Is it risky to buy a flat?

[Long slender neck]

Someone i know is planning to downsize to a flat, but isnt this a bit dodgy?

Off the top of my head, the risks i can think of are

Cladding issues
Service charges
New build defects
Bills for repairs etc

Anything else?

[Omygawd]

Neighbours.

[Real Al]

What about one of those 'park homes' by the seaside?

They always look pretty well appointed and we don't get hurricanes, so as long as it's not Jaywick, job should be a goodun.

[Adz]

I'd steer clear of flats unless you're in the penthouse. Noise of neighbours above is annoying. In addition the cost of service fees is disproportionate to the services you receive and the build quality of anything in the last 20 years is appalling

[Dunners]

You've already been put right on the above points of which you appear to remain unsure. In short: yes.

Discussion here: viewtopic.php?p=419976#p419976

[Token]

Boomer Thread Alert

Imagine living in the south east and being so wealthy that you could choose between buying a flat or a house..

[Long slender neck]

You've already been put right on the above points of which you appear to remain unsure. In short: yes.

Discussion here: viewtopic.php?p=419976#p419976

Ta, knew I'd read something but couldn't find it. And does this apply only to newish blocks of flats?

[Fisch]

Boomer Thread Alert

Imagine living in the south east and being so wealthy that you could choose between buying a flat or a house..

Your point is well made but we Boomers are not really a thing and most of us have kids & grandkids who face the impossible financial realities of the 21st century. There's no smugness round here.

[Dunners]

You've already been put right on the above points of which you appear to remain unsure. In short: yes.

Discussion here: viewtopic.php?p=419976#p419976

Ta, knew I'd read something but couldn't find it. And does this apply only to newish blocks of flats?

The risks increase with the size and complexity of the block, and with anything newish. Flats in smaller (say 2 or 3 storey) purpose built blocks with simplistic mechanical and electrical components (i.e. a communal light bulb and door entry system) are less risky, but not risk free.

Also, in my experience, people who have lived in houses all their lives can struggle adapting to the push and pull of everyday life living in close proximity to multiple households. And that's without the added challenges if any of your neighbours are absolute arseholes.

[LPE]

You've already been put right on the above points of which you appear to remain unsure. In short: yes.

Discussion here: viewtopic.php?p=419976#p419976

Ta, knew I'd read something but couldn't find it. And does this apply only to newish blocks of flats?

The risks increase with the size and complexity of the block, and with anything newish. Flats in smaller (say 2 or 3 storey) purpose built blocks with simplistic mechanical and electrical components (i.e. a communal light bulb and door entry system) are less risky, but not risk free.

Also, in my experience, people who have lived in houses all their lives can struggle adapting to the push and pull of everyday life living in close proximity to multiple households. And that's without the added challenges if any of your neighbours are absolute arseholes.

This.

The lack of respect, across society as a whole, is appalling now and we see that the most with noise where we live.

‘I’ll do what I like because I don’t care and there are no consequences’ seems to be the life motto of so many now.

Sad to see such a lack of consideration.

[CEB2ElectricBoogaloo]

That’s certainly my motto

[Friend or faux]

Geezer living opposite me has ground floor flat in a low rise Council block. His flat is privately owned. The block in only 3 stories. Lady in top flat ( ex Pikey), has 3 kids, who run amok. They are all under 14 but, rascals. The geezer was forced to cough up for improvements to communal areas, only for the kids to light a fire in the stair well. They throw stones & have little or no respect for anyone.

[Proposition Joe]

How does one become an ex-Pikey?

[CEB2ElectricBoogaloo]

It doesn’t sound like the lady in the top flat has done the process, whatever it involves

[Dunners]

How does one become an ex-Pikey?

You have to submit a letter of resignation to the Board of Pikeys and provide them with three months notice so they have an opportunity to find a suitable replacement.

[CEB2ElectricBoogaloo]

At least they apparently did a good job of lighting a fire in the stair

[Celtient]

How does one become an ex-Pikey?

You have to submit a letter of resignation to the Board of Pikeys and provide them with three months notice so they have an opportunity to find a suitable replacement.

I've been on the waiting list to become a Pikey for years. Could be an opening for me here

[Chief crazy horse]

I would never live beneath anyone in a flat again.

[Give it to Jabo]

Thing is, everything is risky...

[JimbO]

I used to live in a block of about of about a dozen council flats. I caught one of the tennants vandalising the stairwell in a row with her boyfriend and reported it. A few weeks later we got a bill to repair said stairwell. I asked why the people responsible we're not being made to pay and was told it was easier to get everyone to stump up rather than pursue them. i refused to pay the bill and told them to take me to court as well then. It never actually came to a head as we moved before the bill for the repairs was actually sent to us. Not sure about a private block but i'd never buy one in a council block ever again.

[Friend or faux]

PJ:-" How does one become an ex-Pikey? "

You stop travelling & live in a nice subsidised Council flat ( even when the Ole Bill are on your case ).
There is another very large family living in a very large Council House. They got kicked off the local Traveller Site, by their fellow Travellers. Apparently they were so inept, the Ole Bill, turned up far too frequently at the site. Their buddies informed the Authorities that unless they moved them on, there would be a lynching. So the Council house was deemed the solution. Younger members of the family, tour North Grays on a butchers bike, picking up any scrap they find left outside properties ( they have been known to to pick up non-discarded items too ).

[Lifelongfan]

You get noise in terraced houses too, often from both sides. Houses also require maintenance, cutting grass etc

[east saxon gas]

house prices have gone up quite a lot over the last 10 years around here

flat prices haven't. The risky factors have been part of the reason for this

might be a good time to buy

[Frogger]

If the flat is facing the pitch then yes, this is very risky not only will you be looking out at some awful football but you will also have some rather ugly fans looking in on you watching telly.

[Scuba Diver]

Blocks with lifts = potentially huge service charges.

Ascertain the current service charge, and then ask for the 5 year history to see how much it's increasing each year.
Check the reputation of the management company- some are bona fide- others are scum.

As others have said, avoid anyone above you if possible. Try and seek a top floor end flat in a block, so only 1 wall is adjoining. Endeavour to meet the ajoining neighbour first if possible and get their 'vibe'

If a resale - take into account that a sub 75 year lease may be difficut to get a mortgage on. Apply that logic both to buying And selling the flat.
Renewing the lease could cost thousands.