Buying my first house - worried place j have found not a good decision?

sarahh1994

I have been searching for months for a house to buy and have not found anywhere I like which has been abit disheartening other than one flat .. (would not let me post link to it so will post in comments)

I am very close to putting an offer in because it’s the only place I like but I’m a little worried it could be a bad decision. The final 3 flats in the building have been on the market a long time and it seems they have struggled to sell them. The developer who showed me around pretty much told me to ignore the purchase price because they know they won’t sell them for that and to just offer what I think it’s worth so looks like they are over priced. I was going to put in an offer at £200,000 as I can see other people in the building have bought them for that last year what do you think would you go lower/higher? 

I’m also concerned that they’ve taken so long to sell that it’s not a good idea to purchase one of these at all as I might struggle to sell in the future? Would really appreciate anyone’s thoughts? Oh also concerned that I could get a house for the same price so ‘should’ be buying a house but I can’t find any I like so am on the verge of giving up - this won’t be a forever home I’m a single female just looking to get out of my parents house but still just want to make sure I’m not making a bad financial decision or will end up in a difficult situation when I come to sell etc

AdrianC

As far as the link goes, just give us some pointers - either the RM number alone, or a postcode and brief description, and we can sort that out for you.

Once we know what you're looking at, we can give you better pointers.

If you're simply looking to get out of your parents house, surely it's better to rent than buy a pig in a poke?

Ditzy_Mitzy

It's a lot of money to throw away on something you don't really want.  It may be the case that there's nothing tangibly wrong with the flat, but that it doesn't feel 'right' for reasons you can't quite put your finger on.  That happens all the time with property and it's as good a reason as any not to proceed.  

[Deleted User]

I read your post in light of the fact I'm in a similar position and will hopefully be putting in an offer for a house this week. The difference is that I feel so enthusiastic about the house I'm going for, whereas you seem more worried you're making the wrong decision. Do you really love this flat and can you see yourself living there for the next several years? As Ditzy said, it is a huge commitment and a lot of money to give to something you don't really want. If there is no immediate rush for you to buy, I think it would be wise to wait - maybe rent for 6 months and see how the market evolves, if anything else appears that you absolutely love. Only you know the answer to your question but I can see there are a few alarm bells ringing for you.

amandacat

Having lived in rented flats prior to buying a property and almost buying a flat as it was all I liked/could afford at the time, I am glad I waited slightly longer to find a house for the following reasons:
Flats usually have some sort of maintenance or service charge so you have to budget for that along with your mortgage repayments
Noise- you can get this from above, below, to the side. (Although you can still get noise in a semi/terraced house)
A lot of flats have shared access and these areas can end up looking tatty. 
No garden usually or if there is one, it is often shared. Can be hard to hang clothes out or enjoy the sunshine in a garden. 
That's not to say some people don't enjoy buying and living in flats because they do. 
It sounds like you are not 100% so I wouldn't proceed if it was me, wait a bit longer and see if a house comes up and try to look past decor etc, you can change that. 

David2710

sarahh1994 said:

I have been searching for months for a house to buy and have not found anywhere I like which has been abit disheartening other than one flat .. (would not let me post link to it so will post in comments)

I am very close to putting an offer in because it’s the only place I like but I’m a little worried it could be a bad decision. The final 3 flats in the building have been on the market a long time and it seems they have struggled to sell them. The developer who showed me around pretty much told me to ignore the purchase price because they know they won’t sell them for that and to just offer what I think it’s worth so looks like they are over priced. I was going to put in an offer at £200,000 as I can see other people in the building have bought them for that last year what do you think would you go lower/higher? 

I’m also concerned that they’ve taken so long to sell that it’s not a good idea to purchase one of these at all as I might struggle to sell in the future? Would really appreciate anyone’s thoughts? Oh also concerned that I could get a house for the same price so ‘should’ be buying a house but I can’t find any I like so am on the verge of giving up - this won’t be a forever home I’m a single female just looking to get out of my parents house but still just want to make sure I’m not making a bad financial decision or will end up in a difficult situation when I come to sell etc

Sarah, have you considered renting or waiting until furlough ends? Tens of thousands of people currently furloughed will soon find out if they have a job or not. According to press reports the government is coming under increased pressure to bail out ten of thousands of tenants and mortgage holders who haven't paid the rent or the mortgage in over a year. Is it worth the risk given what happened in the early 90's?  

theoretica

If the developer is telling you to ignore the asking price that is to me a clear invitation to start the offer process low - I wouldn't start by offering near what other people bought for. 

Redwino222

It doesn’t sound like you have fallen in love with this place.  

It’s a huge financial outlay, money just disappears- solicitors fees, mortgage fees, valuations.  Then all the money when you move in.

if your heart isn’t in it, you should keep looking.

warby68

What do you actually want , a flat or a house?
If its really a house, I wouldn't settle for a flat you are wary of and especially one with an element of new build premium
If you're nearly ready with your deposit but really have to leave home, I'd probably rent - that way you could at least test out flat living. Flats are a harder resell in general and suffering from the outside space issue right now
There is a lot to be said for the initial 'feel' you get when you look round somewhere. Even if you can't put a finger on why but don't get a positive feel, I'd let it pass. You really do tend to know when you've found somewhere you could live.
If you're 'settling', an initial rent might be a cheaper settle in the long run.
Its not precise and we know very little about your circumstances, location and finances but I really would do a lot to avoid settling for a flat if a house was what I really wanted 

Davesnave

If it's hard to sell now, it probably won't be an easy place to sell in a few years when it isn't new, unless something radically changes the area for the better. How likely is that?

As a FTB you really shouldn't waste your first purchase on something ill-researched. At present, houses are selling better than flats and I think you sense that. The worst properties to buy are 1 bedroom and studio apartments which always suffer for selling-on when economic times are hard.

What is it you didn't like about other properties and what might you change to get a better selection? Could you live in a different area? When I bought my first house it was sound, but it needed cosmetic work. The only way I could have got a new or modernised one would have been to compromise on location. It's usually a balancing act like that. Getting everything in your first purchase doesn't usually happen for most of us.