Meersbrook Flat Vs House Elsewhere

[KanarieBlack 0]

Hi, 

 

So I recently placed an offer on a two bedroom flat in Meersbrook - it is a house that's been split in two basically. I was all prepared to buy but the survey came back saying it will probably need re roofing and areas of open jointed masonry. The price is £105,000  so I feel that is pretty good for that area - it isn't huge but I'm only young and it wouldn't be forever, my idea would be to do it up a lot and then sell on for a bit more/rent out.  

 

On the survey it estimates costs of around 15k which I do not have. 

Just curious as to what people here think I should do?  None of my family know Sheffield and I only moved here for Uni so only really know the city centre. 

I could wait and keep looking for a house maybe in a different area, my deposit at the moment is 15k but I'm in a position where I can put at least a grand/ a little more away a month depending on overtime.

 

Thanks for the replies in advance

 

[ttparsons 10]

Normally the roof of a flat is the joint responsibility of the owners or the management company if there is one.  Find out what the position is and the attitude of the other owners/management company to the issue.  Best case scenario is Management company willing to do it from reserves.  Worst case, no-one is prepared to chip in.  Also, if you are doing it up you will need Management Company’s permission to make any changes.  Check the lease.

[Jeffrey Shaw 90]

23 hours ago, KanarieBlack said:

and then sell on for a bit more/rent out. 

If you intend to let-out the flat, be sure to read and understand the lease (in case it prohibits/limits your ability to do that).