What’s wrong with this property

Herzlos

Ybe said:

ReadySteadyPop said:

Tabieth said:

Ybe said:

GDB2222 said:

Ybe said:

These are all great comments. Things I’ve not noticed. Any similar comments on the below ones? 

https://www.rightmove.co.uk/properties/156910880

https://www.rightmove.co.uk/properties/160283273

How many of these flats have you been to view? 

None of them 

You really need to go and view these properties and others. What you see online and what you see in real life can be very different. Viewing properties allows you to assess the local area, the sounds, the smells etc.. Rightmove and Streetview are great but nothing beats experiencung the property in real life. And doing viewings allows you to prioritise. Earlier this year I bought a 100-year old terraced house. When I started the process I thought I wanted a flat, but multiple viewings allowed me to reassess what I thought my priorities were. Asking strangers on the internet what’s wrong with a property may be helpful in noting things you hadn’t thought of, but really is of limited value. 

Good advice, but the reality for a lot of people now is that they can`t afford to borrow the amounts needed to bail people out of past bad decisions where they overpaid for very standard and un-inspiring flats.

This is what I’m worried about. The decision I make now could impact me in 10-15 years or more time. 

Below is another one I looked at. 

https://www.rightmove.co.uk/properties/86889840

Don't let ReadySteadyPop (previously CrashyTime), an often banned house-price-crash troll, put you off ownership. He was convinced house prices were going to collapse 23 years ago now, sold and has rented a bedsit since waiting for the market to collapse so he can cash in. In that time he's paid off his landlords mortgage and is falling further behind every month. He's hugely jealous that people are looking at £400k properties. 

I like to compare a mortgage to rent, where the difference is that (a) it's usually slightly cheaper (b) you'll build up some equity (c) eventually it'll be paid off and (d) you're not at the mercy of a landlord to get stuff fixed or getting kicked out. 

 
Sure if you're unfortunate with timing you'll sell for less than you bought BUT when you factor in what you would have spent on rent and built up no equity you may still be better off. For example, I bought just before the huge crash in 2008 and my mortgage was under water for years but I still sold for a tidy profit after 15 years. House prices are only going to trend up so as long as you don't sell in a dip you'll likely do well. 

You have to live somewhere, and it's better to live somewhere you own and be paying that off than living somewhere a landlord owns and be paying it off for them. 

jimbog

Herzlos said:

Ybe said:

ReadySteadyPop said:

Tabieth said:

Ybe said:

GDB2222 said:

Ybe said:

These are all great comments. Things I’ve not noticed. Any similar comments on the below ones? 

https://www.rightmove.co.uk/properties/156910880

https://www.rightmove.co.uk/properties/160283273

How many of these flats have you been to view? 

None of them 

You really need to go and view these properties and others. What you see online and what you see in real life can be very different. Viewing properties allows you to assess the local area, the sounds, the smells etc.. Rightmove and Streetview are great but nothing beats experiencung the property in real life. And doing viewings allows you to prioritise. Earlier this year I bought a 100-year old terraced house. When I started the process I thought I wanted a flat, but multiple viewings allowed me to reassess what I thought my priorities were. Asking strangers on the internet what’s wrong with a property may be helpful in noting things you hadn’t thought of, but really is of limited value. 

Good advice, but the reality for a lot of people now is that they can`t afford to borrow the amounts needed to bail people out of past bad decisions where they overpaid for very standard and un-inspiring flats.

This is what I’m worried about. The decision I make now could impact me in 10-15 years or more time. 

Below is another one I looked at. 

https://www.rightmove.co.uk/properties/86889840

Don't let ReadySteadyPop (previously CrashyTime), an often banned house-price-crash troll, put you off ownership. He was convinced house prices were going to collapse 23 years ago now, sold and has rented a bedsit since waiting for the market to collapse so he can cash in. In that time he's paid off his landlords mortgage and is falling further behind every month. He's hugely jealous that people are looking at £400k properties. 

I like to compare a mortgage to rent, where the difference is that (a) it's usually slightly cheaper (b) you'll build up some equity (c) eventually it'll be paid off and (d) you're not at the mercy of a landlord to get stuff fixed or getting kicked out. 

 
Sure if you're unfortunate with timing you'll sell for less than you bought BUT when you factor in what you would have spent on rent and built up no equity you may still be better off. For example, I bought just before the huge crash in 2008 and my mortgage was under water for years but I still sold for a tidy profit after 15 years. House prices are only going to trend up so as long as you don't sell in a dip you'll likely do well. 

You have to live somewhere, and it's better to live somewhere you own and be paying that off than living somewhere a landlord owns and be paying it off for them. 

Fair points.  You might also want to consider the implications of still renting in retirement and the hassle of moving at that stage of your life - the longer you rent the more likely that this will be the case. 

Ultimately you will probably never be 100% certain that a particular property is ‘the one’ so being 80% certain may well be enough 

RedFraggle

ReadySteadyPop said:

RedFraggle said:

Ybe said:

RedFraggle said:

Woodside Park is nice but they're pushing the price a bit. Wouldn't touch Mill Hill. No windows, only doors and its ground floor. Awful design. Plus it'll still be in the "overpriced new build" box.

There’s a lot of overpricing in london. Properties sit on the market unsold for 6 months+. 

Yup. 3 years ago I looked at a flat in Acton on at £320k, the estate agent said I would have to offer over asking to get it so I didn't offer. It sold 8 months later for £280k which I'd have happily paid. 

I would say the market has deteriorated a lot since three years ago.

In London, absolutely Crashy. I could afford to live there now.  In God's own county where I bought it's still on the up. 

Ybe

Thank you. All very good advice. There’s so many things to think about! I also keep thinking about 1 bed vs 2 bed especially as it seems the price of 2 beds are getting closer to 1 beds now. 

Tabieth

Ybe said:

Thank you. All very good advice. There’s so many things to think about! I also keep thinking about 1 bed vs 2 bed especially as it seems the price of 2 beds are getting closer to 1 beds now. 

If you can, go for 2-beds. You’ll get more use out of it (guest room, storage etc.), it will likely suit your needs for longer (you will be less likely to grow out of it), and 2-beds hold value more than one. 

Ybe

Tabieth said:

Ybe said:

Thank you. All very good advice. There’s so many things to think about! I also keep thinking about 1 bed vs 2 bed especially as it seems the price of 2 beds are getting closer to 1 beds now. 

If you can, go for 2-beds. You’ll get more use out of it (guest room, storage etc.), it will likely suit your needs for longer (you will be less likely to grow out of it), and 2-beds hold value more than one. 

Good point. I suppose there’s always a trade off somewhere. 

For example, I’m looking at this 2 bed on rightmove. https://www.rightmove.co.uk/properties/86889840

But I’ve also found Taylor Wimpey are reducing this developments 1 bed to about 360k. https://www.taylorwimpey.co.uk/new-homes/north-finchley/the-tramworks

Tabieth

Ybe said:

Tabieth said:

Ybe said:

Thank you. All very good advice. There’s so many things to think about! I also keep thinking about 1 bed vs 2 bed especially as it seems the price of 2 beds are getting closer to 1 beds now. 

If you can, go for 2-beds. You’ll get more use out of it (guest room, storage etc.), it will likely suit your needs for longer (you will be less likely to grow out of it), and 2-beds hold value more than one. 

Good point. I suppose there’s always a trade off somewhere. 

For example, I’m looking at this 2 bed on rightmove. https://www.rightmove.co.uk/properties/86889840

But I’ve also found Taylor Wimpey are reducing this developments 1 bed to about 360k. https://www.taylorwimpey.co.uk/new-homes/north-finchley/the-tramworks

The 2-bed on Rightmove looks to be electric central heating - I wouldn’t touch it with a barge pole (far, far, far too expensive to heat). 

Herzlos

Ybe said:

Thank you. All very good advice. There’s so many things to think about! I also keep thinking about 1 bed vs 2 bed especially as it seems the price of 2 beds are getting closer to 1 beds now. 

I'd always try and go for something you can expand into a bit especially where the price difference is minimal. It means if you need more space it's there without moving and it should be easier to sell later. 

Using myself as an example, I bought a 2-bed house for about 10% more than a 1-bed flat I was looking at initially. But in the 15 years I had the house I got married, had 2 kids and my work changed to a partial WFH. 
Whilst the 1 bed would have been slightly cheaper to buy and maintain, we'd have had to move as soon as my wife was pregnant because the 1 bed didn't have anywhere for a baby. Instead we managed to avoid moving until the kids were a lot older and we could afford to upgrade to a 4 bed. 

I'm not a big fan of moving house - it's a serious hassle and costs a lot of money with solicitor fees, logistics and stamp duty which will be horrific when you're looking at £350-400k flats. 

Ybe

Tabieth said:

Ybe said:

Tabieth said:

Ybe said:

Thank you. All very good advice. There’s so many things to think about! I also keep thinking about 1 bed vs 2 bed especially as it seems the price of 2 beds are getting closer to 1 beds now. 

If you can, go for 2-beds. You’ll get more use out of it (guest room, storage etc.), it will likely suit your needs for longer (you will be less likely to grow out of it), and 2-beds hold value more than one. 

Good point. I suppose there’s always a trade off somewhere. 

For example, I’m looking at this 2 bed on rightmove. https://www.rightmove.co.uk/properties/86889840

But I’ve also found Taylor Wimpey are reducing this developments 1 bed to about 360k. https://www.taylorwimpey.co.uk/new-homes/north-finchley/the-tramworks

The 2-bed on Rightmove looks to be electric central heating - I wouldn’t touch it with a barge pole (far, far, far too expensive to heat). 

Is that why it hasn’t sold for nearly a year despite 2 price drops? I wouldn’t be able to afford a more expensive 2 bed, it would be too much of a stretch. I like the low running costs for the new build 1 bed (although I expect the service charge to at least double in a few years from the estimate). However, it’s a 1 bed. 

Also is the 2 bed electrical central heating or electric convection heaters? 

ReadySteadyPop

Ybe said:

Tabieth said:

Ybe said:

Tabieth said:

Ybe said:

Thank you. All very good advice. There’s so many things to think about! I also keep thinking about 1 bed vs 2 bed especially as it seems the price of 2 beds are getting closer to 1 beds now. 

If you can, go for 2-beds. You’ll get more use out of it (guest room, storage etc.), it will likely suit your needs for longer (you will be less likely to grow out of it), and 2-beds hold value more than one. 

Good point. I suppose there’s always a trade off somewhere. 

For example, I’m looking at this 2 bed on rightmove. https://www.rightmove.co.uk/properties/86889840

But I’ve also found Taylor Wimpey are reducing this developments 1 bed to about 360k. https://www.taylorwimpey.co.uk/new-homes/north-finchley/the-tramworks

The 2-bed on Rightmove looks to be electric central heating - I wouldn’t touch it with a barge pole (far, far, far too expensive to heat). 

Is that why it hasn’t sold for nearly a year despite 2 price drops? I wouldn’t be able to afford a more expensive 2 bed, it would be too much of a stretch. I like the low running costs for the new build 1 bed (although I expect the service charge to at least double in a few years from the estimate). However, it’s a 1 bed. 

Also is the 2 bed electrical central heating or electric convection heaters? 

They have dropped the price by 75k, they seem keen to sell, but it is still way overpriced. The bigger a discount you can get the better because the re-sale value might not be there in future.