Would you ever buy a 1 bed?
Discussion
Looking at our area and bearing in mind the stamp duty exemption for sub £250k houses, it would make sense to stay below this if we can.
However, for £250k you get a top end 1 bed probably with a small private garden or similar in a decent area (roadwise), but you can go a little bit up the road to a less desireable bit (no fast train line on the door step, less desireable in general, but not grotty) and probably manage to find a 2 bedroom flat for the same money. It would not have a garden or anything like that, but would have the extra bedroom.
However the issue I was always told of with 1 beds is that they are no use if you have kids, and they take a lot longer to sell because of it, BUT it seems they do rent well in my area...
So with all the buy to let people on here, and the critics, tonker et al, I was hoping you could give me some subjective views on the folly or merit of buying a 1 bed as opposed to a 2.
TIA
However, for £250k you get a top end 1 bed probably with a small private garden or similar in a decent area (roadwise), but you can go a little bit up the road to a less desireable bit (no fast train line on the door step, less desireable in general, but not grotty) and probably manage to find a 2 bedroom flat for the same money. It would not have a garden or anything like that, but would have the extra bedroom.
However the issue I was always told of with 1 beds is that they are no use if you have kids, and they take a lot longer to sell because of it, BUT it seems they do rent well in my area...
So with all the buy to let people on here, and the critics, tonker et al, I was hoping you could give me some subjective views on the folly or merit of buying a 1 bed as opposed to a 2.
TIA
Every house will have a limitation to it. In the same manor that a 1 bed might not sell, a 2 bed in a bad location might not sell. As well as that mansion for £5mill, that may not sell as its too much.
Just look around, use your head. A 1 bed in a nice area is worth more than a 2 bed in a horrible area. Close to rail links is bonus too. Would you put up with no garden and no transport links to 'sell it quicker'?
Also, my 1 bed (flat) sold before it was on the market, for close to asking.
Just look around, use your head. A 1 bed in a nice area is worth more than a 2 bed in a horrible area. Close to rail links is bonus too. Would you put up with no garden and no transport links to 'sell it quicker'?
Also, my 1 bed (flat) sold before it was on the market, for close to asking.
You should bear in mind that a one bed is going to appeal to a particular market and in line with price much of that will be first time buyers. If you buy at the top of the market you may restrict a future sale to a 'rich' first time buyer.
Think about the demograpic of where you live. IIRC you are in Surrey so at £250k most local couples with decent jobs will probably have some parent money behind them and won't have to look at 1 beds.
Think about the demograpic of where you live. IIRC you are in Surrey so at £250k most local couples with decent jobs will probably have some parent money behind them and won't have to look at 1 beds.
edc said:
You should bear in mind that a one bed is going to appeal to a particular market and in line with price much of that will be first time buyers. If you buy at the top of the market you may restrict a future sale to a 'rich' first time buyer.
Think about the demograpic of where you live. IIRC you are in Surrey so at £250k most local couples with decent jobs will probably have some parent money behind them and won't have to look at 1 beds.
That is a very good point. £250k is the top of the 1 bed market where I am (Surbiton for refrence). I think for as many out there with parent money there is going to be plenty without? The local demographic from what I can make out (the ones that would be buying property) is white, decent jobs, 26-35. Think about the demograpic of where you live. IIRC you are in Surrey so at £250k most local couples with decent jobs will probably have some parent money behind them and won't have to look at 1 beds.
The prices are VERY sensitive to location as Surbiton has a very good mainline trainlink, as in, you can go a mile down the road and you can drop as much as £50k off a flat, and £100k off a small house due to location.
Food for thought because I don't want to move a mile down the road, but don't want to pay stamp duty on a half decent 2 bed which would be just under £300 (assuming we can get a mortgage of that level when the time comes)...
okgo said:
edc said:
You should bear in mind that a one bed is going to appeal to a particular market and in line with price much of that will be first time buyers. If you buy at the top of the market you may restrict a future sale to a 'rich' first time buyer.
Think about the demograpic of where you live. IIRC you are in Surrey so at £250k most local couples with decent jobs will probably have some parent money behind them and won't have to look at 1 beds.
That is a very good point. £250k is the top of the 1 bed market where I am (Surbiton for refrence). I think for as many out there with parent money there is going to be plenty without? The local demographic from what I can make out (the ones that would be buying property) is white, decent jobs, 26-35. Think about the demograpic of where you live. IIRC you are in Surrey so at £250k most local couples with decent jobs will probably have some parent money behind them and won't have to look at 1 beds.
The prices are VERY sensitive to location as Surbiton has a very good mainline trainlink, as in, you can go a mile down the road and you can drop as much as £50k off a flat, and £100k off a small house due to location.
Food for thought...
okgo said:
So what did you buy, which is important to this thread obviously 
First house was a 2 bed end of terrace at the end of a cul de sac, rear garden, small front garden and 2 parking spaces in front of house. But on the starting blocks right from the outset was everything from nice flats, maisonettes to houses. The second bedroom would get a single bed and a small cupboard so in reality wasn't actually that useable if at all as a bedroom. But a sofa bed and extra cupboards suit 20 somethings better 
We settled on a house in the first instance mainly because there is constant development of flat developments around Woking which at the time I thought would not bode well for future resale. I was proven right on that unfortunately. If you look at the original marketing prices back in the mid 2000s of the Centrium flats next to the station and track the price they never made more than their original sales price. I suspect Surbiton is not too dis-similar as I see more flat blocks going up.Well yes and no, the good bit of surbiton has no more space for flats really, and I would never buy a purpose build, conversion all the way.
This is the kind of thing I am talking about -
Not ideal location (nearer s
t, poor people etc) http://www.findaproperty.com/displayprop.aspx?edid...
Then something like this, which is obviously a do up and sell on job, but is at that end of the market, nice road, near everything etc interior questionable but on the whole its a decent size etc for a 1 bed.
http://www.findaproperty.com/displayprop.aspx?edid...
This is the kind of thing I am talking about -
Not ideal location (nearer s
t, poor people etc) http://www.findaproperty.com/displayprop.aspx?edid...Then something like this, which is obviously a do up and sell on job, but is at that end of the market, nice road, near everything etc interior questionable but on the whole its a decent size etc for a 1 bed.
http://www.findaproperty.com/displayprop.aspx?edid...
In Surbiton, I would buy a 1 bed flat. I wouldn't in most areas though.
As long as you don't stray to far from Maple Road and don't pay too much you should be fine.
You obviously know the area well. £250k will buy you pretty much any 1 bed flat that comes onto the market, so wait for a good one. If prices go down and you need to sell quickly, a 1 bed in this part of town will hold more if it's value and sell quicker than a 2 bed on the 'wrong' side of the rail tracks.
If you did want a 2 bed place, you could try the Cranes Park area which is a bit cheaper but still nice. I bet you could bargain someone down to £250k on a 2 bed over there. Probably still not as resilient as the river roads, though.
The good thing about Surbiton is that there is never a shortage of people wanting to rent flats, so if you need to move to a bigger place quickly, you could always rent out your 1 bed place while you rent something bigger.
As long as you don't stray to far from Maple Road and don't pay too much you should be fine.
You obviously know the area well. £250k will buy you pretty much any 1 bed flat that comes onto the market, so wait for a good one. If prices go down and you need to sell quickly, a 1 bed in this part of town will hold more if it's value and sell quicker than a 2 bed on the 'wrong' side of the rail tracks.
If you did want a 2 bed place, you could try the Cranes Park area which is a bit cheaper but still nice. I bet you could bargain someone down to £250k on a 2 bed over there. Probably still not as resilient as the river roads, though.
The good thing about Surbiton is that there is never a shortage of people wanting to rent flats, so if you need to move to a bigger place quickly, you could always rent out your 1 bed place while you rent something bigger.
In fact, I think you could get a 2 bed for your £250k quite easily. Price appear to have gone down since I last looked:
This could be worth a look:
http://www.findaproperty.com/displayprop.aspx?edid...
Not the most inspiring of places, and in need of updating, but you get 2 beds, a garden and a garage and it is in a lovely road. It would only add an extra 5 minutes walk to the town centre.
This one intrigues me as it seems to have been on the market for a while:
http://www.findaproperty.com/displayprop.aspx?edid...
Great location and modern, neutral decor. It is obviously empty, so they may be prepared to take £250k for it.
This could be worth a look:
http://www.findaproperty.com/displayprop.aspx?edid...
Not the most inspiring of places, and in need of updating, but you get 2 beds, a garden and a garage and it is in a lovely road. It would only add an extra 5 minutes walk to the town centre.
This one intrigues me as it seems to have been on the market for a while:
http://www.findaproperty.com/displayprop.aspx?edid...
Great location and modern, neutral decor. It is obviously empty, so they may be prepared to take £250k for it.
Its better to buy the worst property in the best road than the best property in the worst road.
I have purchased a 1 bed flat for 250k in zone 2.
if you look at the prices of the flats in my block I have essentially locked in at around 2006 prices.
flat next to ours is a 2 bedder with a decent balcony. Ours is actually not a lot smaller than theirs because our bedroom is very big and the 2 bedrooms they have are fairly small. neither flats have a parking space. they paid 350k for the 2 bedder which was 800sq ft, I paid 250k for my 700 sq foot 1 bedder.
For me, it wasnt worth paying an extra 100k for a small bedroom and balcony plus 7k in stamp duty. even if you rent the second bedroom out for say 500 quid give or take, thats 6k/yr - and will probably cover the extra mortgage payments but you'll have to share your flat with someone like a knobhead which I wasnt keen on tbh.
Best advice I can give you is look at the square footage, look at what they have changed hands for in the past, and dont pay over the odds just because "its London" - but remember location is everything.
I have purchased a 1 bed flat for 250k in zone 2.
if you look at the prices of the flats in my block I have essentially locked in at around 2006 prices.
flat next to ours is a 2 bedder with a decent balcony. Ours is actually not a lot smaller than theirs because our bedroom is very big and the 2 bedrooms they have are fairly small. neither flats have a parking space. they paid 350k for the 2 bedder which was 800sq ft, I paid 250k for my 700 sq foot 1 bedder.
For me, it wasnt worth paying an extra 100k for a small bedroom and balcony plus 7k in stamp duty. even if you rent the second bedroom out for say 500 quid give or take, thats 6k/yr - and will probably cover the extra mortgage payments but you'll have to share your flat with someone like a knobhead which I wasnt keen on tbh.
Best advice I can give you is look at the square footage, look at what they have changed hands for in the past, and dont pay over the odds just because "its London" - but remember location is everything.
That was my thinking.
Its a problem place because it has a market like not many other small places I've lived in terms of there is probably an area about the size of a coupel of football pitches that you want to be in. As you say, a flat the wrong side of the tracks is tens of thousands of pounds cheaper, and the amount of flats in those big conversions on Ewell road that are always for sale is proof of that. They don't sell.
The rental market is very good in the area, but its still sobering reading seeing some places that have not increased in value on zoopla in the last five years!
My neighbours flat apparently has gone up 13% in two years, so not too bad?
Its a problem place because it has a market like not many other small places I've lived in terms of there is probably an area about the size of a coupel of football pitches that you want to be in. As you say, a flat the wrong side of the tracks is tens of thousands of pounds cheaper, and the amount of flats in those big conversions on Ewell road that are always for sale is proof of that. They don't sell.
The rental market is very good in the area, but its still sobering reading seeing some places that have not increased in value on zoopla in the last five years!
My neighbours flat apparently has gone up 13% in two years, so not too bad?
okgo said:
Well yes and no, the good bit of surbiton has no more space for flats really, and I would never buy a purpose build, conversion all the way.
Oops. Just saw this, so it renders those recommendations useless.I agree conversions are nicer, but if you do buy one make sure it was converted since 2004. This was the time that the sound insulation regulations were improved and it makes a massive difference.
Before this, most of the conversions had no sound insulation at all, so the flats are just divided by the floorboards and a plasterboard ceiling. You would hear everything that was going on in the other flats. Combine this with the fact that conversions often have strange layouts and you could be in for a noise nightmare! Purpose built flats are not always that much better, but you do at least have a slab of concrete between the flats to offer some insulation.
That £205k one you linked to is a recent conversion, so should not have that problem.
kingston12 said:
In fact, I think you could get a 2 bed for your £250k quite easily. Price appear to have gone down since I last looked:
This could be worth a look:
http://www.findaproperty.com/displayprop.aspx?edid...
Not the most inspiring of places, and in need of updating, but you get 2 beds, a garden and a garage and it is in a lovely road. It would only add an extra 5 minutes walk to the town centre.
This one intrigues me as it seems to have been on the market for a while:
http://www.findaproperty.com/displayprop.aspx?edid...
Great location and modern, neutral decor. It is obviously empty, so they may be prepared to take £250k for it.
Yeh, I don't think this is an example of buying 'qaulity' though, as in the worst place in the best road etc, for the first one.This could be worth a look:
http://www.findaproperty.com/displayprop.aspx?edid...
Not the most inspiring of places, and in need of updating, but you get 2 beds, a garden and a garage and it is in a lovely road. It would only add an extra 5 minutes walk to the town centre.
This one intrigues me as it seems to have been on the market for a while:
http://www.findaproperty.com/displayprop.aspx?edid...
Great location and modern, neutral decor. It is obviously empty, so they may be prepared to take £250k for it.
I wouldn't live in the second one as its full of scum, I lived in the proper Surbiton Court (which is a fantastic thing - http://surbitoncourt.com/1-69_Home_page.html) and we always looked down our noses at the place you've linked to.
Yeh, understand this.
We can afford more each month than we pay, so that won't be an issue, but if we were at capacity then it would be certainly very depressing to be forced to look elsewhere.
Interesting about your place, and we live in a place like that now, huge 1 bed that in other instances would have been chopped about to make a 2.
Interesting regarding insulation rules, we have had issues with noisy people before, got lucky this time.
Is there a way of finding out when something was converted?
We can afford more each month than we pay, so that won't be an issue, but if we were at capacity then it would be certainly very depressing to be forced to look elsewhere.
Interesting about your place, and we live in a place like that now, huge 1 bed that in other instances would have been chopped about to make a 2.
Interesting regarding insulation rules, we have had issues with noisy people before, got lucky this time.
Is there a way of finding out when something was converted?
okgo said:
Yeh, I don't think this is an example of buying 'qaulity' though, as in the worst place in the best road etc, for the first one.
I wouldn't live in the second one as its full of scum, I lived in the proper Surbiton Court (which is a fantastic thing - http://surbitoncourt.com/1-69_Home_page.html) and we always looked down our noses at the place you've linked to.
I reckon the first one is about the worst place on Cranes Park, and it is one of the best roads in the area. I appreciate it may not suit as well as the really central roads though.I wouldn't live in the second one as its full of scum, I lived in the proper Surbiton Court (which is a fantastic thing - http://surbitoncourt.com/1-69_Home_page.html) and we always looked down our noses at the place you've linked to.
Makes sense about the second one, I couldn't understand why it would not sell at that price in that location. Are there loads of LA-housed people in there? There are a few blocks like this in the river roads, so be careful! I can't understand why Kingston council house people in the most desirable part of town - surely it is a massive waste of resources?
just fyi here is a link to the development we have just purchased in
http://www.hampstead-homes.co.uk/connaught.html
http://www.hampstead-homes.co.uk/connaught.html
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