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First time buyer in London, please help!

(36 Posts)
LondonB1 Tue 09-May-17 10:15:07

I'm buying a new build flat in London, it is not cheap but the location is very convenient...The living room of the flat is facing east and bedrooms are facing west. It has one balcony on each side. The problem is on the west side, the building is a "L" shape, where the other side of the building covers all south facing view/sun.

I am planning to sell the property in few years time and move into a house. I am wondering if it is easy to sell such property like that. Should I ask more discounts from the developer? How much percentage it can be negotiated?

dailydance Tue 09-May-17 11:37:15

Let me make sure I'm right here... you're looking for a discount because the flat you chose to buy does not have south facing windows? If you don't like its position then don't buy it.

Re buying for an investment- buy somewhere you will be happy to live in for 10 years. You (nor anyone for that matter) knows what the market will be like in 3 (or however long) years before you wish to sell. The flat will only he worth what someone wants to pay for it. So, unless you have a crystal ball, you don't know for sure until you go to sell. I advise taking the approach of buying somewhere you would be happy with for 10 years because you don't know what's around the corner, market-wise, economically, nor how your personal circumstances will change. You do not want to be stuck in a flat that you don't like.

Kokusai Tue 09-May-17 12:43:11

Let me make sure I'm right here... you're looking for a discount because the flat you chose to buy does not have south facing windows? If you don't like its position then don't buy it.

^This

IMO it is not a sound fiancial decision to buy a new build flat in the hope of selling in a few years.

There is always a nicer, newer block going up to compete with.

LondonB1 Tue 09-May-17 14:55:54

I quite like the development but the one I wanted earlier was sold. Now the one left has got bit of blockage of the views. No south facing window is not too much problem for me but the view was blocked from south side. I am just wondering in the future whether it is difficult to sell, so should I get more discounts now to cover it in the future?

ClaudiaWankleman Tue 09-May-17 15:03:33

If it's anything from £350,000-750,000 then I suspect that it won't be a limiting factor to selling it.
If it is over that, i suppose it might? I would think that it's only when people go for very high spec, luxury apartments that something like not having all day sun on one of two balconies would make them think twice.

Kokusai is right though, there is always a better block right around the corner. In London it'll be location, views and outdoor space that hold value so if you're thinking of selling, you need to keep that in mind I reckon.

Kokusai Tue 09-May-17 15:31:03

I would think that it's only when people go for very high spec, luxury apartments that something like not having all day sun on one of two balconies would make them think twice.

I dunno, I didn't look at flats that didn't have a S or a W facing balcony around the £550k mark. No balcony, or N or E got ruled out.

If you are buying in a big block, there will probably always be a couple of flats up for sale at the same time in a few years. Then things like balcony direction and floor level can make a big difference.

LondonB1 Tue 09-May-17 16:43:35

Thanks all!

The flat is in Canary Wharf but bit further down to the luxury ones. It is just under £700K. I was looking for other developments as well but either it is bit far from the station or bit further out. The price for those ones aren’t cheap as well around £650K. So I was considering why not to buy something which is only two minutes away from the station. This flat has everything apart from the blockage of the view/sun from the west facing rooms…

Laurah1979 Tue 09-May-17 16:47:28

Is there any reason you are only looking at a new build?

LondonB1 Tue 09-May-17 16:56:03

Not really, I have been looking for others as well but the price is not much different and the building is quite old..

sm40 Tue 09-May-17 16:56:33

I'm very into the way my house faces, but lots of people I know have spent much more on a house and never considered or thought to consider it when looking to buy, so you could get someone like that when selling!!!!

Kokusai Tue 09-May-17 17:03:35

The flat is in Canary Wharf but bit further down to the luxury ones. It is just under £700K

Well 2 mins from the station is a great attribute that will never change. But I am not super sold on the wharf as a great location to buy in, but if you like the flat and can see yourself living there for more than a few years go for it.

oneforme Tue 09-May-17 17:05:17

We have a London flat and we have no idea which way it faces, so it's not something we considered at all. We get a lot of sunlight in the late afternoon - what direction would that be? Views weren't a major thing for us either. The key points for us were location (we won't live further than 0.4 miles to a zone 1 tube station), decent size rooms, decent storage, the flat being all on one floor, and a lift. Our flat is worth £800k so in a similar range.

I wouldn't buy a new build flat from a developer as I think it comes at a premium, but we were the second owners of our flat and I like new buildings. Personally I wouldn't consider buying in Canary Wharf but if we worked in the area then I might. I think those properties will always have a market though.

GETTINGLIKEMYMOTHER Tue 09-May-17 17:11:59

Most newbuild flats in London are very overpriced compared with equivalent sq m 'oldbuilds', which are expensive enough anyway. Have you paid any money down? If not, and there's something you're not happy with, then I'd be inclined to pull out and look for something else, or you may find this aspect annoying you the whole time you're there.
£700k is a lot of money for something you're not completely happy with.

Kokusai Tue 09-May-17 17:18:19

We have a London flat and we have no idea which way it faces, so it's not something we considered at all. We get a lot of sunlight in the late afternoon - what direction would that be?

Really? You weren't interested in if you were going to have a cold dank balcony you would never be able to use, or one that got the evening sun and you could sit on with a G&T?

But you have a W facing balcony.... which are the best IMO as you get the last of the sunlight which is when you are more likely to be home from work.

oneforme Tue 09-May-17 17:25:10

Thanks Kokusai. We don't have a balcony at all - we get the sunlight into our living room which does have full height windows but we keep them mostly covered anyway for privacy! I'm not much of a sun worshipper and I'd be happy sitting in the dark with my G&T really.

Kokusai Tue 09-May-17 18:06:53

and I'd be happy sitting in the dark with my G&T really

My dream property would be a triple aspect penthouse E / S / W with balconies on all sides. Breakfast on the E side. Day time on the S side and evening sun downers on the W side :-)

thegoodnameshadgone Tue 09-May-17 21:05:49

I'm in the northwest and London prices always astound me.

PaulDacresFeministConscience Wed 10-May-17 20:53:05

Not in London, but I cannot echo strongly enough the advice to buy somewhere you like. I am currently in year 11 of living in my 'it's ok for 2-3 years' property, which I bought at the top of the market in 2006. Now tentatively trying to get our numbers to work so we can move. It's been blood sweat and tears overpaying to reduce the negative equity. As it is we'll be lucky if we can sell and walk away from the mortgage free and clear, with the deposit (which we've had to save) for the next place intact.

If we were living somewhere we loved then the negative equity would be irrelevant. Be very careful about buying for investment. London prices are running hot at the moment but once the economic realities of Brexit start to bite, there's a growing chance that the housing market will be subject to a sharp correction.

OlennasWimple Wed 10-May-17 20:59:44

Sunlight is more of an issue for me than orientation - I know that there is a link between the two, but a south facing room can be dark if there is a building in front of it and a north facing room can enjoy day round sun.

The plot is probably already "discounted" if it's a less favourable position than other flats in the block, but I guess it won't hurt to try to haggle.

You could link to it here if you want some honest views about the sorts of things that would be attractive or off-putting about it for future buyers?

OlennasWimple Wed 10-May-17 21:01:18

The best way - so far as it's possible to tell without a crystal ball - to maximise your chances of recouping your costs wen buying property is to buy something that needs work doing to it: the worst house in the best street should be your axiom. This is the problem with new build - there isn't usually much potential to add value, otherwise the builder would have done it themselves

EssentialHummus Wed 10-May-17 21:11:16

Agree with olennas and others. Firstly - and I say this as someone who does invest in property - you need to be able to see yourself living there medium term at least. Secondly, if you want to build equity/add value, a new build in CW isn't at all the right approach IMO. If you just like the idea of a new flat (and you're not alone) that's fine, but I think it's almost entirely incompatible with adding value. Finally, check the lease length and service charge - some of these places run to £200 pm for gyms, clubs and libraries, which again isn't brilliant if you're not using them.

There's lots more to say but basically I wouldn't do it. Frankly if I had your budget and wanted a house down the line I'd buy in Forest Gate, Maryland, Woolwich or even parts of Lewisham and get a run down house now, or possibly more than one flat.

LondonB1 Thu 11-May-17 12:53:38

Thanks all for the advice! The problem for us now is I want somewhere to live in the city and then move out somewhere bit further few years later to a house. I understand that CW is expensive now but as the future planned developments around this area, I think the value might go up a bit in the future and most importantly for now, the area is so convenient to live. Other areas would have potential good increase value in the future but might not be that convenient for now.

I just realised that I can actually attach the images. The right hand side is east and left hand side is west. As you can see, the south part is covered by the other side of the building...

LondonB1 Thu 11-May-17 12:54:34

Sorry it is No. 17.

averythinline Thu 11-May-17 13:04:21

For me that orientation is the wrong way round as the evening sun is in the bedrooms....and you could well be shaded by no75 as well..

It would put me off definitely but as a lot of those flats are rented out/not lived in I'm not sure how much that would impact ..

Kokusai Thu 11-May-17 13:46:05

OP for your budget I would look to get a 2 bed flat in a building with more character.

Those identikit flats are not a safe bet if you are looking for capital appreciation.

Something like this, on the edge of Vicky park.
Transport links not amazing but id be inclined to borjs bike to work and get a taxi home if you're working long hours.

www.rightmove.co.uk/property-for-sale/property-65021987.html

Or this one.
www.rightmove.co.uk/property-for-sale/property-48145668.html

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