcting.

hazyjo

Absolutely nobody can possibly predict what the market will be doing in 5 years' time!

Agree, if you can afford a 2 bed, don't buy a 1 bed. Who said don't buy a 2 bed house? Most people will tell you to buy a house over a flat. Freehold is usually best, and won't have the restrictions of leasehold.

Avoid new builds. You'll prob be paying a premium.

Miranda25

hazyjo said:

Absolutely nobody can possibly predict what the market will be doing in 5 years' time!

Agree, if you can afford a 2 bed, don't buy a 1 bed. Who said don't buy a 2 bed house? Most people will tell you to buy a house over a flat. Freehold is usually best, and won't have the restrictions of leasehold.

Avoid new builds. You'll prob be paying a premium.

Thanks Hazyjo.
Sometimes I can see in advertisements for flats: share of freehold instead of leasehold- what does it mean? Flats without services charges and ground rent? Are they better than leasehold flats?

Don't worry about predictions in 5 years' time. What is popular today? I am sure pattern will be the same.

hazyjo

They still have leases and are still leasehold. It just very basically means there is no separate freeholder, but all leaseholders have a share in a company that owns the freehold or the freehold title is shared between say two flats in a conversion.

Grumpy_chap

Miranda25 said:

Summarising 9 pages, may I ask people's opinion again please:
In order to stop renting I will buy a property for myself near London for 5-6 years and then highly likely to sell it.
-No point to buy 1-bedroom houses as they are useless as I was told here.
-No point for me to buy 2-bedroom house as it will not be my home forever and I don't want to go into big debt.

Then:
In terms of flats: what is less versatile when property prices are falling- studio, 1-bedroom flat, 2-bedroom flat (outside London)? What would be easier for me to sell in 5 years time?
What might be easier to sell in the future- maisonette (flat with garden) or new build flat (which will not be new in 5 years time and usually no gardens in this type of flats) or just a flat which was build couple of years ago (and around 10 years old by the time I sell it)? Thanks :-))

Your OP is structured around buying an investment property, though later in the thread you mention you might want to live there (so not a simple BTL question), but also it will not be your "forever" home.  Whether or not you think you might want to live there makes a massive difference to your purchase strategy.

If your assessment is that property prices are falling, then no kind of investment property makes sense.

I can't see any scenario in which a larger property is less versatile than a smaller property.

The property that will sell easiest in 5 years time will be the property that is most desireable, which is as much about location and condition as it is the type of property.  A new build flat now will be just a flat in 5 years time and, if investment is any part of your thinking, then new build premium will be lost when you come to sell.  For most buyers, there is probably little distinction between a maisonette and just a flat, though ground floor maisonette can appeal to retirees more than just a flat.

Miranda25

Grumpy_chap said:

Miranda25 said:

Summarising 9 pages, may I ask people's opinion again please:
In order to stop renting I will buy a property for myself near London for 5-6 years and then highly likely to sell it.
-No point to buy 1-bedroom houses as they are useless as I was told here.
-No point for me to buy 2-bedroom house as it will not be my home forever and I don't want to go into big debt.

Then:
In terms of flats: what is less versatile when property prices are falling- studio, 1-bedroom flat, 2-bedroom flat (outside London)? What would be easier for me to sell in 5 years time?
What might be easier to sell in the future- maisonette (flat with garden) or new build flat (which will not be new in 5 years time and usually no gardens in this type of flats) or just a flat which was build couple of years ago (and around 10 years old by the time I sell it)? Thanks :-))

Your OP is structured around buying an investment property, though later in the thread you mention you might want to live there (so not a simple BTL question), but also it will not be your "forever" home.  Whether or not you think you might want to live there makes a massive difference to your purchase strategy.

If your assessment is that property prices are falling, then no kind of investment property makes sense.

I can't see any scenario in which a larger property is less versatile than a smaller property.

The property that will sell easiest in 5 years time will be the property that is most desireable, which is as much about location and condition as it is the type of property.  A new build flat now will be just a flat in 5 years time and, if investment is any part of your thinking, then new build premium will be lost when you come to sell.  For most buyers, there is probably little distinction between a maisonette and just a flat, though ground floor maisonette can appeal to retirees more than just a flat.

Grumpy_chap,
I never considered to live in BTL property. You put a lot of effort in your posts to stop me from going BTL route and I am listening to you :-)) That's why change in my strategy and buying property for myself.

How can I know what areas are desirable around London. I am not from the UK. Imagine you came to Antarctica. How would you figure out desirable areas around the capital of Antarctica?
Would it be North Kent (Dartford, Gravesend), other parts of Kent, Surrey, Berkshire?

Grumpy_chap

Thank you Miranda, that is a useful clarification on the change of strategy.  I had not picked up that you were no longer considering BTL.
To aid you in the "desireable" areas assessment, we would need to understand your needs and wants:

• need to be able to commute to X area in Y minutes
• max budget (£200k?)
• like walks in the park
• like big shopping centre
• want to be near an airport so I can travel home to see family
• etc, etc

FirstTimeSolo

Have you done a search in south croydon? There are some HTB properties there that are not over priced and in line with other similar older flats on sale in the area. 

Miranda25

Grumpy_chap said:

Thank you Miranda, that is a useful clarification on the change of strategy.  I had not picked up that you were no longer considering BTL.
To aid you in the "desireable" areas assessment, we would need to understand your needs and wants:

• need to be able to commute to X area in Y minutes
• max budget (£200k?)
• like walks in the park
• like big shopping centre
• want to be near an airport so I can travel home to see family
• etc, etc

I noticed you are less grumpy as soon as I give up the idea of BTL.... Do you believe me?

-need to commute from "desirable area" to london on daily basis
-max budget today £200k but can be changed in nearest future
-close to train station (walkable distance)
-should be all facilities and ideally nice food shops like Waitrose, M&S
-don't care about parks but area should be safe and desirable 

Grumpy_chap

Miranda25 said:

-need to commute from "desirable area" to london on daily basis

Which part of London do you need to get to?
Where I live is easy to Waterloo, but less easy to Canary Wharf, for example.