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Thoughts on Manchester City Centre Apartments given leasehold/service charges
IAMIAM
Posts: 1,310 Forumite
There are so many new build apartments available that it does seem saturated, but is it worth buying as an investment/owner occupier.
Anyone any experience of them/that area. Or will it be a struggle to move on from, once bought. Or is the whole market targeted at investors as rental properties, given they all seem to have workspaces and gym etc attached to them.
Anyone any experience of them/that area. Or will it be a struggle to move on from, once bought. Or is the whole market targeted at investors as rental properties, given they all seem to have workspaces and gym etc attached to them.
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Comments
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Over supply. A large number remain empty for too long, I would avoid. A friend rented there a couple of years ago, she found it unsettling to live in a block that was only 50% occupied.I'm a Forum Ambassador on the housing, mortgages, student & coronavirus Boards, money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.1
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Interesting. I sure can see the oversupply issue.silvercar said:Over supply. A large number remain empty for too long, I would avoid. A friend rented there a couple of years ago, she found it unsettling to live in a block that was only 50% occupied.I have seen a lot of issues where they are bought and then put on rent or air B and B rent too. The supply is huge but then the prices do not seem to budge with average of 300k for a 2 bed apartment without parking and a service charge of 3k for concerige and a gym!0 -
Think of your target rental market.
Professionals ? Students ?
Two bedroom and 2 bathrooms.
Most young people either working or students can afford maybe £600/750 each so max £1200/1500 including the bills.
£300K investment and ongoing management charges ouch1 -
There are a lot of commercial built to rent apartments (blocks owned by 1 company and to rent).They work on the assumption of a constant flow of renters and offer a wide range of facilities. They can offer discounts as well to attract renters.The market is crazy at present and hasn't stabilised yet, in my opinion.May you find your sister soon Helli.
Sleep well.0
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