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Jezston

 

Posts: 1
Joined: 17/2/2008
 

Buying a flat in central Nottingham

 
Hi, just wondering if anyone would like to share their opinions.

I currently rent a 1-bed flat in central Nottingham and am seriously looking at buying. After almost buying a new build flat - kind of a relief that six months after my offer was accepted I decided to pull out as it was going nowhere - I've recently been looking at some newly converted apartments in a lovely old building next to where I currently live.

The advantages being:

- I like the flat!
- Property prices have come down significantly in the last year, especially in the last six months.
- The flats are being offered on a so called 'Rent Before You Buy' scheme where the final price includes legal and mortgage fees - as I won't be taking advantage of this scheme there is room for a significantly lower asking price.
- By letting out a room, and with a healthy deposit offered by my parents, and the low price, I'd be better off than I am renting by myself.

The concerns being:

- Are property values for city centre flats in Nottingham likely to come down significantly further?

Again, this isn't for an 'investment' so to speak, and although the value may go down (although I wouldn't have thought they'd go down much more) I'd certainly be better off than continuing to rent. As you might tell I've kind of convinced myself that it wouldn't be a bad idea, but could obviously do with second opinions!

Jez
  Report Abuse |  Date 17/2/2008 3:31:19 PM
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paul99

 

Posts: 32
Joined: 20/5/2007
 

RE: Buying a flat in central Nottingham

 (in reply to Jezston) 
Hi Jez,

Well, the personal pros seem to outweigh any potential cons here, so on the surface it looks like a good idea. I would just say before diving in do plenty of research (due diligence) on the area, with regards to prices, any other developments in the pipeline that may affect this in the future (up or down) etc. Also, considering the current climate, it may be worth waiting a while to see if prices fall - Being careful not to get pipped at the post of course!

_____________________________
  Report Abuse |  Date 3/3/2008 4:38:15 PM
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Figaro

 

Posts: 5
Joined: 15/2/2008
 

RE: Buying a flat in central Nottingham

 (in reply to Jezston) 
Jezston I wouldn't worry.

Honestly I don't think property prices will fall very much at all and I can gurantee it won't take very long for them to jump back up again. And plus you said that the Flat isn't for an investment anyway. I understand you don't want to lose out if you end up selling in the near future but I really wouldn't worry - flats are always desireable, you might even be able to rent it out for a bit completely and make a tidy profit.

Go for it!
  Report Abuse |  Date 4/3/2008 4:03:59 PM
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