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Is this a good price ?

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  • Is this a good price ?

    Im looking for 2 bedroom apartments around Waterloo area and I've viewed one thats on a ground floor of at a guarded apartment . It's at one called the county hall apartment and goes for 599K . At least 80-100 sq feet.

    the other issue pertains to the management fees , the agency charges 10% per month for agency fees , and on top of that there is an annual 3800pounds the apartment's management fee. Can anyone advise me on a good real estate agency around Waterloo or Southwark ? Much appreciated

  • #2
    Re: Is this a good price ?

    I would advise looking around the neighborhood to see what similar properties are going for, and do a comparison. I must say that those agency fees seem a bit crazy.
    Private Property lists property in South Africa. We cover property to let and for sale.

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    • #3
      Re: Is this a good price ?

      The best thing is to be pacient, and take your time. Go look up the yellow pages, do a google search, but the local newspaper!

      Good luck!

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      • #4
        Re: Is this a good price ?

        £600k for a 2-bed apartment seems so alien to me here up in Manchester, I could buy half my street for that...

        Either way, I'd say the answer is research research research, how many other apartments like that are available for rent?

        Perhaps phone the letting agents to ask to view other similar apartment in order to get an idea of the demand and potential letting price.

        Know your competition

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        • #5
          Re: Is this a good price ?

          Originally posted by azurealm11 View Post
          Im looking for 2 bedroom apartments around Waterloo area and I've viewed one thats on a ground floor of at a guarded apartment . It's at one called the county hall apartment and goes for 599K . At least 80-100 sq feet.

          the other issue pertains to the management fees , the agency charges 10% per month for agency fees , and on top of that there is an annual 3800pounds the apartment's management fee. Can anyone advise me on a good real estate agency around Waterloo or Southwark ? Much appreciated
          £6000 per sq foot seems quite incredible - 100ft sq is only a 10ft x 10ft room, isn't it?

          Or have I missed something here? Did you mean 1000 sq ft?

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          • #6
            Re: Is this a good price ?

            To see weather it is a good deal, you need to research. Check how much rental properties are going in the areas and then compare that with your finances, will the rent cover your expenditure for it eg are you going to mortgage on a buy-to-let? If so will the rent cover the repayments, management fee and apartment management fee? If so then it may be a good buy for yourself, if not then maybe reconsider.
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            • #7
              Re: Is this a good price ?

              Hi Azurealm11

              Brian makes a good point and i can only assume you made an error when typing. I can fully believe that a 2 bedroom apartment would cost that much in waterloo, but in order to see if you're getting a good deal you really need to get on sites like mouseprice.com to see what similar properties have sold for nearby (and hopefully in the building itself).

              I'm guessing here but are not local? You said the american term 'Real Estate' so I wonder if you're a little unsure about the entire buying process in this country. Please feel free to PM me but any of the local estate agents in the area will achieve the same ends of trying to find you a property.

              Good luck!
              Free Guides For First Time Buyers!

              www.FirstTimeBuyerGuru.com

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              • #8
                Re: Is this a good price ?

                Originally posted by danielmarriott
                I could do the same in Lincolnshire.
                The joys of living in the north eh?

                That said we have to put up with dark days, clouds and buckets of rains over here in the NW!!

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                • #9
                  Re: Is this a good price ?

                  Its a little overpriced if you ask me. Maybe you should check the area out and round up the average in comparison to your desired flat. Don't forget to weigh out the advantages and disadvantages too! Cheers

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                  • #10
                    Re: Is this a good price ?

                    Sounds overpriced to me, why not just make a cheeky offer!?
                    Letting Agents Milton Keynes www.prestigemk.com
                    www.trading-standards-approved.org.uk

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                    • #11
                      Re: Is this a good price ?

                      Originally posted by tony jones View Post
                      Sounds overpriced to me, why not just make a cheeky offer!?
                      Indeed all hail the Cheeky Offers don't forget that your Goes for is just an Asking price. But that said can't blame the agents for trying plenty of overseas investors trying to park their money in London Properties.

                      Still there are plenty of good BMV properties to find in London, just have to look a bit further East. But you should count yourself lucky with 15% BMV and the V stands for Value not asking Price.

                      It seems you are using this as an investment vehicle.. To which I would reply and say go further up north and buy "a street" far higher Yields achievable.
                      Jack

                      http://www.creativeCASHbuyers.co.uk/

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                      • #12
                        Re: Is this a good price ?

                        It's a good deal but I think you should have some patience and try to search more nearby places.

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                        • #13
                          Re: Is this a good price ?

                          Every price is possible but it matter about you that how much you will affordable no matter which price is good.

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                          • #14
                            Re: Is this a good price ?

                            You can check out personally the prices of apartments around that area, contact any agent at that area and confirm
                            the price than decide to buy it.

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                            • #15
                              Re: Is this a good price ?

                              A bit of an old post but new people will be reading..................
                              £600k for a 2 bed flat even in London is overpriced.
                              The management fees ect are extortionate.
                              Even if you can afford them, you may not find many buyers for a flat that has such high charges when it is time to sell and move on.
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