Is buying a flat with high service charges (not London) a bad choice, bad investment?

[CatAndHisKit]

I wonder if flats ever grow in value generally, especially if they've lost their new-built shiny-ness (this one was built in early 2000s).

I'm looking to buy and so far bo lucj with houses. I've seen a great flat whicj ticks most of the boxes, but despite being a 3-storey block there is a lift. Service charge is sky-high! Building insurance included but nothing else.

I wouldn;t even mind paying that if they were to accept a lower offer, but I worry that it will never rise in value - more wear, high charges. It is a good location within the town but it's the town itself is still around national average for property prices, no higher.

The sq footage is actually bigger than some 2-3 bed terraces I looked at in several locations. Its an upmarket sort of block, well loked after.

I know flats are unpopular atm anyway, so the vendors might accept a low offer, but is it a bad idea overall?

I hope so sunshine, the vendor hasn't been clear on the sinking fund question.

@CatAndHisKit

rambling I mentioned earlier that it's over 1500 - actually 1700 but I've sort of deducted the insurance cost that would be paid on a small house anyway (without contents). In amy case the bigger bills may always happen too. Has your charge remained stable over the years?

We are actually the sole freeholders so we set the service charge so a slightly different situation. It has remained stable for 2 years. We put it up from £90 a month to £110 2 years ago as we knew there were some expenses coming up. We also did have some major work done 2 years ago which was an extra £1000 per flat due to a structural issue. Its now all resolved and we anticipate the service charge to remain as stable as possible but have to allow for inflation etc....

Even 1700 in London with a lift I think is very cheap.

rambling it's not in London, that's the point (flats here tend to lose value over the years). Yes, ideal that you are freeholders and can control things.

CatAndHisKit Ask to see a copy of the service charge bill. The sinking fund charge should be listed separately. Tell the vendor that is your concern before making an offer.

The sinking fund for my flat in southwest London costs £170 out of £861 per quarter. We have 4 lifts, electric gates, a garage, a concierge 5 days a week, and the two blocks number 76 flats.

The new build flats in our road have gone up in price hugely. We were going to invest in one at £169,000. We didn’t go ahead for various reasons. It quickly resold at over £200,000 and now for £220,000. I’m kicking myself!

are you in a city, perfume, where prices are generally going up hugely?