Should I buy a new flat?
Discussion
I have a choice of two flats
1) 2 bed in Mile End/Limehouse area, new build. A nice flat with underground parking, but it is 249k and I am not too sure about the area. Finally I am unsure about taking on so much debt. I am single and it shall be a 100% mortgage.
2) 1 bed flat minutes away from Leytonstone tube station. New development, but it has no parking. However I shall have to sell my car anyway in order to pay the fees and buy a bed! I rarely drive in London anyway. It is much cheaper at 178k, and I can afford this exposure.
I am minded to go for flat 2 as I feel safer and I know the area, however. This is my first big purchase (after buying my car for several thousand pounds) and I am getting really cold feet.
Do any Ph’ers have any pearls of wisdom?
1) 2 bed in Mile End/Limehouse area, new build. A nice flat with underground parking, but it is 249k and I am not too sure about the area. Finally I am unsure about taking on so much debt. I am single and it shall be a 100% mortgage.
2) 1 bed flat minutes away from Leytonstone tube station. New development, but it has no parking. However I shall have to sell my car anyway in order to pay the fees and buy a bed! I rarely drive in London anyway. It is much cheaper at 178k, and I can afford this exposure.
I am minded to go for flat 2 as I feel safer and I know the area, however. This is my first big purchase (after buying my car for several thousand pounds) and I am getting really cold feet.
Do any Ph’ers have any pearls of wisdom?
Point 1. If you go for the 2 bed flat you'll have the flexibility to take in a lodger/flat mate, that means that even if you're single you can in effect tap into someone else's earnings to help cover the mortgage. The going rate for a room in a nice flat around that area seems to be about £400-450pcm that's a nice chunk or mortgage paid off(?) ps, it's tax free upto a certain level to have a lodger ( about £4000 ish I think?)
If you go for the 1 bedder there's no option to have a lodger.
Point 2. If/when you end up getting a Mrs and she moves in a 1 bedder is going to be too small, so you'll probably end up with all the hassle of selling and buying a 2 bedder and giving Gordon Brown some more stamp duty. Whereas the 2 bedder should do for you all the way up until you start a family.
Point 3. Lifestyle. It's alot easier to have family/friends to stay if you've got a 2 bedder.
Well that's my 2p
>> Edited by timmy30 on Monday 6th February 12:57
>> Edited by timmy30 on Monday 6th February 12:59
If you go for the 1 bedder there's no option to have a lodger.
Point 2. If/when you end up getting a Mrs and she moves in a 1 bedder is going to be too small, so you'll probably end up with all the hassle of selling and buying a 2 bedder and giving Gordon Brown some more stamp duty. Whereas the 2 bedder should do for you all the way up until you start a family.
Point 3. Lifestyle. It's alot easier to have family/friends to stay if you've got a 2 bedder.
Well that's my 2p
>> Edited by timmy30 on Monday 6th February 12:57
>> Edited by timmy30 on Monday 6th February 12:59
thebullettrain said:
2) 1 bed flat minutes away from Leytonstone tube station. New development, but it has no parking. However I shall have to sell my car anyway in order to pay the fees and buy a bed! I rarely drive in London anyway. It is much cheaper at 178k, and I can afford this exposure.
Just a thought...although the no parking doesn't bother you because of your present circumstances, it may well deter prospective buyers when you come to sell in the future.
I used to have a one-bedroom flat on a nice complex with an allocated parking space. You'd be surprised how many people asked whether it came with a garage, never mind a parking space...
Btw location wise you're nice and close to Canary Wharf, plenty of young relatively well paid grads around there if you do find yourself needing to rent and also the possiblity of getting a weekday lodger ( folks who live outside of London but need a place to live Monday-Thursday but go back to their homes on the weekend, I might be doing this myself soon ).
Minxie said:
2) 1 bed flat minutes away from Leytonstone tube station. New development, but it has no parking. However I shall have to sell my car anyway in order to pay the fees and buy a bed! I rarely drive in London anyway. It is much cheaper at 178k, and I can afford this exposure.
Just a thought...although the no parking doesn't bother you because of your present circumstances, it may well deter prospective buyers when you come to sell in the future.
I used to have a one-bedroom flat on a nice complex with an allocated parking space. You'd be surprised how many people asked whether it came with a garage, never mind a parking space...
nice touch.
I really don’t want a lodger. Economically it does make sense, however, I think I would rather do without, even if it is a slight struggle initially.
As for the wife point - I certainly agree that it could cause some short term issues, but surely she would understand that for a few years we shall have to put up with it. My longer term plan is to keep the flat and rent it out and then buy a new place.
The reason I moved away from the two bedder was because I don’t know that area particularly well and the view was of an industrial estate, two gas works and 1970’s housing estates.
Misses, I thought the fact that it so close to the train station would counter the fact that is has no parking.
Oh I don’t know, it is so confusing!
As for the wife point - I certainly agree that it could cause some short term issues, but surely she would understand that for a few years we shall have to put up with it. My longer term plan is to keep the flat and rent it out and then buy a new place.
The reason I moved away from the two bedder was because I don’t know that area particularly well and the view was of an industrial estate, two gas works and 1970’s housing estates.
Misses, I thought the fact that it so close to the train station would counter the fact that is has no parking.
Oh I don’t know, it is so confusing!
thebullettrain said:
I really don’t want a lodger. Economically it does make sense, however, I think I would rather do without, even if it is a slight struggle initially.
Fair enough, I just meant that if shit came to shovel you'd be able to get a lodger rather than loose the place or have to move out if you rented it.
I used to live in Mile end when I was young and I wouldn't go back there if you paid me. Listen to the Pulp song of the same title and you'll see what I mean.
For up to £200k you should easily be able to find a spacious 2-bed flat in Leytonstone. It will probably be a victorian conversion with on-street parking though.
For up to £200k you should easily be able to find a spacious 2-bed flat in Leytonstone. It will probably be a victorian conversion with on-street parking though.
I think my fears about Mile End/Limehouse are justified.
I am not sure about these conversions as I don’t think many of them are done very well at all. I think what got my about that 1 bed was its proximity to the station. In all fairness I cannot afford to run a car and pay a mortgage at the same time, so having no parking is great. But having no-where for my mates to park is a bummer. But there is a near by Tesco, which we could use!
I am not sure about these conversions as I don’t think many of them are done very well at all. I think what got my about that 1 bed was its proximity to the station. In all fairness I cannot afford to run a car and pay a mortgage at the same time, so having no parking is great. But having no-where for my mates to park is a bummer. But there is a near by Tesco, which we could use!
thebullettrain said:
But having no-where for my mates to park is a bummer. But there is a near by Tesco, which we could use!
not unless you want a whacking great bill I wouldnt, Tescos in Hertford have an automated camera system which whangs out £70 quid fines if you stay longer than an hour and a half..
We recently bought a 3 bed HOUSE with garden and garage for just under 250k in Hither Green (i.e. 20 mins to London Bridge). It's a nice area (with no problems parking a decent car on the road and good amenities. There are other areas with similar good features that don;t cost the earth. A 2-bed flat in this area (with parking) would be well under 200k.
Worth looking around different areas to get a feel of what you can get for your £s elsewhere. For us SE london seemd to balance price and accesibility better than anywhere else.
Worth looking around different areas to get a feel of what you can get for your £s elsewhere. For us SE london seemd to balance price and accesibility better than anywhere else.
I'm going to go against popular opinion.
I think nearly a 100k is a hell of a difference in price and a real stretch. Leytonstone is an ok area and central line is dead quick into town from there. No parking is a bummer - what's it like on the road nearby? Agree that not so good for expandability...
However, 100% mortgage is scary - what happens if you end up out of work for a few months? Also, we decided a long time ago that we would rather have a smaller place in a nicer area than a bigger place in a grotty area.
Maybe keep looking and see if you can find something with parking for less than 200k in Leytonstone? Have you thought about Walthamstow?
I think nearly a 100k is a hell of a difference in price and a real stretch. Leytonstone is an ok area and central line is dead quick into town from there. No parking is a bummer - what's it like on the road nearby? Agree that not so good for expandability...
However, 100% mortgage is scary - what happens if you end up out of work for a few months? Also, we decided a long time ago that we would rather have a smaller place in a nicer area than a bigger place in a grotty area.
Maybe keep looking and see if you can find something with parking for less than 200k in Leytonstone? Have you thought about Walthamstow?
iaint – what are the transport links into the City like? I work very strange hours (meaning long hours) and I need something with excellent links and close to the station and local amenities.
Nice cup of tea – I did think of Walthamstow, but I nearly got mugged there and I don’t feel safe. I live there at the moment and the walk home from the tube station isn’t very nice. To be honest I need something that is cheap, and preferably easy to maintain (so new is good) and very close to the station.
I don’t think parking is a deal stopper.
Nice cup of tea – I did think of Walthamstow, but I nearly got mugged there and I don’t feel safe. I live there at the moment and the walk home from the tube station isn’t very nice. To be honest I need something that is cheap, and preferably easy to maintain (so new is good) and very close to the station.
I don’t think parking is a deal stopper.
Bits of Walthamstow are OK (Wood Street is alright), but yes, near the station is pretty grotty.
Just noticed the post ref SE London. Personally I would go this way (in fact I did!) - 200k in Hither Green would get you something very nice - I live in Beckenham which is quite posh for SE London and you can get a nice 2 bed with o/s parking and garage near the station for under 200k. 12 mins to Victoria or 20 mins to London Bridge.
Just noticed the post ref SE London. Personally I would go this way (in fact I did!) - 200k in Hither Green would get you something very nice - I live in Beckenham which is quite posh for SE London and you can get a nice 2 bed with o/s parking and garage near the station for under 200k. 12 mins to Victoria or 20 mins to London Bridge.
iaint said:
We recently bought a 3 bed HOUSE with garden and garage for just under 250k in Hither Green (i.e. 20 mins to London Bridge). It's a nice area (with no problems parking a decent car on the road and good amenities. There are other areas with similar good features that don;t cost the earth. A 2-bed flat in this area (with parking) would be well under 200k.
Worth looking around different areas to get a feel of what you can get for your £s elsewhere. For us SE london seemd to balance price and accesibility better than anywhere else.
Did you?
I used to rent a house near there, it is quite nice, depending on the exact area. Are you on the 'pub side' as you come out of the station? I've just found out that I'll be making a glorious return to Canary Wharf imminently so I'm going to start house hunting. thebullettrain said:
iaint – what are the transport links into the City like? I work very strange hours (meaning long hours) and I need something with excellent links and close to the station and local amenities.
Nice cup of tea – I did think of Walthamstow, but I nearly got mugged there and I don’t feel safe. I live there at the moment and the walk home from the tube station isn’t very nice. To be honest I need something that is cheap, and preferably easy to maintain (so new is good) and very close to the station.
I don’t think parking is a deal stopper.
I used to commute into Canon St from Hither Green takes about 20min, the trains are very frequent too.
An alternative station is Lewisham itself which has even more frequent trains.
Oh and as a personal thing, it is nice to avoid the tube as a form of commuting. Though the central isn't too bad I suppose.
timmy30 said:
We recently bought a 3 bed HOUSE with garden and garage for just under 250k in Hither Green (i.e. 20 mins to London Bridge). It's a nice area (with no problems parking a decent car on the road and good amenities. There are other areas with similar good features that don;t cost the earth. A 2-bed flat in this area (with parking) would be well under 200k.
Worth looking around different areas to get a feel of what you can get for your £s elsewhere. For us SE london seemd to balance price and accesibility better than anywhere else.
Did you?
Pub side, turn right out of station, just off Manor Lane on a road that doesn't go anywhere so it's not a rat run. About 8 mins from HG and 6 from Lee.
I reckon (although haven't done it myself) it's be a 30 min drive to Canary Wharf, poss less if you avoided most of rush hour but trains and busses are pretty good (as you obviously know!).
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