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Original poster

Major doubts about buying a flat

39 replies

alazuli · 27/04/2016 16:49

From the moment my offer was accepted I've been having major doubts about buying a flat in London. I actually felt physically ill after they called to tell me for several days afterwards.

I'm not sure if this is my instincts telling me this isn't the place for me or whether it's just my fear of commitment/change coming out in force. I've lived in my current houseshare of 10 years. Plus, it just seems like so much money!

I'm on a very small budget so it's all I can afford and it does tick all of the boxes but it's a studio flat and I can't imagine living there for more than a few years as I'd like to settle down and family quite soon once I find the right man.

Help!

OP posts:

oldlaundbooth · 28/04/2016 00:30

I don't know why people are so keen to get on the property ladder.

It's a major burden.

You live in a great area, with cheap rent? Stay there. But put money on the side, pay into a pension or something.

Owning isn't all its cracked up to be.

Original poster

alazuli · 28/04/2016 00:39

cestlavielife - it's fine. It needs work but I could make it look nice after some renovation. Two of my best friends would be in walking distance. Storage... mmm. I'll have to buy the biggest wardrobe ever!

oldlaundbooth - that's what I'm starting to think. I'm just worried it's going to become a huge concrete albatross around my neck. At least with renting you, you get freedom and flexibilty but then after 25 years you don't get anything for it.

OP posts:

cestlavielife · 28/04/2016 08:21

Unless they very settled and even then friends can and will move away.

If you love it for now and love the area and can afford it easily then buy

Look into self storage place nearby how much will that be ?

but yes you may end up selling later for a loss or having to keep.it and rent it out in order to move to bigger place . You can't guarantee it is a "step".

cestlavielife · 28/04/2016 08:22

Does it have high ceilings could you build a mezzanine floor so it less bedsit like ?

FrikkaDilla · 28/04/2016 08:33

"oldlaundbooth - that's what I'm starting to think. I'm just worried it's going to become a huge concrete albatross around my neck. At least with renting you, you get freedom and flexibilty but then after 25 years you don't get anything for it."

Of course you do. You have all the freedom that comes with renting. Of course you might get a rogue landlord now and again - but if you buy you could have the neighbours from hell - and that's not so easy to get away from.

The money you save from renting will be used for other things - lifestyle choices, holidays and savings. Savings rates are abysmal at the moment but that can't last. Once rates go up, house prices come down.

So you need to decide if you want to rent privately or if you want to rent from a bank.

DiggersRest · 28/04/2016 09:28

OP l had the same feelings when we bought (in London) in 2010. I felt utterly trapped and for the first year l was miserable (we moved to a new area too). BUT, for us, it turned out to be a really good investment but even now l remember the buyers remorse l had.

I don't think prices can continue to rise, who has the money to buy any more? ? But I'm also not convinced that while interest rates are so low there will be any sort of crash. I think it will just plateau.

Original poster

alazuli · 28/04/2016 10:11

cestlavielife - no the ceilings are quite low. There is a separate sleeping area so it's not just one big room.

DiggersRest - where in London did you buy? Yes, I wonder if it's just a feeling I have to ride out. Of course if it turns out to be a good investment it'll be worth it. If just the niggling doubts of 'what if it's not...?'

OP posts:

cantbelieveImquittingcoffee · 28/04/2016 10:32

Walthamstow is east London! You don't mention your age, maybe it's not relevant, but I was flat-sharing in lovely southwest London for 3 years before I did the sums and realised I could get a mortgage in E10 (next to Walthamstow, and WAY less desirable in those days, though the market was a very different place too!!) as long as I then rented out the second bedroom. I bought my flat when I was 25 and was utterly convinced I would be getting married and having babies too soon to bother settling in there, and in many ways my purchase was head over heart - the flat was a sensible option but I wasn't in love with it. It took me maybe 6 months, maybe longer, to feel like it was mine and in many ways I would have preferred not to have to share it, but it was a means to an end. Fast forward 12 years and I have been living with my DP for the past 3 years and renting out my flat, and it's going to be my income during my maternity leave!
The doubts are very normal, and nobody can predict what will happen in the market, but having friends close by, great transport links and being in an area with an interesting developing scene are all pluses IMHO

DiggersRest · 28/04/2016 10:46

We are SW London

cestlavielife · 28/04/2016 10:47

if it's not a good investment you will still have a London property you can rent out/leave to your children / sell (even at a loss) -there will be a way out. long term you may lose or gain.

is it better to have "security" of a long term mortgage on a small flat where you want to live?

think of it as - do you want to have your own space that is yours for the next however many years?
do you want to live in the area?

whatever happens to prices, owning is going to come with costs of mortgage, repairs, renovation...but it will be "yours" to decorate how you like. it may or may not turn out to be a wise investment no one can tell you that.

what do you want now / for next five years?

sharing in Shoreditch or on your own in your own place in Walthamstow?
does cheap rent allow you to save and have nice lifestyle?
will mortgage mean no restaurants for five years?

Wilding · 28/04/2016 11:02

I bought a studio in East London nearly a year ago and felt exactly the same way - had to put an offer in literally 5 minutes after viewing it and had total panic for a while about spending that much money on three rooms! However - looking back it was absolutely the right decision and I feel very lucky to have it! I love that is my own space, no worries about landlord selling up or rents rising, I can decorate it how I like and if I want to move out I know I could sublet it like a shot. After years of flatmates it's a real joy to be on my own, as well.

I really wouldn't pay too much attention to all the talk about a house crash, people have been saying this for years. I bought my last flat before the last crash, was in negative equity for a bit but that doesn't really matter as long as you're living there or can rent it out. By the time I sold it prices had risen again and I made enough for a hefty deposit on my current flat.

Can you go and take another look at the flat? Maybe take a friend with you? I took a few people round for a second viewing once my offer had been accepted and they all liked it which reassured me a lot! If your gut feeling is about the property specifically - ie you hate it and can't imagine yourself living there - then you should probably think again. But if it's just fear of change and spending all that money then I think you just need to power on through and trust that it will be worth it in the end when you have the keys in your hand

BananaPie · 28/04/2016 12:37

We were in SE London.

verylazygarlic · 28/04/2016 13:55

We're in Shoreditch and I can understand your reservations about moving further out. Walthamstow is lovely and great for families, but has a very different vibe from Shoreditch, which personally I'd want to make the most of while I could. We could get a house in Walthamstow or similar areas for the price of our current flat, but the convenience of zone 1 living and general atmosphere isn't something we've been prepared to give up.

If your doubts are based on the chances of a property crash though, I wouldn't be so concerned. Yes prices might drop but if you're continuing to live there then it makes no difference - or if you need to upsize for a family (which of course is by no means guaranteed anyway) then you'll likely have a bigger deposit with a partner/salary increases in future.

I think you need to think about the future based on current finances and what is going on in your life right now, not vague hypotheticals which may or may not occur.

Original poster

alazuli · 28/04/2016 16:14

cestlavielife - In 5 years I'd definitely like to be settled with a family. I do think I am ready to buy now. It's just deciding what I'm prepared to compromise on.

Wilding - I'm trying to get in for a second viewing but it's tenanted and they're not picking up any of the EA's calls. Hope that's not a bad sign...

verylazygarlic - If you own in Shoreditch I'd definitely keep hold of it!

OP posts:

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