Flat vs House

Valencia

I'm currently back hunting for a new place to buy, and until recently have been looking at houses. With my budget the best I have been coming up with have been old terraces, none I've really liked. Can't afford a new build house.

Someone mentioned to me that I should look at flats. I currently rent a newish one which I quite like (very cosy and accessable) but always thought there are more problems when you come to buy one. (e.g. leasehold vs freehold, maintainence costs etc).

Whats the general consensous? I've found a couple of newish ones within in my price range and they seem like a lot less hassle than a house. But what happens if you're not on the top floor, is noise a real issue? Also when you come to sell, how easy will it be compared to a house?

Thanks in advance

Doozergirl

Selling a flat is just the same as selling a house, in fact, probably easier as you'll probably be selling to FTBs and therefore don't have to worry about the chain below them.

Leasehold isn't that big a deal if the length of lease is good. Think about how long you plan to own it and hope to have 80 years left when you sell. Check what the service charge is and what it includes.

Soundproofing in purpose built flats are generally better than conversions but they lack character. Saying that, I lived on the ground floor of a conversion for 2 years and heard nothing from my neighbours at all. I heard more when I lived on the top floor (conversion again) but the soundproofing was non-existant - if I lifted the carpet I could see the lights on downstairs!

There can be fire risks associated with conversions (again, ceiling/floor situation above) but building regs for new conversions on both fire and soundproofing are very strict.

HTH

Doozergirl

What happened to the house you were buying?

Horasio

Is there such a thing as a quiet flat? I have lived in loads,top floors, lower floors etc I have lived in 5 bedroom mansions to one bedroom flats of all ages and sizes, so know the pros and cons of differing accommodation.

I have to have a detached house now I haven't been lucky noisewise with flats or anyone attached to my property in recent years. How do they soundproof a flat??

If you like gardens, a house is better, althought there are flats with balconies. Flats are easier to maintain and very cheap to heat if on an upper floor, but baking hot in summer. Another good thing is a high upper floor has a lovely view and can seem rather glamourous.

For resale, it is horses for courses, some people prefer flats, some prefer houses - houses appeal more to families. Flats tend to attract old people (if there is a lift), couples or singles or if it is large, a family with older children or if unlucky, a shower of noisy students sharing (some are ok!)

I hope this helps

Valencia

Doozergirl wrote:

What happened to the house you were buying?

I pulled out last week. Along with the £2000 rewire cost, back end of last week I found out that they had the neighbours from hell, and this wasn't mentioned to me at all.

Was supposed to be moving in next week!

sarah_elton

I'm a FTB buying a flat.

Up sides:

Cheaper insurance (you only have contents not buildings)
Less maintenance work for you to do (e.g. to building, or garden)

Down sides:

Service charge (varies by building)
Ground rent

Potential noise is also a big one. I'm renting a flat at the mo, and the one I'm buying is in the same group, in the next road (literally 30 seconds away). Firstly, mine are well designed; each block as 6 flats, two per floor with a stairway up the middle. Because of this, lounge walls adjoin the communal hallway. The only wall I share with the neighbour on my floor is one side of my second bedroom. So the only potential noise is upward/downward. Having rented here for a year, I've found it's a quiet area, and haveobserved that it's young families and elderly people in the building I'm buying in. Plus I'm buying top floor - I currently live first floor and noise definitely travels down more than up.

So check out the design (how many walls adjoin your neighbour etc), and try and spend as much time as possible spying on the area. Go in the evenings or whenever you will be home - if you hear thumping music from any of them then avoid! Bear in mind you can have noise problems in a terrace or semi too.

In terms of re-sale, I know from watching the market that 2 beds in my buildings are always snapped up, but the 1-beds can linger on the market as they are quite small, and that's why I've stretched up to 2-bed. I do think flats will always have buyers due to price, plus the less-hassle factor.

In terms of buying one, your solicitors bill will be a few hundred higher due to leasehold paperwork.

Ask when you view the term left on the lease, and don't touch anything under about 80 years. That way even when you come to sell it'll still have a reasonable term left.

Mine were built in 1987, with 999 year leases. Got to be the best invention ever.

BobProperty

sarah_elton wrote:

Ask when you view the term left on the lease, and don't touch anything under about 80 years. That way even when you come to sell it'll still have a reasonable term left.

Mine were built in 1987, with 999 year leases. Got to be the best invention ever.

You are unlikely to get a mortgage on anything with a lease less than about 60-80 years anyway, as lenders know they aren't worth anything too.
There is or was some ancient legal reason why they are for 999 years.

OP where abouts in M/cr are you looking?

Doozergirl

Valencia wrote:

I pulled out last week. Along with the £2000 rewire cost, back end of last week I found out that they had the neighbours from hell, and this wasn't mentioned to me at all.

Was supposed to be moving in next week!

Sorry to hear that. At least you found out beforehand!

distilled

Just a word of caution about leasehold. At the end of the lease the property usually reverts to the freeholder, which means in theory, but not neccessarily practice, you could lose the lot.

New flats with a lease of 999 years wont bother us or our gggg grandchildren but older props have this potential prob which puts some lenders off.

Buy new! You know it makes sense Rodney!

jandanjan

Consider that flats are more often rented out to people as opposed as houses ( as a general sweeping statement! and from someone in a semi with the other half rented out too!) but you could have lovely neighbours one year and not the next. Try and find a block that is owner occupied as opposed to allowing the flats to be rented out.

Also noise is definately the thing I would be most concerned about so realyl look into it.
And do try to get a garden of your own if possible - its amazing how great a flat is until summer on the days that are nice when you want to sit out in the sun and cant. I would always go for a house over flat after living in flats for about 15 years of my life but you need to go with what feels right.

Good luck and happy hunting

Valencia

Idealy i'm looking for somewhere that's going to be a good investment. I plan to live there for about three years.

Manchester-wise i'm looking at up and coming areas which have or a receiving investment. I've seen quite a few newish flats in wythenshawe where they have the new developments as soon as you get off the motorway. Some in Sale, Northern Moor etc. There really nice and secured, so not in the rough parts. The city centre is too expensive and it doesn't really appeal.

Those are my thoughts at the moment.