Have I overpaid on this flat?

Ditzy_Mitzy

ciderboy2009 said:

AFF8879 said:

I would be extremely hesitant given somewhere like this (i.e. fully residential) is on for the same price a few minutes away

https://www.rightmove.co.uk/properties/85757937

This is where knowledge of the area helps.  There are reasons why that one is cheaper (the same goes for the £150k studio in the converted pub)

St. Patrick's View?  Are you suggesting the place might be surrounded by snakes, @ciderboy2009

Sarah1Mitty2

AFF8879 said:

I would be extremely hesitant given somewhere like this (i.e. fully residential) is on for the same price a few minutes away

https://www.rightmove.co.uk/properties/85757937

Looks much nicer, depends on the neighbours i suppose.

snowqueen555

Sarah1Mitty2 said:

AFF8879 said:

I would be extremely hesitant given somewhere like this (i.e. fully residential) is on for the same price a few minutes away

https://www.rightmove.co.uk/properties/85757937

Looks much nicer, depends on the neighbours i suppose.

I'm trying to get a viewing there but they are only available tomorrow for viewings and I am working.

Only reason I can think it's not sold is the bedroom is incredibly small. everything else seems good.

I've bid three times before and lost out on flats like these, so the competition is really high because there aren't many about on the bottom on the market. The teo below sold in less than a week.

https://www.rightmove.co.uk/properties/121102694#/?channel=RES_BUY
https://www.rightmove.co.uk/properties/124764194#/?channel=RES_BUY

ciderboy2009

Sarah1Mitty2 said:

AFF8879 said:

I would be extremely hesitant given somewhere like this (i.e. fully residential) is on for the same price a few minutes away

https://www.rightmove.co.uk/properties/85757937

Looks much nicer, depends on the neighbours i suppose.

The neighbours just behind the estate will be extremely quiet :-)

RogerBareford

Atomix said:

My issue is, the floorplan does not represent reality, virtually every wall has a huge slope (roof) encroaching into the space - like massively.... hence, nice tall wardrobe in the bedroom alcove, not happening, only x1 small kitchen wall cupboard, zero scope for any more, living room space, largest wall looks like half of the height is taken up with roof, so no hanging a nice tv up there, etc etc etc 

This is the biggest issue i would have with this flat also. The sloping roof makes it feel even smaller and enclosed than it actually is and looks like it would make the kitchen annoying to use with it sloping towards you above the worktops.

pinkshoes

snowqueen555 said:

EPC D - poor heating, but very good wall and roof insulation.
45sq m
£65 pm service charges, no ground rent, 999 yr lease
Electric heating.
No parking.
Shared enclosed courtyard.
Top floor 
On the high street
Good cosmetic condition, no decorating required.

Thanks

It comes across as you are buying out of desperation rather than buying a flat you love.

1. The shop may be a letting agent now, but would you be OK with it becoming a pub or restaurant or food outlet or late night store?

2. 45 sqm is really small!

3. The bedroom - does it actually fit a bed in so you can walk round it?

4. No parking? Do you not have friends and family that might want to visit?


Where are you currently living? Is there any option to minimise your current living costs and save a bigger deposit to give you more options? e.g. move in with family, rent a room in a shared house?

TBagpuss

I can't comment on the price but personally I would compromise on location rather than buying above a shop - I think that a 1 bed flat over a shop is potentially goingto be hard to sell, if when you look to move the property market has cooled at all.

Also, decor is the easiest thing to fix and deson't need to be particuarly expensive, and isn't something you need to address instantly, whereas things such as location, lack of parking / etc can't be changed. 

snowqueen555

pinkshoes 

It comes across as you are buying out of desperation rather than buying a flat you love.

1. The shop may be a letting agent now, but would you be OK with it becoming a pub or restaurant or food outlet or late night store?

No I wouldn't

2. 45 sqm is really small!

1 beds are usually smaller these days, especially at the bottom of the market 30 - 45sqm seems to be the norm, there are quite a few 2 beds that are under 50sqm these days.

3. The bedroom - does it actually fit a bed in so you can walk round it?

bedroom is spacious, doesn't look it though

4. No parking? Do you not have friends and family that might want to visit?

I wanted parking and all my previous bids were on normal flats. 

Where are you currently living? Is there any option to minimise your current living costs and save a bigger deposit to give you more options? e.g. move in with family, rent a room in a shared house?

I've been saving for 10 years, prices just going up in  corresponding manner and I am a single person so that is my downfall.

I've answered in bold

snowqueen555

I can see the resounding response is a no. I think if I can get it at a significant discount I will proceed, otherwise I will retract my offer. I am waiting on the valuation now.

Sarah1Mitty2

What would you class as significant?