Jump to content
House Price Crash Forum

Archived

This topic is now archived and is closed to further replies.

JoeDavola

Apartment For Sale - Bargain Or Money Pit?

Recommended Posts

Mate of mine has just spoken to an EA about an apartment for sale, where they were asking for cash only.

Apparently it's because the building needs to be 'tanked', which the management company will be doing over the next 12 months, but it will be impossible to get a mortgage between now and then.

I'm guessing that the reason this person is selling the flat at a cheaper cash-only price rather than waiting for a year is that after this work takes place, the management company will hit them with an absolute ******* of a one-off bill, OR will whack up the management fees for the forseeable future?

In other words, for someone who can buy in cash, is it something worth pursuing, or is it a disaster waiting to happen and that's why it's being offloaded?

Share this post


Link to post
Share on other sites

Cash only is a great way to get a bargain, but you've got to know exactly what you're doing. Not sure that this is exactly the time for speculation, either. But if he loves it and his wife is pregnant and they need the space and it is okay to wait a year to move in and the location is perfect and its stupidly cheap and it is a motivated seller and they're not complete imbeciles, then why not.

Share this post


Link to post
Share on other sites

If you have balls of steel - I reckon an apartment/villa in Lesbos bought now could be an absolute bargain. I bet folk there right now can barely give them away.

Share this post


Link to post
Share on other sites

Apparently it's because the building needs to be 'tanked'

Tanking usually refers to a waterproofing system installed in basements to the walls and floors.

If it's a basement flat I would assume that a. there is obviously a damp problem and b. You would have to move out whilst the work is being done.

The warranty offered on the basement work may not be acceptable to a mortage company.

If it is an upper floor apartment and they have got their terminology wrong (or tanking is a different term in NI?) , then they are most likely talking about repointing outside & replastering inside? Major cost to think about also would be erecting a scaffold particularly if it was a busy street.

I would be cautious on this one and try to get more details of the work and who pays for it/ guarantees it etc.

Share this post


Link to post
Share on other sites

Unless there was absolute proof of any future costs for the work being done by the management company ....i would not go nowhere near it

Is it a modern flat with a silicone/acrylic render /insulation system on the outside ?

Share this post


Link to post
Share on other sites

I assumed we were talking abroad here as the word 'apartment' was used and only Kirsty Allsop and Spivy EA's use that term for a UK flat. I didnt think Joe was either. :D

Share this post


Link to post
Share on other sites

I assumed we were talking abroad here as the word 'apartment' was used and only Kirsty Allsop and Spivy EA's use that term for a UK flat. I didnt think Joe was either. :D

Hahaha - oi watch it you, I won't be associated with Kirsty 'Antichrist' Allsop and her ilk! :D

Share this post


Link to post
Share on other sites

Both a huge bill for the work and huge increase in charges.

Never buy a flat.

Yup. Always just rent flats. Too many things can go wrong in a block.

Share this post


Link to post
Share on other sites

Thanks for the advice folks; something to steer clear of from the sounds of it. If something seems too good to be true, it probably is.

On a similar note; I went to view my first house today.

It was 10 year old town house, in quite a posh looking development. It was a bit too expensive for me but I knew the EA was taking the piss with the price so was going to beat the price down a bit...

...until I saw the house. Bear in mind this is only 10 years old, and is in one of the most expensive postcodes in the city.... virtually EVERY room had a very visible damp problem. One of the ceilings looked like it was starting to bow.

It was quite clear from the inside that it was falling apart only 10 year after it had been built. Based on what I wouldn't dream of buying any house or flat in the development.

I sometimes beat myself up that I'm 'only' renting a place, but I've never been so happy not to own a house. They can keep 'em if that's what they're trying to sell you. Absolutely unbelievable.

Share this post


Link to post
Share on other sites

Thanks for the advice folks; something to steer clear of from the sounds of it. If something seems too good to be true, it probably is.

On a similar note; I went to view my first house today.

It was 10 year old town house, in quite a posh looking development. It was a bit too expensive for me but I knew the EA was taking the piss with the price so was going to beat the price down a bit...

...until I saw the house. Bear in mind this is only 10 years old, and is in one of the most expensive postcodes in the city.... virtually EVERY room had a very visible damp problem. One of the ceilings looked like it was starting to bow.

It was quite clear from the inside that it was falling apart only 10 year after it had been built. Based on what I wouldn't dream of buying any house or flat in the development.

I sometimes beat myself up that I'm 'only' renting a place, but I've never been so happy not to own a house. They can keep 'em if that's what they're trying to sell you. Absolutely unbelievable.

Dreadful stuff, near peak bubble construction so I guess they couldn't get it together quick enough. Might be a case of employing extreme scepticism on anything build around that time, a fresh paint job might hide a multitude of sins too.

Share this post


Link to post
Share on other sites

Dreadful stuff, near peak bubble construction so I guess they couldn't get it together quick enough. Might be a case of employing extreme scepticism on anything build around that time, a fresh paint job might hide a multitude of sins too.

I did some LPS research before viewing it as I really thought it was a fantastic development...there's 20 houses identical to the one I viewed in the development - one sold in 2008 for £375K, another sold in 2014 for £190K.

Based on what I saw today I wouldn't have even paid £190K for it.

Share this post


Link to post
Share on other sites

Thanks for the advice folks; something to steer clear of from the sounds of it. If something seems too good to be true, it probably is.

On a similar note; I went to view my first house today.

It was 10 year old town house, in quite a posh looking development. It was a bit too expensive for me but I knew the EA was taking the piss with the price so was going to beat the price down a bit...

...until I saw the house. Bear in mind this is only 10 years old, and is in one of the most expensive postcodes in the city.... virtually EVERY room had a very visible damp problem. One of the ceilings looked like it was starting to bow.

It was quite clear from the inside that it was falling apart only 10 year after it had been built. Based on what I wouldn't dream of buying any house or flat in the development.

I sometimes beat myself up that I'm 'only' renting a place, but I've never been so happy not to own a house. They can keep 'em if that's what they're trying to sell you. Absolutely unbelievable.

It was many years ago, but younger daughter had a Saturday morning job at a fairly posh EA in Wandsworth. They were letting agents for a lot of flats in an expensive new block, and there were endless complaints about this or that not working or falling apart already. But the one I remember best was some furious tenant coming into the office and yelling, 'There's SHIT coming out of the SHOWER!!!'

Mitigating factor of that job was that it paid £10 an hour, which was an awful lot then for someone still at school.

Share this post


Link to post
Share on other sites

It was many years ago, but younger daughter had a Saturday morning job at a fairly posh EA in Wandsworth. They were letting agents for a lot of flats in an expensive new block, and there were endless complaints about this or that not working or falling apart already. But the one I remember best was some furious tenant coming into the office and yelling, 'There's SHIT coming out of the SHOWER!!!'

Mitigating factor of that job was that it paid £10 an hour, which was an awful lot then for someone still at school.

Haha - that reminds me actually, when we were being showed around today, walked into one of the bathrooms and the toilet was open, with a big shitty stain at the bottom of the bowl.

Class act. Quarter of a million pound house, folks.

Share this post


Link to post
Share on other sites

Haha - that reminds me actually, when we were being showed around today, walked into one of the bathrooms and the toilet was open, with a big shitty stain at the bottom of the bowl.

Class act. Quarter of a million pound house, folks.

even then the toilets don't clean themselves. quite possibly the damp you saw was an internal problem if the property is not well ventilated. One of the supposed improvements in building is the improvement of airtightness and elimination of draughts compared to traditionally built properties. Except that means you need to ventilate to prevent build up of vater vapour leading to these problems. I think it has been a particularly wet and humid winter over there so if the property has been shut up for a while it won't help.

Share this post


Link to post
Share on other sites
...until I saw the house. Bear in mind this is only 10 years old, and is in one of the most expensive postcodes in the city.... virtually EVERY room had a very visible damp problem. One of the ceilings looked like it was starting to bow.

It was quite clear from the inside that it was falling apart only 10 year after it had been built. Based on what I wouldn't dream of buying any house or flat in the development.

Ouch. A bit of damp in an old house isn't something I'd worry about at all (well, within reason, and really must get my roof fixed) but something that recent that isn't as good as new sounds like a reason to run.

Putting aside the fact that I can't stand them anyway, I'd be seriously concerned about the construction quality of anything built in the last 20 years.

Share this post


Link to post
Share on other sites

Ouch. A bit of damp in an old house isn't something I'd worry about at all (well, within reason, and really must get my roof fixed) but something that recent that isn't as good as new sounds like a reason to run.

Putting aside the fact that I can't stand them anyway, I'd be seriously concerned about the construction quality of anything built in the last 20 years.

I will join your merrily depressed club on this one for sure.

Imagine anything else where people tell you that you must buy something over 100 years old to make sure its in good condition and will last well - compared to something built a few years ago ? It is literally ******ing insane.

Its like going into Evans Cycles - looking at the latest lightweight £4k road bike - and being taken aside by a bike mechanic telling you to get out asap and buy an antique penny farthing for the same price if you want a nice ride.

Insane. Literally insane. Off the scale insanity.

And ******ing depressing to boot.

Share this post


Link to post
Share on other sites

I suppose there's an argument that if something 100 years old hasn't fallen down already then it's probably fundamentally sound. I don't think that all newer buildings are terribly built (the 70s one I used to rent seemed reasonably, if not spectacularly solid, never had any problems with it to make the landlord do something for the rent anyway).

I'd much prefer the 100 year old building anyway (there's very little newer that I don't find mind-numbingly godawfully bland even when it's not outright ugly), but if you're not bothered by that I think it is possible to find solid more modern houses. Just not current new(ish) builds. Or immediate post war. We're going through a particularly bad patch of "only cheap matters". With house prices being so insane I suppose that's inevitable, the build quality is the easiest thing to cut down on.

Share this post


Link to post
Share on other sites

I will join your merrily depressed club on this one for sure.

Imagine anything else where people tell you that you must buy something over 100 years old to make sure its in good condition and will last well - compared to something built a few years ago ? It is literally ******ing insane.

Its like going into Evans Cycles - looking at the latest lightweight £4k road bike - and being taken aside by a bike mechanic telling you to get out asap and buy an antique penny farthing for the same price if you want a nice ride.

Insane. Literally insane. Off the scale insanity.

And ******ing depressing to boot.

It's been a real eye opener for me.

I always assumed newer house = better construction technology. Seems logical doesn't it? My parents moved from a 70 year old house to a 10 year old house because they were getting older and wanted 'less maintenance' - in the first year of ownership they've had more damp problems than they did in the last 30 years of owning old houses.

I remember as well that there was also big cracks along several of the walls in the place I saw today, but I think that's maybe to be expected with a new-ish place? And as another poster said, the houses are completely bland and lacking any character - but that only really struck me as I walked around it in person.

Either way, what I saw today and what my parents have experienced makes me very wary of new builds. In fact it's pretty much ruled them out for me. Seems like the builders have turned into a bunch of spiv's too - build it just well enough that we can flog it on and it'll hopefully last out the 10 year guarantee.

Share this post


Link to post
Share on other sites

I will join your merrily depressed club on this one for sure.

Imagine anything else where people tell you that you must buy something over 100 years old to make sure its in good condition and will last well - compared to something built a few years ago ? It is literally ******ing insane.

Its like going into Evans Cycles - looking at the latest lightweight £4k road bike - and being taken aside by a bike mechanic telling you to get out asap and buy an antique penny farthing for the same price if you want a nice ride.

Insane. Literally insane. Off the scale insanity.

And ******ing depressing to boot.

I'm wondering when someone will create a boiler that doesn't break down every year. When we have such reliable cars that do so much in such all weathers, and with the state of our roads, I just don't see why boilers shouldn't last 25 years between catastrophic failures with a service every five years or so. I doubt I've ever lived anywhere the boiler has gone 3 years without breaking down.

Share this post


Link to post
Share on other sites
Guest eight

Ouch. A bit of damp in an old house isn't something I'd worry about at all (well, within reason, and really must get my roof fixed) but something that recent that isn't as good as new sounds like a reason to run.

Putting aside the fact that I can't stand them anyway, I'd be seriously concerned about the construction quality of anything built in the last 20 years.

I've been watching the ones go up on the former Feethams (Darlington FC) ground. Really, there is nothing to a modern building. I hear costs of £50K or so for a modest development but seriously, these look more like £5K, land excepted. The other notable thing is the exposure of the myth of construction leading to a boom in employment - there are about ten blokes working on this entire site and they seem determined to drag it out for as long as possible.

Share this post


Link to post
Share on other sites

It's been a real eye opener for me.

I always assumed newer house = better construction technology. Seems logical doesn't it?

Depends. Modern construction technology gives you cheaper and faster but I've never heard anything to suggest more than that (at least until you get to the stage of buildings that simply weren't possible in the past). Older methods and knowledge also had to leave more room for error, so you get what's now often called over-engineered (presumably the Forth Road Bridge wasn't over-engineered and is falling down, but the over-engineered railway bridge is sound).

There are some areas where modern construction gives you something more solid. Most of the recent flood damage seems to be to older buildings and structures; they're robust to different things. I suppose a concrete raft foundation is going to be far less prone to different bits settling and cracking too. Still give me the old though.

Share this post


Link to post
Share on other sites

New build apartments in Denmark seem rather good in my opinion.

Particularly with insulation for both sound and heat. My girlfriend rent one and this Christmas it can be -10C outside and you dont even need the heating on if you just put on a jumper.

They are however massively expensive.

My Grandmother bought a new build terrace in the UK and frankly its ******ing dogshit

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   100 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.