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Original poster

Can I afford anything?

51 replies

QueenLizIII · 26/09/2016 12:07

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?

OP posts:
EssentialHummus · 26/09/2016 12:28

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.

Original poster
QueenLizIII · 26/09/2016 12:35

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.

OP posts:
Original poster
QueenLizIII · 26/09/2016 12:37

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

OP posts:
EssentialHummus · 26/09/2016 12:57

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 · 26/09/2016 13:00

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

Original poster
QueenLizIII · 26/09/2016 13:01

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.

OP posts:
lalalonglegs · 26/09/2016 13:12

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 · 26/09/2016 13:17

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 · 26/09/2016 13:20

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

takesnoprisoners · 26/09/2016 13:27

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

EssentialHummus · 26/09/2016 13:37

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 · 26/09/2016 13:37

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

lalalonglegs · 26/09/2016 13:39

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

phoria · 26/09/2016 14:02

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 · 26/09/2016 14:15

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

YelloDraw · 26/09/2016 14:17

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

Pootlebug · 26/09/2016 14:20

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 · 26/09/2016 14:25

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 · 26/09/2016 15:02

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 · 26/09/2016 15:10

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 · 26/09/2016 15:19

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 · 26/09/2016 15:25

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 · 26/09/2016 15:42

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

phoria · 26/09/2016 15:49

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

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

Womble75 · 26/09/2016 16:03

Just outside M25 but still less than an hour to Waterloo.
These are close to the station and trains run in all the time to Waterloo.
We live in Andover which is still just an hour to Waterloo and you would get even more for your budget.

www.right-move.co.uk/property-for-sale/property-59241461.html

www.rightmove.co.uk/property-for-sale/property-61055381.html