Southampton 1 bed flat with river views

[LLotus 1]

Hi everyone, 

The estate agent has told me this flat has been rented out by the same tenant for the last 12 years, but is now for sale with no chain.  

In 2007 the current owner paid £120k for it, at the last peak !!  Woolston is possibly up and coming and very close to city centre. 

I offered £125k over the weekend, (still waiting to hear) and rent should be in region of £600-650.

It virtually needs nothing doing to it, so I could rent straight out hopefully.

It’s difficult to work out if the price is about right for it as the block is a mix of 1 and 2 beds, some with views and obviously some without views. 

Do views add that much onto a property ?  I’m a little worried I might be overpaying, am I missing something crucial here ?? 

No. 23 - please see screenshots from Zoopla below

thanks 

Edited November 11, 2019 by lisa grafton
Missed word out

[conrad_paton 105]

Hi lisa

How was your offfer of £125k recieved?

Views dont add any value to mortgage purposes unless all units in the postcode have views 

But they add value to the real market value obvs.

Keen to find out more

 

Conrad 

Keep us informed

[LLotus 1]

Hi Conrad, thanks so much for responding, they accepted the offer, but I started wobbling on it A couple of days later, as it was literally the 3rd flat I’d ever looked at.  Then the estate agent seemed to be putting pressure on me over the phone and was verging on being rude in all honesty, so it made me suspicious, I told him I wasn’t 100% sure now as the estate agents had also suggested I view the property rather than myself having found it online nautrally...

[conrad_paton 105]

Hi Lisa,

Being rude is no way to progress a sale. It's just the difference between a professional Estate Agent and a really professional Estste Agent.

Being in doubt is good though...you have to be 100% certain or 100% happy if you cannot be certain before you commit to purchasing property.

It's not like you are buying a pair of shoes...you can take them back if they dont fit!

I looked briefly at the value of your 1 bed at £125k and found a lack of direct comparables. I wasnt 100% certain of its value, but felt it wasnt far off tbh. It needed a lot more in depth research and I just didnt have the time.

Lease length and service charge expenditure are nice things to include for valuing flats as well.  

So is the deal off?

You out looking again?

Conrad