Buy to Let Property

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  • Miranda25Miranda25 Forumite
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    AnotherJoe,
    In terms of flats: what do you think is less versatile when property prices are falling- studio, 1-bedroom flat, 2-bedroom flat (outside London)? 
    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)?
    It is not a financial strategy:-) It might be my own property. Thanks.

  • Miranda25Miranda25 Forumite
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    I think £200k is not the right budget to buy in this region. In the north, this would be a sufficient budget for a house but not around London unfortunately. 
    Where in the north or in Scotland wages are similar to London wages? :smiley:
    Or where a living standard is better? 
  • FirstTimeSoloFirstTimeSolo Forumite
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    Salaries obviously depend entirely on the industry you work in and at what level. I don’t know what you mean by ‘living standard’. If you mean prices of properties near amenities then north is obviously cheaper. Birmingham, Leeds, Manchester, Liverpool are all much much cheaper than London in terms of property prices. Smaller towns even more so. 
    Good luck in your hunt for the right property. I hope you find something suitable. 

  • edited 4 July 2020 at 6:31PM
    hazyjohazyjo Forumite
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    edited 4 July 2020 at 6:31PM
    Miranda25 said:
    And don’t forget to factor in the service charges which can be in £000s per year. You could look at buying a conversion flat with low service charges. 
    What kind of flats are more popular in England- conversion flats or purpose-built flats? Please do not reply "houses" :-)
    What's the name for flats with private garden? Just tired to look at all advertisements and mostly communal gardens.

    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.
    2021 wins: noise cancelling headphones
  • Crashy_TimeCrashy_Time Forumite
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    Miranda25 said:
    I think £200k is not the right budget to buy in this region. In the north, this would be a sufficient budget for a house but not around London unfortunately. 
    Where in the north or in Scotland wages are similar to London wages? :smiley:
    Or where a living standard is better? 
    Most parts of the country have better quality of life than London, Aberdeen used to have much higher wages for ordinary Joe (if they were prepared to risk their life on a rig) not any more though.
  • Miranda25Miranda25 Forumite
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    Miranda25 said:
    I think £200k is not the right budget to buy in this region. In the north, this would be a sufficient budget for a house but not around London unfortunately. 
    Where in the north or in Scotland wages are similar to London wages? :smiley:
    Or where a living standard is better? 
    Most parts of the country have better quality of life than London, Aberdeen used to have much higher wages for ordinary Joe (if they were prepared to risk their life on a rig) not any more though.
    In what parts of the UK for office jobs:
    my wages minus expenses= money left (and the amount is more than in London)?
  • blue_max_3blue_max_3 Forumite
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    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.
  • Grumpy_chapGrumpy_chap Forumite
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    Miranda25 said:
    Miranda25 said:
    What kind of flats are more popular in England- conversion flats or purpose-built flats? Please do not reply "houses" :-)
    What's the name for flats with private garden? Just tired to look at all advertisements and mostly communal gardens.
    I think, if all other things were equal, most people would prefer a purpose built flat to a conversion flat as the former will likely have better insulation and segregation of the two units.
    A flat with a private garden is called a maisonette.
    Things cannot be equal because conversion flats have private gardens (some of them) and purpose built flats do not have gardens?
    Some conversion flats have private gardens as do some purpose built flats.  Similarly some purpose built flats are without garden and are some conversions.  I would consider that conversion flats have the greater probability of being the lower standard, because it is more of a compromise changing a building to an alternative use than that which it was originally designed for and the person doing the conversion is usually driven by profits over quality.
  • Miranda25Miranda25 Forumite
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    Miranda25 said:
    Miranda25 said:
    What kind of flats are more popular in England- conversion flats or purpose-built flats? Please do not reply "houses" :-)
    What's the name for flats with private garden? Just tired to look at all advertisements and mostly communal gardens.
    I think, if all other things were equal, most people would prefer a purpose built flat to a conversion flat as the former will likely have better insulation and segregation of the two units.
    A flat with a private garden is called a maisonette.
    Things cannot be equal because conversion flats have private gardens (some of them) and purpose built flats do not have gardens?
    Some conversion flats have private gardens as do some purpose built flats.  Similarly some purpose built flats are without garden and are some conversions.  I would consider that conversion flats have the greater probability of being the lower standard, because it is more of a compromise changing a building to an alternative use than that which it was originally designed for and the person doing the conversion is usually driven by profits over quality.
    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 :-))
  • Miranda25Miranda25 Forumite
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    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.
    And would be really nice if Rightmove made more detailed search and separated "garden" search into "communal" and "private garden". Otherwise it is time consuming to click on every advertisement in order to realise it is actually not a private garden.
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