I have seen a 2 bed ex-council flat, its what I want but worried about buying in Tooting Bec as I may not be able to sell it on, any advice?
Should I buy an ex-council flat, what are the risks?
Asked on Dec 4 2012,
General in Purley |
As with buying any property there are likely to be pros and cons, and you are right to undertake research before making a final decision.
The selling of council houses has become a more popular practice as local authorities try to cut costs and raise funds for other areas of their operations. Often these properties are cheaper than non-council houses, so it could provide an opportunity for a bargain.
If you are worried about re-selling then you could take a look at Sold Prices section of the Zoopla website. Type in the address into the search bar and you will be able to see details on the last sale date, price paid – while also determining between types of property so that you get a close match to your prospective abode.
We would strongly recommend arranging a building survey - you can get a quote using the Move Planner link below - which will highlight any potential issues with the property which might cost money to repair.
Other research which you may want to undertake includes checking local crime rate figures, and it is also a good idea to visit the area during the day and at night, so that you get a feel for things.
What are everyone else's experience with buying council property? What recommendations would you make?
Web reference: https://moveplanner.zoopla.co.uk/
Answered on Dec 10 2012,
I wouldn't worry too much about re selling, I know someone who bought a 2 bed flat in tooting bec, (but I don't think its ex council to be honest), and she sold it for quite some profit in 2010 (after 3 years). Tooting Bec is a good area, you have transport links, shops/amenites and parks etc. I'm not an expert in the area or anything like that, but people are buying the location than the property itself, in my opinion anyway. Maybe some would disagree with me. How long are you intending to live in it before you sell? Good luck
Answered on Feb 27 2013,
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