First time apartment buyer

spqr_2

Hi all,

I start a new job in July in Solihull and am looking to buy a new apartment in Birmingham. I'll be on around 25K, so not sure what I'll be able to get. I've heard of the key worker scheme for Birmingham but working in Solihull may mean I'm not eligible?

I have seen ads for 50/50 share schemes, anybody had any experience with them? good/bad?

Any other apartment buying tips would be really useful, websites to look at etc.

Cheers,

spqr

PasturesNew

Solihull and region have been leading the house price crash.
New build flats are leading the house price crash.

Rent, find your feet, get to know the area, save up the biggest deposit you can and buy in a couple of years' time when houses/flats should be cheaper.

No idea about key worker. I've never been one and never been in an area where they're available.
50/50 share - now is not the time to go into these. Prices are falling

Tip: Rent, don't buy. It's cheaper in the short-term AND the medium-term.

Richard_Webster

Builders use the snobbery of the name "apartment" to charge a lot more for a flat with some extra gizmo like an en-suite. Don't be taken in!

posh*spice

Why don't you rent and see where the housing market is going?

geoffky

Its A Flat

Phunky

Richard_Webster wrote: »

Builders use the snobbery of the name "apartment" to charge a lot more for a flat with some extra gizmo like an en-suite. Don't be taken in!

Soooooo true! I will be finally moving out of our second "apartment" next month and cant wait for it!

Sure there all nice and new when you move in but you will soon find all the niggles and cut corners least we did on our first one as we was the first people living in it, our current one hasn't been that bad but the building management company has, so glad our rent covers the £100 a month charge for basically taking the bins out...

spqr_2

HI all,

Thanks for the posts. I'm in no rush to buy but just thought I'd get a heads up. Yes most "apartments" are over rated flats

Cheers,

spqr

talliedebtbuster

Hey there, im in the same position as you, i live in south london and afraid no intermediate rental or whatever they call it is avalible here, so stuck at home for a while! Anyways..this 50/50 schemes, i see the attraction coz gosh i am so much but i know a few people who have done them and please dont do it! Here's the deal......

Great to get you on the ladder but your paying a mortage and rent which is nearly sometime depending on the shares and struff the same as a normal mortage ioe. 700 mortgage 250 rent. you could just get a higher mortgage but of course you cant for various reasons.....so theres is that....

Next...the rental bit? Always goes up!! My mate in her lovely pad in London the rent has gone up 4 times in 2 years so she is paying nearly 100 pounds a month more than 2 years ago on the rental part.

Finally....you own 50% right or whatever amount, you pay the full service charge and the insurence and you are responsible. If the boiler goes poo you got to pay the lot even though you only own 50% of that place? Not right is it! and....if you then want to buy your remaining 50% share coz you win the lotto or parents kick the bucket and leave you loads..they value it at the now price not at when you bought it so you can buy 35k if it were back then. if it now 70k you got to pay that aint fair!!

Sorry for the commonness here and spellings but i hope people see that even though there is the temptation its not worth it. Rent, stay at home, save like mad so that you can clear all your debts and start a clean slate and start saving to get a deposit together.

Best of luck x