Can I afford anything?

(52 Posts)
QueenLizIII Mon 26-Sep-16 12:07:48

I am not property savvy and just started looking.

Live inside the M25, have a £42k salary and have £30k saved up.

can I afford even a one bed anywhere inside the M25?

EssentialHummus Mon 26-Sep-16 12:28:11

Assuming you're buying on your own, you could borrow (it's bank dependent, but approx) 4x your salary, so £168,000, and your deposit takes you to £198,000. Very simple, assumption-full calculation, but roughly.

Get onto RightMove, and look for property in your chosen areas, commute etc around £210,000 (go a bit higher, because if something's been on the market for a while, you can often negotiate down). See if there's anything you'd realistically consider.

Generally ex-council will get you more for your cash. I live in one and rate it highly, others wouldn't touch it.

Start to get your paperwork (payslips, bank statements etc) together.

Also keep in mind stamp duty, legal fees (should be under £1000 for a simple sales) and any moving costs.

QueenLizIII Mon 26-Sep-16 12:35:23

Thanks.

Yeah I had a look at the £210k range, there is virtually nothing I like at that price range.

It's hard having to do it alone.

QueenLizIII Mon 26-Sep-16 12:37:11

Maybe branch a bit further out but then commuting costs become an issue.

EssentialHummus Mon 26-Sep-16 12:57:51

The next(obvious) question is, are you being realistic in what you want (wrt area, size, commute, condition)? What do you see as essential/must-haves? What areas do you like?

YelloDraw Mon 26-Sep-16 13:00:05

I've just been lent 5x - speak to a broker and see what they think you can borrow

QueenLizIII Mon 26-Sep-16 13:01:30

I dont want a project. One that needs a lot of work. I cant afford the work and I cant do it myself.

I would like to be near a station that gets me into the city in a reasonable time.

I would like fairly modern and a decent modern bathroom.

I looked at Streatham as it has the Thameslink but a decent one bed there was £295k.

Possibly not being realistic.

lalalonglegs Mon 26-Sep-16 13:12:03

But Streatham is an established and now a very trendy and expensive area of London. You will need to look at areas that are (probably) further out and less gentrified.

Truckingalong Mon 26-Sep-16 13:17:51

<channels Kirsty> compromise!!!! One of the elements has to change then. It can't be price, so that means location or size or ??? There must be other locations you could consider? I'm from oop norff, so I can't help on the where but there must be somewhere

Gazelda Mon 26-Sep-16 13:20:40

Where do you need to commute to? That will help you start defining your area.

takesnoprisoners Mon 26-Sep-16 13:27:17

[http://www.rightmove.co.uk/property-for-sale/property-56104459.html] No?

EssentialHummus Mon 26-Sep-16 13:37:04

As an example of what I'd go for, in your shoes: Link

This flat is small and needs improvement, but is well under budget. The area is currently OK - I live not too far off - and is actively being developed and a new station is due Link, along with amenities and shops.

Commute is under 10 minutes to London Bridge.

EssentialHummus Mon 26-Sep-16 13:37:51

(And new developments should mean that prices in the area rise over time.)

lalalonglegs Mon 26-Sep-16 13:39:49

That's a good find, Hummus. I wonder if the kitchen and bathroom can be swapped round to make the layout more sensible.

phoria Mon 26-Sep-16 14:02:52

I got 5x my salary too. I can put you in touch with my broker if you like.

You can definitely get a 1 bed in Woolwich and Abbey Wood for your budget. Both are going to be on the Crossrail.

YelloDraw Mon 26-Sep-16 14:15:00

Same layout but different location to the one Hummus linked to:
www.rightmove.co.uk/property-for-sale/property-43991166.html

YelloDraw Mon 26-Sep-16 14:17:18

Check this out - how grim :-( Looks like a family living in a practically windowless
244 sq foot crap hole

Pootlebug Mon 26-Sep-16 14:20:23

I would also look at SE London. Focus on near the stations in the lines that go in to Canon Street for the City. So woolwich / Abbey Wood / Plumstead or Erith, Belvedere etc if you go further out.

phoria Mon 26-Sep-16 14:25:28

I've actually been to see a flat in the same block YelloDraw and the sleeping area actually opens into the kitchen (so a doorway but no door).

If you can live with cooking in your bedroom then it's a good buy for the area.

EssentialHummus Mon 26-Sep-16 15:02:45

In both yellos and mine, I think I'd have a kitchen/living room and make what is currently the kitchen part of the bedroom, but I think OP would find this crosses the Rubicon renovation-wise.

phoria Mon 26-Sep-16 15:10:11

Can you do such extensive renovation to a leasehold flat? Whenever I see this kind of layout I can't believe anyone would be stupid enough to think it would be a good idea to put the bedroom right next to the kitchen.

EssentialHummus Mon 26-Sep-16 15:19:15

That's a good point phoria, you'd need to look at the lease. I'm also baffled at this developer replicating an odd layout - when I saw it once I assumed it was someone who liked breakfast in bed, but on a grand scale it's v odd.

YelloDraw Mon 26-Sep-16 15:25:09

Can you do such extensive renovation to a leasehold flat? Whenever I see this kind of layout I can't believe anyone would be stupid enough to think it would be a good idea to put the bedroom right next to the kitchen.

I know right!

And obviously it was done all over the place since it is in blocks in different boroughs. What on earth were they thinking?

phoria Mon 26-Sep-16 15:42:12

I mean they could just have very easily had the kitchen opening into the living room like a normal person would. So odd!

phoria Mon 26-Sep-16 15:49:58

This is basically just one room but it's in a really good location

www.rightmove.co.uk/property-for-sale/property-43423068.html

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