Is buying a flat a good idea?

[rfn]

In the next 6 months I may have the opportunity to purchase the flat in which I live. I've been renting it for 6 months, it has 2 large double bedrooms, 2 bathrooms etc and it is generally a lovely place. It has a pretty large single garage and 1 parking space - and is about 15 minutes walk from the town, train station etc - next to a supermarket. Lichfield is a great commuter city for Birmingham and surrounding areas.

I've been warned that buying a flat in the current market is not a particularly wise idea - is there some evidence to suggest this??

Any advice would be gratefully received.

[Pickled Piper]

it's something of an open question. Surely depends to a large extent on the price and your personal situation.

New build flats are generally considered a no no for buy to let investors, purely due to the glut of city centre properties built over the last ten years.

Some things you should check are the duration of the lease (I am assuming it is a leasehold property) the associated ground rent and also the service charge for which you will be liable.

You are at an advantage having lived there as you know the ins and outs of the property.

pp

[Fittster]

It depends on how much the flat is and your income.

Trying to guess the future prices in any market is a mugs game.

[Rude-boy]

Make sure you are aware of the service charge and the terms of the lease.

[louiebaby]

Bare in mind that if the owner has approached you directly, with no estate agent involved, he will save between 1% and 2.5% of the value of the house in fees.

This information could be used to your advantage. Maybe the owner could pay your stamp duty, (if appropriate.)

[Rags]

A major benefit yto you is knowing the flat already and other than the financial side of things, you know any issues etc and could be used as a negotiation point.

Only issues with flats are service charges, ground rent, paper thin Walls (new builds), useless managing agents, living in close proximity of others.