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Ignoring the stories that asking prices in London have gone up 10% in a month 😯 and buyers are asking for very silly money (£280k for a small 2-bed conversion flat in one of the lesser parts of SE London), is a new build/off plan a better deal than a conversion flat?
I'm a first time buyer and just want somewhere to live (and park my bikes) rather than a 'project' or 'investment'. Victorian conversions may well have more character but obviously the risk of bigger repair bills.
Is off-plan or new build a better deal generally speaking?
There is a third way, older purpose built flats. Some will be ex local authority, but many aren't, especially in London. New build are usually much smaller rooms and lack storage space, conversions are usually compromised in some way, usually soundproofing, access and energy efficiency.
How's this, or is it over budget, (I own something similar in Doncaster I paid £37500 four years ago).
[url= http://www.rightmove.co.uk/property-for-sale/property-40272019.html ]Streatham[/url]
unlike old houses - conversion flats can be noisier than their new counterparts if poorly converted on the cheap to make money like sadly ALOT were.
not that new flats are much better thanks to thin walls and floors - but at least there are regs covering - ive seen flats where you lift the floor boards and your looking at the roof of downstairs - as in the plasterboard no noise proofing at all
That Streatham one's ok actually. Outrageously priced for a 2 bed flat, but see what you mean about older flats
floorplan suggests I'll have to carry the bikes across the lounge though!
Yep, London prices are crazy. That money would buy you six bedroom Victorian villa overlooking the park of spidery death up here. I know both the folk selling these two, and I think both would be happy with £300k
[url= http://www.rightmove.co.uk/property-for-sale/property-43670294.html?premiumA=true ]http://www.rightmove.co.uk/property-for-sale/property-43670294.html?premiumA=true[/url]
[url= http://www.rightmove.co.uk/property-for-sale/property-40923676.html ]http://www.rightmove.co.uk/property-for-sale/property-40923676.html[/url]
I think new builds tend to sell for a new build premium - cos people like the thought that everything is new, shiny kitchen and bog etc. not realising that in 2 yrs time the cheap as chips units and taps etc that Barrat etc use wont warrant any premium at all. if premium is 5-10% then that is a slot of equity to lose.
Blocks of flats tend to have service charge issues.
Conversions are often shonky as others say.
My top tip would be to find a good conversion (character, bigger rooms, only 1-3 direct neighbours to deal with) that comes with a share of the freehold. Dont pay for someone else's new kitchen or bathroom unless it is 100% what you would have done yourself.