Would you buy this flat?

[leslieknopeisdope]

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.

[fabulousathome]

How about making the offer that you'd be happy with and continuing to look and visit other properties.

Flats take ages to go through and if you see something you do prefer while you are looking then you can pull out before you have had to pay for a survey (maybe a week or two's gap).

Nothing is certain until you have exchanged contracts on the flat.

[YelloDraw]

Do you like the flat? Do you think you'll be happy there?

The school wouldn't put me off, I'm at work during school hours.

Substation isn't an issue unless it's like, actually IN your garden.

I am not a massive fan of studios, I much prefer 1 beds. But obviously you are constrained by price if you see what I mean, so if you are happy with the studio compromise then so be it.

[leslieknopeisdope]

Yes, I do GinAndTunic. Although I am still a bit concerned about the sub--station. Has anyone ever done an EMF survey??

[AntiHop]

That's a good tube line to be near. Fast, frequent and reliable.

[GinAndTunic]

Leslie, do you love the flat? Does it feel 'right'? Could you see yourself living there happily? If so, then this balances the cons.

I bought a first-floor maisonette that I fell in love with just seeing the pictures on Zoopla. It needed updating and is on a busy road in an unglamorous neighbourhood.

But I knew that I could make it into a warm, comfortable family home and, five years later, it's gorgeous.

[leslieknopeisdope]

I'd rather not FloweryTwat but it would be quite easy to convert it to a 1 bed, I think.

As it's quite close to the tube I imagine I wouldn't have a problem renting it out.

[FloweryTwat]

Do you want to post a link - totally understand if not. You might get some good advice on how to convert to a 1 bed.

I had a 1 bed which I still love loved until I met DH. We are midlands and never had a problem renting it out - it's an ace flat! Big difference between studio and 1 bed though.

[leslieknopeisdope]

I can imagine living there and being happy SingaSong12 although I'm not sure how annoying the noise will be.

[SingaSong12]

Never mind property values are you going to be living there and are you happy with the place?

I don't it will reduce in value even if it doesn't gain.

[leslieknopeisdope]

Yeah I don't think it's close enough that I would hear it, special subject.

[specialsubject]

No proven risk from a substation, and as everyone in london has their brickphones in their hands at all times they clearly arent worried. As mentioned, presumably the flat has electricity?

The actual issue is noise, but in a city it will be inaudible.

[leslieknopeisdope]

That's good to know leccybill. I did have a look at the flats in the same block and a couple sold a few years ago so it doesn't look like it'll affect resale (I hope).

[leccybill]

I live next to a high school with an electricity substation about 5 doors down over the road. Plenty of houses have bought and sold in the road in the 11 years we've been here.
A school is a good neighbour- peace and quiet 14 weeks of the year and after 4pm every day.

[leslieknopeisdope]

kirinm - Maybe it's inevitable if you're spending all your life savings!

Would love it if someone had a crystal ball and could tell me if I waited 6 months, would I find something better or be gutted I didn't go for this one.

[kirinm]

Leslie - we definitely have buyers remorse but I don't doubt we've done the right thing. Renting costs a fortune and if we'd have pulled out of the purchase we'd still be paying someone else's mortgage. At least it's our own mortgage now.

[leslieknopeisdope]

Nightmanagerfan I think I might just be having a heavy case of buyer's remorse. Before I put my offer in I just focused on the good points. Now I can only think of the bad ones!

I'm surprised and reassured that no one thinks the substation is a big deal as I read a few old threads with lots of people saying they would never consider living near one.

[Nightmanagerfan]

I would go for it - no one I know in London who has bought property has regretted it. Just make sure rent would cover your costs if you had to move out. I don't regret buying in an "up and coming" area even though at the time lots of people told me it was too expensive/a huge gamble etc. Turns out to be the best financial decision I ever made.

[leslieknopeisdope]

bikerlou I grew up in the suburbs and couldn't wait to get out so I'm sticking to London.

Queenbean I've been doing a London wide search of all flats in my budget for the past few months. I know every single new property so I doubt anyone could find something I haven't seen but thank you!

[kirinm]

I think though that what some people might consider an okay commute might not be okay for another person. I work long hours and want a quick commute and if that means sacrificing a big house in outer London / a different county for a flat in zone 2, at this stage in my life, I'm prepared to make that sacrifice.

[bikerlou]

I'd buy in Kent and commute, you can buy a three bed house for that a bit further out. My husband commutes to London everyday and it's fine.

[kirinm]

You are buying in a fairly expensive area. Can I tempt you with SE London?

[Queenbean]

What is your budget Leslie?

[leslieknopeisdope]

and nope don't have kids (yet)!

[leslieknopeisdope]

blinkowl I've been looking on and off for a year, seriously for the past few months. Everything else in my budget has a short lease or is in a dodgy or much further area.

did you start off with a studio or 1 bed? part of me thinks i should just get on the ladder but part of me is hoping there is something else out there that i'll have to compromise less on. maybe i'm being unrealistic!

i've noticed since the eu vote supply has dried up which is worrying.

[dotdotdotmustdash]

I think I've found it, but it appears to have been removed from active sale. If its the one I've found, it looks like no more than a stud wall to make it a 1 bed flat, it's fairly well-designed.

Still costs more than my detached family home in Scotland!