WHERE AND WHAT SHOULD THE FIRST TIME BUYER PURCHASE IN HOVE? BY MARK WELTON
Many First Time Buyers are, quite understandably, nervous and unsure about their first investment in the Hove property market. Much of this relates to an underlying concern or doubt as to what type of property to look for and perhaps more importantly, in which location.
My view, is that the City generally is a great place to buy your first home as if history is anything to go by, it will provide a good medium to long term investment. Also the City is undoubtedly a terrific place to live, with a vibrancy and lifestyle which is not replicated in many other towns and cities.
However, there are certain areas in Hove, that might be regarded as “Hot Spots” which prove particularly desirable and always will be. The central areas are good, for example the so called “Avenues” that run south from Church Road to the seafront, i.e First, Second, Third and Fourth with Grand Avenue in the middle. Here there is a good mix of 1 and 2 bedroom apartments, converted from substantial Victorian mansion houses. In these areas, apartments with original features are a good bet, especially if they come with some form outside space, such as a garden or balcony.
Some anxiety often exists over whether it is a sound decision to purchase “Lower Floor” or “Basement “ apartments in these areas, with buyers believing that such flats are cold, damp or dark. I do not subscribe to this view, as there are many really good properties of this kind which are light, spacious and beautifully presented. You will probably have the advantage of your own front door and are more likely to have a garden! Check that the property has been correctly damp proofed or “tanked” with a relevant insurance backed guarantee and you should be fine.
Other areas to consider are the wide roads around the station, which are always in demand for obvious reasons. Denmark Villas, Goldstone Villas, Eaton Road together with Norton, Tisbury, Selborne and Wilbury roads are all good choices, being convenient for both the station and the main shopping , bar and restaurant areas of Church Road, George Street and Blatchington Road.
Expect to pay on average between £170,000 and £200,000 for a 1 bedroom apartment and between £225,000 and £300,000 for a 2 bedroom one depending on size, condition and whether outside space is available.
For those of you whose first time budget is more substantial and a house is on your shopping list, look to the “Poets Corner” area as a good investment. This is the large area of Victorian terraced houses which run west off Sackville Road, where you will find mainly two storey, 2 and 3 bedroom houses with character and gardens or patios. The area has always been popular, not least because it represents the first step on the “house” ladder for the central area of Hove and is central to all amenities and the station. Prices vary, but on average will set you back between £280,000 and £350,000.
One important thing to remember, is that property in the areas discussed, also offer excellent rental potential. Therefore if you need flexibility for any reason or could do with a break from paying the mortgage repayments yourself! Rental potential is a good safety net too if times get hard!
To ensure that you make the best possible first purchase, make sure that you buy the right property. Look for good quality, spacious flats in well managed buildings. Shabby and neglected commonways are often a giveaway on how the building is managed. Apartments where a share of the freehold is available are a good bet as they offer owners much greater influence and control over the running and maintenance of the building they occupy.
Try not to be influenced by a belief that “bigger is necessarily better”. Just because a flat has 2 small bedrooms it does not mean that it is a better proposition over a large 1 bedroom property. In fact, a large one bedroom flat will probably be more saleable and valuable than one where the second bedroom has been created through some form of sub division. During the 1980’s many developers tried to create more space in this way and in most instances it simply does not work and should be avoided. However, it is often very easy and cost effective to turn the property back to a large 1 bedroom, by removing the internal “stud wall” that creates the offence. Remember though to always seek Freeholders consent for any alteration.
Look out for the dreaded “short leases” which many flats of a certain age now have. If you need a mortgage, it is unlikely that your mortgage provider will be comfortable lending on anything with less than a 75 year lease. It is reasonable to expect the seller to cover the cost of a “lease extension” either by paying for it themselves or by reducing the purchase price. Indeed if you are faced with this situation please feel free to contact Mishon Welton for more detailed advice.
The above, hopefully, provides some useful advice and guidelines which as a first time purchaser you can draw upon. The areas and types of property considered are certainly not exhaustive, but they do provide a general guide as to what to look for.
Please contact either myself or any one of my colleagues if you require any clarification on any of the points discussed or if you require any advice generally, we will be glad to help.