Will i regret a studio flat as a first home?
Discussion
talksthetorque said:
How much more is a two bed?
Rent the spare room out to a friend/random serial killer with smelly feet and get their rent to pay for the difference.
Ok, you have to share, but the flat will be much easier to sell and if you do decide to rent the whole thing out later you get a better class of tenant in a two bed*
*normally
That’s the inconvenience of comparing the price differential between a studio and a 1 bed verses the differential between a 1 bed and a 2. With the latter you have that potential income stream to offset the additional cost, with the former you don’t. Rent the spare room out to a friend/random serial killer with smelly feet and get their rent to pay for the difference.
Ok, you have to share, but the flat will be much easier to sell and if you do decide to rent the whole thing out later you get a better class of tenant in a two bed*
*normally
It’s a much nicer situation to have 1 bed money and hoping to stretch to a 2 bed.
Codswallop said:
Is the kitchen in a separate area?
Would be a deal breaker for me as I enjoy cooking, but wouldn't want the smells and vaporised oils misting all over everything else.
If the kitchen is in a separate room then it’s a 1 bed flat where someone has put the kitchen in the wrong room. Would be a deal breaker for me as I enjoy cooking, but wouldn't want the smells and vaporised oils misting all over everything else.
Back in about 1999 there were loads of studio flats in Maida Vale which were the old nanny suites and they had a living/bedroom, a kitchen and a bathroom. We used to buy them for about £50k and over a weekend fit a new kitchen in the living room and rip out the old one and turn that into a bedroom. Within a fortnight we had them back on the market as a 1 bed flat at £75k.
We did the same with 1 bed ex council flats in Kilburn. Stuck the kitchen in the living room, turn them into 2 bed flats and stick them back on as ultra trendy, modern West Hampstead properties.
It was just me and a mate, a rented van and doing the work in the evenings after our jobs.
Funk said:
I would never buy a leasehold house - there was a lot in the news recently about how onerous this is and a massive backlash coming against sharp practices by housebuilders who've done this.
I thought it was mainly on newbuild houses and those with short lease left. I've seen plenty of leasehold houses with 600 year lease of £2++ peppercorn ground rent in my city that still fetch good money. It wouldn't put me off buying leasehold houses if the house is in good nick and location. My freeholder(?) been dropping the costs to buy my freehold every year and based on my research it should be only a couple of hundreds. I'm planning to buy mine so I don't have to seek permission and costs for building works.
Cheers everyone.
Another question if i may. At what point of buying would i expect to see the details of the leasehold?
Another question if i may. At what point of buying would i expect to see the details of the leasehold?
KTF said:
What areas of Southampton are you looking at? There may be other options on the east side of the bridge in Woolston and surrounding areas as that has improved a lot since the Vosper redevelopment.
Anywhere really, but not as far as gosportBenbay001 said:
Cheers everyone.
Another question if i may. At what point of buying would i expect to see the details of the leasehold?
It's usually mentioned in the ad if it's decent (a long lease is a major selling point).Another question if i may. At what point of buying would i expect to see the details of the leasehold?
If not, the agent should be able to tell you immediately.
Edited by Funk on Monday 19th February 20:18
Funk]enbay001 said:
Cheers everyone.
Another question if i may. At what point of buying would i expect to see the details of the leasehold?[quote]
It's usually mentioned in the ad if it's decent (a long lease is a major selling point).
If not, the agent should be able to tell you immediately.
A significant number say "lease details are currently being compiled" which i take to mean worryingly short lease, right?Another question if i may. At what point of buying would i expect to see the details of the leasehold?[quote]
It's usually mentioned in the ad if it's decent (a long lease is a major selling point).
If not, the agent should be able to tell you immediately.
I lived in central Southampton and bought my first flat there about 10 years ago. Moved away now. Id take a good area over a duffer any day, but if it really isnt what you want Id not bother personally. Prices arent charging up like 10 years ago so I dont think youll miss the boat. Southampton is a proper mish mash though, most areas I find grubby and a bit down market other than on the way out up the Avenue. Further out you get the better!
Friends and colleagues will think you're a sad loner if you buy a studio flat in the UK. Try to buy a normal 2-bed house, instead, if poss.
Regarding leasehold vs. freehold. This tells you everything you need to know. As others have said, freehold is better than leasehold.
https://www.moneysavingexpert.com/mortgages/what-i...
https://www.moneysavingexpert.com/mortgages/buy-fr...
Regarding leasehold vs. freehold. This tells you everything you need to know. As others have said, freehold is better than leasehold.
https://www.moneysavingexpert.com/mortgages/what-i...
https://www.moneysavingexpert.com/mortgages/buy-fr...
If it is a studio, you would like a large one.
Is the kitchen large enough to accommodate a washer/dryer?
Is there space to dry the non dryer items (jeans etc)?
Can you accommodate a sofa and bed/wardrobe?
Where will the hoover/iron live?
What about the shoe rack, coats etc?
Stupid questions but putting the reality hat on here, it’s often overlooked when viewing flats. I had a 2 bed flat as first place, it meant I could store my push bike in 2nd bedroom, had space to dry clothes etc.
Friend has a 1bed he and his wife live in, it’s cramped and they are struggling to sell as it looks full.
Take your time looking, if You can drive, move further out or look for a place on a good bus route.
Is the kitchen large enough to accommodate a washer/dryer?
Is there space to dry the non dryer items (jeans etc)?
Can you accommodate a sofa and bed/wardrobe?
Where will the hoover/iron live?
What about the shoe rack, coats etc?
Stupid questions but putting the reality hat on here, it’s often overlooked when viewing flats. I had a 2 bed flat as first place, it meant I could store my push bike in 2nd bedroom, had space to dry clothes etc.
Friend has a 1bed he and his wife live in, it’s cramped and they are struggling to sell as it looks full.
Take your time looking, if You can drive, move further out or look for a place on a good bus route.
Benbay001 said:
Anywhere really, but not as far as gosport
It’s a shared ownership but will get you a 2 bed in Chandlers Ford: http://www.rightmove.co.uk/property-for-sale/prope...1 bed in Eastleigh: http://www.rightmove.co.uk/property-for-sale/prope...
1 bed in Woolston: http://www.rightmove.co.uk/property-for-sale/prope...
Looking on rightmove there seem to be lots of 1 and 2 bed flats within 5 miles of southampton.
Given that, there's no way I'd buy a studio flat. they're harder to sell.
Yes location is important, but not to the detriment of buying a property that will be hard to sell in future.
as long as you arent buying in the drug addled areas a 1 or 2 will always be easier to sell than a studio
You'll also run out of space remarkably quickly
Given that, there's no way I'd buy a studio flat. they're harder to sell.
Yes location is important, but not to the detriment of buying a property that will be hard to sell in future.
as long as you arent buying in the drug addled areas a 1 or 2 will always be easier to sell than a studio
You'll also run out of space remarkably quickly
Blaster72 said:
Yipper said:
Friends and colleagues will think you're a sad loner if you buy a studio flat in the UK. Try to buy a normal 2-bed house, instead, if poss.
Again, moronic comments from our resident know it all.Funk said:
Blaster72 said:
Yipper said:
Friends and colleagues will think you're a sad loner if you buy a studio flat in the UK. Try to buy a normal 2-bed house, instead, if poss.
Again, moronic comments from our resident know it all.Benbay001 said:
A significant number say "lease details are currently being compiled" which i take to mean worryingly short lease, right?
It might mean that, or it might mean the estate agent is useless (also very common). They should be able to tell you before you put an offer in, if not walk away.Gassing Station | Homes, Gardens and DIY | Top of Page | What's New | My Stuff