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Buying Flats

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  • Buying Flats

    Hi All,
    This is my first post and would be grateful for your help/advice.
    I'm looking to relocate from Suffolk to the North West of England and I'm considering selling my detached 3 bed property and would like to purchase a 2 bed flat in or near the Eden Valley.
    I was wondering whether (a) anybody had knowledge of interesting developments in the general area (£200-250K) and (b) whether purchasing a flat in a rural location would be considered a sound thing to do.
    I realise there is a huge glut of flats in most large towns and cities but was interested to know whether a flat in a quiet location would make sound economic sense.
    Many Thanks.
    Last edited by kysonpoint; 22-09-2010, 04:33 PM.

  • #2
    Re: Buying Flats

    Why do you want to buy an overpriced new flat? Buy a second hand one - they are much better value.
    RICHARD WEBSTERwww.rwco.co.uk
    As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.

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    • #3
      Re: Buying Flats

      Originally posted by Richard Webster View Post
      Why do you want to buy an overpriced new flat? Buy a second hand one - they are much better value.
      Thank you for your reply,would you have a view on rural flats/apartments ?

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      • #4
        Re: Buying Flats

        If there are no other flats in similar locations it will be difficult to find genuine second hand comparables so the builders will tend to invent the prices to suit themselves. Don't believe what the builder tells you about how Flat 4 sold for £zzz,zzz and you are getting Flat 6 much cheaper. the poepl who bought Flat 4 may have been mugs - that's not a genuine comparable.

        Years later sellers will say that their flats are worth £xxx,xxx based upon the figure they paid for them plus some inflation proofing and some buyers may believe them - it just depends on the level of demand at that time. if the demand is there they may hold their price, but you can never tell.

        You have to think why people would buy a flat in a rural location. Many move to such locations because they enjoy being outside and want large gardens etc. Older people may like the convenience of a flat without having a garden to work - but if they can't do the garden then it won't be long before they can't drive and then they are stuck out in the wilds with little public transport.

        If the area is commutable to a large town/city then it might attract young professionals but if beyond sensible commuting limits there will be no market there. It could be second/holiday homes which in times of slump get sold off at dirt cheap rices because of an oversupply. I may be totally wrong - but I think you have to look at what sort of people are likely to buy flats in such rural locations.
        Last edited by Richard Webster; 23-09-2010, 09:45 AM.
        RICHARD WEBSTERwww.rwco.co.uk
        As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.

        Comment


        • #5
          Re: Buying Flats

          Originally posted by Richard Webster View Post
          If there are no other flats in similar locations it will be difficult to find genuine second hand comparables so the builders will tend to invent the prices to suit themselves. Don't believe what the builder tells you about how Flat 4 sold for £zzz,zzz and you are getting Flat 6 much cheaper. the poepl who bought Flat 4 may have been mugs - that's not a genuine comparable.

          Years later sellers will say that their flats are worth £xxx,xxx based upon the figure they paid for them plus some inflation proofing and some buyers may believe them - it just depends on the level of demand at that time. if the demand is there they may hold their price, but you can never tell.

          You have to think why people would buy a flat in a rural location. Many move to such locations because they enjoy being outside and want large gardens etc. Older people may like the convenience of a flat without having a garden to work - but if they can't do the garden then it won't be long before they can't drive and then they are stuck out in the wilds with little public transport.

          If the area is commutable to a large town/city then it might attract young professionals but if beyond sensible commuting limits there will be no market there. It could be second/holiday homes which in times of slump get sold off at dirt cheap rices because of an oversupply. I may be totally wrong - but I think you have to look at what sort of people are likely to buy flats in such rural locations.
          Dear Mr Webster,
          Thanks so much for your 'fulsome' comments.My main reason for considering a move to that particular location is its proximity to the fells and countyrside of N.West England. Plus the prospect of peace and quiet.
          Maybe a little house or cottage (assuming I can find one in my price range) might be a better idea?
          Thank you again.
          Last edited by kysonpoint; 23-09-2010, 11:21 AM.

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