What’s wrong with this property

Ybe

ReadySteadyPop said:

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.

They purchased for 405k in 2017. I don’t think they’ll go below 400k as it’s offers in excess of.

this makes me think the Taylor Wimpey 1 bed might be better.    

Ybe

Also some older people who never purchased properties often point me to moving home with Charlie. 

https://m.youtube.com/live/JViWw_jxLVA?si=cl9EJuOj3sGtvYjS

ReadySteadyPop

Ybe said:

ReadySteadyPop said:

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.

They purchased for 405k in 2017. I don’t think they’ll go below 400k as it’s offers in excess of.

this makes me think the Taylor Wimpey 1 bed might be better.    

Interest rates were well under 1% back then, and there has been a LOT of these cheap shoebox type flats thrown up since then, I think they would be doing well to get 300 - 350k. TW will be cheaper maybe but neither deal offers great value for money.

Ybe

ReadySteadyPop said:

Ybe said:

ReadySteadyPop said:

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.

They purchased for 405k in 2017. I don’t think they’ll go below 400k as it’s offers in excess of.

this makes me think the Taylor Wimpey 1 bed might be better.    

Interest rates were well under 1% back then, and there has been a LOT of these cheap shoebox type flats thrown up since then, I think they would be doing well to get 300 - 350k. TW will be cheaper maybe but neither deal offers great value for money.

Really?  I find that hard to believe.  1 bed flats in the area have sold for 300-350k. 

Herzlos

Ybe said:

ReadySteadyPop said:

Ybe said:

ReadySteadyPop said:

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.

They purchased for 405k in 2017. I don’t think they’ll go below 400k as it’s offers in excess of.

this makes me think the Taylor Wimpey 1 bed might be better.    

Interest rates were well under 1% back then, and there has been a LOT of these cheap shoebox type flats thrown up since then, I think they would be doing well to get 300 - 350k. TW will be cheaper maybe but neither deal offers great value for money.

Really?  I find that hard to believe.  1 bed flats in the area have sold for 300-350k. 

Anything he says is hard to believe, because it's 100% provably nonsense. Any house to him is at least £100k overpriced, even if it just sold. 

Honestly, I'd ignore him entirely, and don't focus on previous sale prices because there are too many variables*. Look at what you can afford, what you want to spend, what similar goes for locally and most importantly look for somewhere you want to live for the next few years. 

*It may have sold cheap in 2017 because it needed a work, or was a quick sale due a messy divorce or bankrupcy or whatever.  The only exception when looking at historical prices is stuff that's only been bought and resold really quickly because there's a risk it's a flipper or there's something wrong with it. 

SarahB16

If you are genuinely concerned about not wishing to lose money then go for a three bed (two storey) house.  Perhaps widen your search area so you can afford a house.  I haven't read through this very long thread so I'm not sure of your ties to a specific location or to London.   

I don't wish to get political but let's just say a certain party stays in power for another nine years then I expect to see more and more jobs being located outside of London.  There is definitely a risk associated with buying in London as some people only ever view London as temporary whilst progressing their career (i.e. so they will be selling in a few years) and I wonder if the draw to London say for recent graduates will be the same going forward.    

Herzlos

Regardless of who's in charge, I think the requirement to be permanently in an office in London is never going to fully recover. Technology has improved to the point a lot of people can work seamlessly remote at least part of the time, and the cost of living in London is going to make offices outside of London more tempting. 

I don't think we'll get to the point where London is cheaper than the surrounding areas though, as there's always going to be demand to be central. 

Ybe

Herzlos said:

Ybe said:

ReadySteadyPop said:

Ybe said:

ReadySteadyPop said:

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.

They purchased for 405k in 2017. I don’t think they’ll go below 400k as it’s offers in excess of.

this makes me think the Taylor Wimpey 1 bed might be better.    

Interest rates were well under 1% back then, and there has been a LOT of these cheap shoebox type flats thrown up since then, I think they would be doing well to get 300 - 350k. TW will be cheaper maybe but neither deal offers great value for money.

Really?  I find that hard to believe.  1 bed flats in the area have sold for 300-350k. 

Anything he says is hard to believe, because it's 100% provably nonsense. Any house to him is at least £100k overpriced, even if it just sold. 

Honestly, I'd ignore him entirely, and don't focus on previous sale prices because there are too many variables*. Look at what you can afford, what you want to spend, what similar goes for locally and most importantly look for somewhere you want to live for the next few years. 

*It may have sold cheap in 2017 because it needed a work, or was a quick sale due a messy divorce or bankrupcy or whatever.  The only exception when looking at historical prices is stuff that's only been bought and resold really quickly because there's a risk it's a flipper or there's something wrong with it. 

It is that trade off that I’m finding difficult to find. 2 beds cost more per month which means less discretionary spending but are more future proof and more versatile.

the difference between a 1 bed and 2 bed now is about £100-£200 per month for me doing a rough calculation. 

GDB2222

Ybe said:

Herzlos said:

Ybe said:

ReadySteadyPop said:

Ybe said:

ReadySteadyPop said:

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.

They purchased for 405k in 2017. I don’t think they’ll go below 400k as it’s offers in excess of.

this makes me think the Taylor Wimpey 1 bed might be better.    

Interest rates were well under 1% back then, and there has been a LOT of these cheap shoebox type flats thrown up since then, I think they would be doing well to get 300 - 350k. TW will be cheaper maybe but neither deal offers great value for money.

Really?  I find that hard to believe.  1 bed flats in the area have sold for 300-350k. 

Anything he says is hard to believe, because it's 100% provably nonsense. Any house to him is at least £100k overpriced, even if it just sold. 

Honestly, I'd ignore him entirely, and don't focus on previous sale prices because there are too many variables*. Look at what you can afford, what you want to spend, what similar goes for locally and most importantly look for somewhere you want to live for the next few years. 

*It may have sold cheap in 2017 because it needed a work, or was a quick sale due a messy divorce or bankrupcy or whatever.  The only exception when looking at historical prices is stuff that's only been bought and resold really quickly because there's a risk it's a flipper or there's something wrong with it. 

It is that trade off that I’m finding difficult to find. 2 beds cost more per month which means less discretionary spending but are more future proof and more versatile.

the difference between a 1 bed and 2 bed now is about £100-£200 per month for me doing a rough calculation. 

What we don’t know is what your future pay prospects are like. If your income is likely to increase in future, you might decide that the extra £100-200 a month would be a squeeze for a couple of years, but will then become more affordable. It’s expensive to move home, so don’t let short term considerations affect your long term decisions.

ReadySteadyPop

Ybe said:

Herzlos said:

Ybe said:

ReadySteadyPop said:

Ybe said:

ReadySteadyPop said:

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.

They purchased for 405k in 2017. I don’t think they’ll go below 400k as it’s offers in excess of.

this makes me think the Taylor Wimpey 1 bed might be better.    

Interest rates were well under 1% back then, and there has been a LOT of these cheap shoebox type flats thrown up since then, I think they would be doing well to get 300 - 350k. TW will be cheaper maybe but neither deal offers great value for money.

Really?  I find that hard to believe.  1 bed flats in the area have sold for 300-350k. 

Anything he says is hard to believe, because it's 100% provably nonsense. Any house to him is at least £100k overpriced, even if it just sold. 

Honestly, I'd ignore him entirely, and don't focus on previous sale prices because there are too many variables*. Look at what you can afford, what you want to spend, what similar goes for locally and most importantly look for somewhere you want to live for the next few years. 

*It may have sold cheap in 2017 because it needed a work, or was a quick sale due a messy divorce or bankrupcy or whatever.  The only exception when looking at historical prices is stuff that's only been bought and resold really quickly because there's a risk it's a flipper or there's something wrong with it. 

It is that trade off that I’m finding difficult to find. 2 beds cost more per month which means less discretionary spending but are more future proof and more versatile.

the difference between a 1 bed and 2 bed now is about £100-£200 per month for me doing a rough calculation. 

Do you have an example of the 1 beds that are selling, are they selling fast or have sales volumes deteriorated like many other parts of the country? Be wary of advice that says interest rates don`t matter, if say you bought the 400k flat (the one that has had to reduce by 75k so far) and you used a mortgage to do so, that is a LOT of debt to be stuck with if interest rates start gong up again (or even at present interest rates)