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Original poster

Would you buy this flat?

63 replies

leslieknopeisdope · 27/08/2016 10:17

FTB in London. Would appreciate your views on a place I've put an offer on.

Pros:

  • 10 mins walk from the tube
  • Close to my friends
  • In a very popular up and coming area in London
  • Cheap (for London!)

Cons:

  • It's a studio flat (could possibly covert to a 1 bed)
  • It's right next to a school
  • It's next to a fairly busy road (that dies down in the evening)
  • There's an electricity substation next to the flat (didn't notice it but it was picked up in the survey)

All of the cons I could deal with individually but I'm worried that all together they might be too much and put off future buyers. What do you think? I don't love it but it's the best I can get on my budget and I do like the layout inside.

OP posts:
lalalonglegs · 27/08/2016 15:12

I'd wait. All the signs are that prices in London are going to come down. Work on pulling togethera bigger deposit in the meantime.

Queenbean · 27/08/2016 15:15

I'd buy. Pretty much anywhere in London will only go up in value

All the stuff on your cons list are basically noise related so just buy a big box of earplugs

Flum · 27/08/2016 15:17

yes, sounds great,

kirinm · 27/08/2016 16:00

Which part of London?

Original poster
leslieknopeisdope · 27/08/2016 20:08

It's in Blackhorse Road kirinm.

Don't know whether to wait to see if prices will drop - I think they might but it's just a question of how much - or just go for it.

Also, there's very little coming on the market right now.

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phoolani · 27/08/2016 20:11

Only the substation would give me pause but not for long I suspect. I live next to a school and it's great - quiet in the evenings and most of the day except at playtime when all the (primary) kids sound like they're engaged in some kind of Highlander battle to the death. I enjoy the imagery that brings 😬

Original poster
leslieknopeisdope · 27/08/2016 20:33

Haha that's a great image, phoolani. I just worry about the substation mainly because it might put off future buyers. I don't think they pose any threat to health - I mean we're surrounded by electricity - but I guess it's the perception that they might.

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CathFromCooberPedy · 27/08/2016 21:31

No l wouldn't . I wouldn't buy anything less than 2 beds, especially in this unstable market, you could end up there longer than you'd planned.

And the cons would put me off. I'd move furthere out until you can afford 2 beds.

Original poster
leslieknopeisdope · 27/08/2016 21:40

I'd probably have to move out of London to afford a 2 bed CathFromCooberPedy!

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bibbitybobbityyhat · 27/08/2016 21:44

Intrigued to hear of a cheap area of London that is 10 mins walk to the tube Grin.

But I would be inclined to do the same as LaLa says and wait for at least 6 months. Even if prices don't fall post Brexit, I'm pretty sure they won't actually go UP. In which case you haven't lost anything.

Original poster
leslieknopeisdope · 27/08/2016 21:52

Well Walthamstow isn't really a cheap area but this flat is probably because of all the issues I've listed, bibbitybobbityyhat.

I know as a FTB buyer I need to compromise but I'm not sure if this is too much compromise...

OP posts:
Queenbean · 27/08/2016 21:55

I wouldn't buy anything less than 2 beds, especially in this unstable market,

Brilliant advice! I guess the OP should try shitting out the extra money to be able to afford two extra bedrooms on the studio apartment she can afford. Plenty do people buy studios and one beds and are absolutely fine. Hmm

Original poster
leslieknopeisdope · 27/08/2016 21:56

Also I phoned up an EA today to ask them about substations and he admitted they do put some buyers off. He also said the next 4-5 years would potentially be quite difficult for anyone selling.

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Original poster
leslieknopeisdope · 27/08/2016 21:59

Ha, thanks Queenbean. It's just so depressing how little you can get for your money in London.

OP posts:
GinBunny · 27/08/2016 21:59

I think prices will only fall at the top end of the market, there is so little available at the bottom that there will always be buyers. I'd go for it.

Queenbean · 27/08/2016 22:03

No problem, I remember the hideousness of buying my first flat in London and doing the search set right across London, jumping for joy at seeing somewhere with a Chelsea postcode..... It turned out it was a garage! That's all I could afford!

Btw, what is your budget? We might be able to help you look

CathFromCooberPedy · 27/08/2016 22:22

This reply has been deleted

Message deleted by MNHQ. Here's a link to our Talk Guidelines. but for what it's worth, this poster got in touch immediately after posting and asked if we could take it down because ...

CathFromCooberPedy · 27/08/2016 22:24

And I'm in zone 3 because I couldnt afford closer with my own advice.

Queenbean · 27/08/2016 22:39

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SpookyRachel · 27/08/2016 22:40

Personally, I would. But that would be from instinct rather than wisdom necessarily.

bibbitybobbityyhat · 27/08/2016 22:45

Wow! Amazing how quickly a post can be rubbed out if it is at poster's own request. And I always thought Mumsnet was lightly moderated, especially at the weekend Shock.

bibbitybobbityyhat · 27/08/2016 22:47

This reply has been deleted

Message deleted as it quoted a deleted post.

Queenbean · 27/08/2016 22:48

Ha ha ha. Nice one Cath.

My previous comment still stands

Queenbean · 27/08/2016 22:51

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Message removed as it quoted a deleted post.

mayhew · 27/08/2016 22:54

IMO Walthamstow is great and unlikely to get less popular. However only buy the flat if you can imagine still being happy to own it in five years time.

If you think you might be in a position to let it in the future, I would buy. If you are relying on easy resale, maybe not.