Would you stretch for a £775k flat or stay within budget? Clapham

[LondonSeller]

Flat is under offer and looking to buy another so transaction can complete

Is this flat really worth 775K or should I buy a less flash flat for 650K? I want to stay in this area and know this road well

https://www.rightmove.co.uk/properties/93000144#/?channel=RES_BUY

Im not sure whether to stretch myself or stay within budget - I can get something smaller here - WWYD?

www.rightmove.co.uk/properties/92936625#/?channel=RES_BUY

With the first flat, having the bathroom on another floor would irritate me. Are there any photos of the second bedroom?

I think it’s definitely worth it. Already refurbished and done pretty well and in a prime area. You’re not far from Stockwell with the Victoria line. When I bought my house in SW I had initially a budget but then we decided to stretch ourselves and I am so glad we did as I love my house and I don’t think I’ll ever move anywhere else now.

Just had a quick look and you could buy a terraced house for a similar value. Why would you buy another flat when they are devaluing all the time and have the shared cost and ground rent issues?

I love that garden. I'm not a big fan of the tropical look but it works really well there, and the hard landscaping looks well done. They definitely invested some money there.

Ah great location! I used to live in Killyon Road in the late 90s and loved it. Its close to Clapham and also easy for Wandworth Road, Battersea, Stockwell etc etc. When I lived there it was a bit scruffy but like all of London its been on the up for years now

If t was me I would go for the more expensive one (provided I could afford it) as it has the garden - effectively you have another room for most of the year as you can sit out, eat outside etc etc. Plus in the future its easier to have a dog/cat and with two bedrooms you can have people to stay/ let the room out. Only disadvantage may be noise from upstairs flat.

The disadvantage of the other flat is that it is on the top floor which I fear would get very hot in the summer.

I wouldn't ever buy a converted flat but if I did I'd ensure that it were on the top floor. There's little worse, noise wise, than heavy footfall.

It’s a beautiful looking flat but I would be concerned about noise from above. But maybe noise is less of a concern for other people.

Also this. I used to live in a conversion in Clapham and could hear upstairs peeing, having sex, the alarm clock, clattering pans when cooking. Purpose built have much better sound insulation.

I'm not in London, but if you bought the cheaper flat, would you have loads of cash left over to significantly improve other areas of your life? Or can you happily afford the more expensive one? That's what would make my decision.

Were they any good?

I wouldn’t buy a flat in today’s market - too much risk of being trapped for years and the flat depreciating in value. I would buy a small house further out.

I wouldn’t buy the cheaper top floor flat - being in the eaves without any loft space above will mean it’s roasting in hot weather.

Very poor value for money, I estimate 100k overvalued.

I would love the garden, I think you could offer well under asking for the expensive flat though.

It says offers over

I can't say whether that's worth it as London prices continue to astonish me, but I wouldn't live in a top floor conversion ever again. The heat is unbearable. I did it for two years and both summers were just miserable because I couldn't sleep and it was just so stuffy and humid

When we were setting our budget our broker got us to think in monthly payments rather than the headline price, which really helped. If £775k means the payment is manageable but leaves nothing for service charge rises or the works an old conversion always needs, that is your answer. If it still leaves a buffer, the done-up one will probably cost you less in the first few years than a cheaper flat that needs money spent on it. Also definatly check the lease length and service charge on both before deciding - two flats at different asking prices can end up costing pretty similar monthly once those are factored in. The bathroom on another floor would really bother me though.

Probably more.

This one is nearly 4k on the mortgage debt payments alone.

Looks nice and Clapham is a great area. I'd be a bit put off by the basement bathroom, annoying on a different level to the bedrooms and is likely to be damp issues.
Good that it is share of freehold.
I have many friends who've tried to sell flats in London in the past couple of years (all different areas) and it has taken a loooong time.

£4k a month before service charge and the inevitable old-conversion surprises answers it for me - there is no buffer left, so it stops being a stretch and starts being a gamble. Shame, it does sound like a lovely flat, but for that montly payment I would also want the bathroom on the same floor.

If interest rates go up as expected this flat will definitely lose value, not a good buy at this price at this time.

For me it would depend on what stretch meant?
Zero to little spare income afterwards, no.
A little less in the saves pot, yes.

The second one I'd rule out - hot, depressing, and you can afford more.
The first flat looks lovely, but how liveable is it? Would the garden be a great extra room, or is it overlooked and noisy? You're paying a LOT for decor, which will date so isnt a long term investnent as such.
I'd want the goldilocks option of Flat 2 layout but cheaper as am able to decorate myself and woukdnt be up for paying a £100k premium for decor on a relatively small space.