What do you think of this studio flat?

[Spring025]

We're going to view this flat with DS at the weekend. It's tiny but in a good spot for him due to being close to a nice town centre and easy to get to work - and all he can afford.
He's currently paying £800 pound a month rent for a room in a house with no access to a proper kitchen (only microwave and fridge) and a shared bathroom so is keen to be putting that money into his own place.
I was just wondering if anyone had any thoughts on it, thanks!

https://www.rightmove.co.uk/properties/159386981#/?channel=RES_BUY

Someone earlier said it's not a great area of Newbury - I'm inclined to disagree, there are some much worse areas and Craven Road is convenient for town centre, train and bus station and nice walks on the canal.

I think it looks a good starter flat for your son, particularly after what you’ve said about him. My first flat was a studio, much smaller than this, and I loved it.

ps, I have a small plug in oil radiator on 24/7 in my converted horse trailer coffee box throughout the winter and it doesn’t cost that much to run.

The smoke staining on the wall above the window.

Hi that flat says share of freehold so there wouldn't be any lease charges. On that basis the expiration of freehold doesn't make any sense, freeholds don't expire. Contact the agent for clarity. If it means leasehold there are follow up questions to ask. I think a one bed always had better resale options than a studio and the market is quite stagnant so it could be worth a low offer.

I really like the flat you first posted about. Great to have a separate kitchen so you can close the door and not have to smell the cooking, see the washing up in the sink or listen to the fridge going on and off. The studio room is a good size and it looks like a well kept period property, sunny at least part of the day as can be seen in the outside photo. Heating can't be too expensive for that total area. The lease is a good length and share of freehold arrangement excellent. Residential street. Near station. What's not to like?

Share of freehold on a flat isn't the same as freehold on a house, there's still a leaseholder so still service charge and sometimes ground rent to pay. I'm not an expert but from what i understand anyway.

My only experience is the house next door it's split into two flats both owners own half of the freehold, there's no service/lease charges. (We have a shared chimney on that side that needed work and the upstairs neighbour had to explain to the elderly downstairs neighbour that she still had to contribute even though she has no roof) .

It's worth asking the questions and finding out the exact position from the agent.

I think it looks great. I’d have loved somewhere like that when I was younger.

Shated ownership. Might be worth considering Financial Breakdown:
Full market value: £220,000
50% share value: £110,000
5% deposit: £5,500
Monthly Rent on un-owned share (50%) £252.08

The freehold is shared but each flat still has a lease. If there's a charge for the lease then the money will probably go into a fund for repairs and maintenance on the whole property. If you're interested in buying, the estate agent should be able to get the details for you.

I don't like it.

Too pokey.

How else do the people above get into the flat? Where's the other door or do they share the entrance? (Doesn' t look like it.)

I'd suggest he get s a better house share and tries to save more as a deposit for a 1 bed flat.

Know this area quite well. If I’m guessing right, this flat here is actually tacked on to the OP’s one and others . If you look at the photos you can see the metal stairways leading up to the upper flats. I pass down Craven Rd several times a week and wonder at the mix of rentals and For Sales. You’re probably right- whoever said it’s likely landlords are selling up .

It’s shared ownership.

Plus Overbridge is near edge of an industrial estate and a right hike to the town centre, unless the OP’s son drives.

I'm not keen on ground floor flats / studios because of them being vulnerable to burglars compared to being on the first floor or higher, also the noise from people above (of course this would really annoy your son).

Studio flats and flats in general aren't great from an investment perspective unless in wonderful areas, but I guess him living here paying a mortgage is heaps better than paying £800 a month in a shared house with no proper kitchen.

I appreciate he wants the convenience of a short commute, but I would look elsewhere for something that isn't on the ground floor.

I’d suggest he models how long it would take to be able to afford a small one bed. I think a studio would get quite trying quite quickly, and it may be that it makes more sense to hang on for another year (?) for a one bed or else looks further out. I also think that’s a high service charge given the price of the flat.

Absolutely!!

Healthwise, though it really wouldn't be a great idea for me to move from where I am. But when you see these prices elsewhere, it's certainly very tempting!!

But given what you have said about DS, is a normal bed really going to be an issue there's still plenty of room for a gaming chair and desk and or an armchair or small sofa. I wouldn't think that the situation really warrants the best for a Murphy type bed for DS.?!

You might find a studio flat an issue, but that doesn't mean the OP's DS will. In fact, a studio flat suits a lot of people down to the ground, especially people that don't invite lots of people to their home.(which this DS won't).

Another year of £800 PCM, is a lot of wasted money in rent (well not wasted exactly as it gives him a roof over his head, but unnecessary expenditure when he could be in his own place paying either the mortgage off or is mum and dad back or whatever)

I don't think it's a high maintenance fee either

& moving further out is probably more difficult for him than most..

And here's me thinking how cheap it is!

Looks fine. Service charge, ground rent and freehold would be my only gripe. Some people get ripped off by huge service charge increases.

I think it looks lovely. Given what you’ve told us about your DS I would set the main room up as a bedroom with a small table in the window to eat at and a computer/gaming set up in the corner.

I know there are loads of fancy things you could do - high beds/partitioning and the like, but it sounds like he wouldn’t care, so I’d just make it as comfortable as possible. As long as he has a private bathroom and kitchen, and somewhere comfortable to sit, eat, and sleep, it sounds like he’ll be just grand.

My mental health would nose dive living in a studio flat without a garden. He should rent a studio flat first to see if he can even cope with it, it’s a really lonely thing to do.

Do you have inside information that OP's son's partner can't climb stairs??

I lived in a studio and I never put the heating on, I just didn't need it.

Then I lost my job and had to claim benefits, they would not pay the full rent (days of housing benefit) because there wasn't a separate bedroom.

I 'split' the room with shelves because I wanted a double bed, my TV was on a lazy susan so I could watch in bed.

I don't know what the current rules are, it might be worth looking up so if he finds himself out of work or has to rent it out it won't be a surprise.