Opinion on new build flat

SarahB16

BuyLon said:

Thank you for your replies. My budget is 400k but that stretches things but it's possible. I worry if it will be really hard to sell the flat again if I am able to upsize in a few years. 

I think this is a very valid concern.  

You are calling this a new build.  It is not a new build but an 'office to resi conversion'.  That can also put people off.  Warehouse conversions are popular but office to resi less so. 

You will need to bear in mind you will be paying service charges too for the upkeep of any communal areas/shared costs.  If you were to buy a small house you would not have any service charges to pay so something to consider in terms of your monthly budget.  

My opinion: I wouldn't buy it as I think it will be difficult to sell and you may feel trapped if you can't sell it or alternatively you sell it for less than you hoped.  Instead if I were you I would definitely buy a house instead (it will very likely increase in value at a much higher rate than the flat) and also there won't be any service charges.  

BuyLon

Thank you, I appreciate it. Good points, I agree.

KiKi

I don't know how well you know Lewes, but buses are great, so being central really isn't that critical compared to other Sussex villages. The link the other person posted is really quite central anyway! 

Personally, I wouldn't touch an office conversion. A flat in a converted house is much nicer, much easier to manage, highly likely to be cheaper in terms of shared areas and costs etc, and the freehold is easier to manage between one and three people than 30, for example. Plus I wouldn't trust the quality of a conversion compared to an older house which is now two flats.

Look a bit further out. I used to live pretty centrally, but had to move. I used to be able to walk into town, but now it would take me an hour - but the buses are great, and take 15 mins. And for that, I get a much bigger property, live near woodland and a massive park, and more space generally.

BuyLon

Thank you for the advice. I commute a few days per week so the station being close by is handy but something's gotta give. I probably need to look at Landport and Malling as more affordable areas for me.

ReadySteadyPop

BuyLon said:

Murphybear said:

Do you need to buy new build?  I’ve just had a look on Rightmove.  There’s some lovely, bigger properties in Lewes within your budget.  

Not necessarily, open to anything. There are bigger properties within my budget but they are often a bit further out and I don't drive but I should probably increase my radius.. 

Worth learning to drive to avoid being ripped off on a New Build?

ReadySteadyPop

SarahB16 said:

BuyLon said:

Thank you for your replies. My budget is 400k but that stretches things but it's possible. I worry if it will be really hard to sell the flat again if I am able to upsize in a few years. 

I think this is a very valid concern.  

You are calling this a new build.  It is not a new build but an 'office to resi conversion'.  That can also put people off.  Warehouse conversions are popular but office to resi less so. 

You will need to bear in mind you will be paying service charges too for the upkeep of any communal areas/shared costs.  If you were to buy a small house you would not have any service charges to pay so something to consider in terms of your monthly budget.  

My opinion: I wouldn't buy it as I think it will be difficult to sell and you may feel trapped if you can't sell it or alternatively you sell it for less than you hoped.  Instead if I were you I would definitely buy a house instead (it will very likely increase in value at a much higher rate than the flat) and also there won't be any service charges.  

The house could also crash in price, but at least you would be trapped in a more appealing living space?

BuyLon

ReadySteadyPop said:

BuyLon said:

Murphybear said:

Do you need to buy new build?  I’ve just had a look on Rightmove.  There’s some lovely, bigger properties in Lewes within your budget.  

Not necessarily, open to anything. There are bigger properties within my budget but they are often a bit further out and I don't drive but I should probably increase my radius.. 

Worth learning to drive to avoid being ripped off on a New Build?

Not an option for me sadly.