Flat location investment choices

Landlord Discussion
1

Hi all,

I just want to ask you guys to share some opinions on different flat location in the same building and how it affects rental or property prices.

the development that has 2 flats with the same internal size that i am interested in is opposite a railway and a main road so i have 2 options here:

  • a 3rd floor flat that is facing south east but it is one side facing only which means no window in the open planned kitchen. given it is lower and slightly away from the main road as development has a courtyard, it has advantage of receiving less noise also it is just above the private court yard on 2nd floor so you dont see road or rail just a little bit of noise. although only one small balconies for a 2m length

  • the other one is almost a penthouse on 8th floor i.e. an L shaped long balcony that has nothing covering at the top and it covers east and south side of the flat and it is facings 2 directions east and south with windows covering full 2 sides of the property as well, i.e. kitchen has windows and it has far reaching views, but the downside is on facing the cross road and a rail that runs until 1am. although,the noise are minimal when windows are shut.

everything comes at a price and i just want to hear your thoughts on how you would value both properties. e.g. one higher than the other and would you consider their rents to be different?

my initial thoughts were they all have different pros and cons so the price should be the same. one is nice view more sun but noise, the other is less noise less sun but still good size and direction.

also on the rental side, i’d thought renter care less about the balcony size in the uk and more of a place to smoke. Also the view is less important as they mostly need a place to sleep or evening to use the living room as they work during the day and going out over the weekend. Noise matters to them as that directly impact their sleep quality or experience. Room size also matters as they live in them.Given the 2 flats has same internal size and what renter cares more is worse for the penthouse flat then i’d thought the rent will be less on the penthouse despite its location and design.

2

None of the above. I wouldnt now buy in a building over 18 metres.

3

well EWS1 form is A1 satisfied so it is fine right?

4

Go with the penthouse David. No one stomping around overhead and better views.

5

but from a renter’s perspective wouldn’t they want less noise and not seeing the asphalt street with cars and rail ways?

6

no, they want sunlight flooding in every morning. are the flats really the same price?

7

well the lower quiet one accepted the offer which is the same offer i gave to the one floor below penthouse noisy facing cross road one (previous buyer had the same price pulled out due to financial issue).

8

I sent a survey in the tenant discussion asking for their opinion it turns out that 2/2 tenant wanted a lower location that is quieter. Their argument is that they don’t have to walk that much if lift fails and want a bit of a quietness over everything, provided that they are the same size

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