Flat V house - how do the sums add up?

EdInvestor

Assuming the flat maintenance charge includes the cost of insurance, you need to compare this with the cost of insurance for the house.

You are receiving expensive services (lift, caretaker) for your money - it's really up to you whether you regard these services as worth having and paying for. Depending on location, the amount does not seem out of line with typical service charges in that type of building.

tek-monkey

Oldernotwiser wrote: »

Unfortunately that's a very British attitude and one that has some responsibility for soaring house prices, IMO.

So why are flats still expensive?

maryotuam

The trouble with flats is the possibility of too much noise. I would go for a house anyday and a garden is a bonus. It can always be paved over if you don't like gardening but I find it very calming pottering around.

Flip a coin and see how you feel in your gut about what comes up. Good Luck

Fire_Fox

If I purchased that flat I would contest the service charges - sounds huge to me even considering lift and caretaker. What size is the development, how many units? Is there a large sinking fund? Are the communal areas and grounds immaculate?

zzzLazyDaisy

similar thread here

http://forums.moneysavingexpert.com/showthread.html?t=1945001

bristol_pilot

You are kidding yourself if you think there is no outside maintenance with a flat. There is - it's just that as a flat owner you will have no say over what is done, when it is done and how much you will pay for it. One thing is for sure, 'management charges' only ever go up!

Gardens don't have to involve gardening, mine is concreted over.

I have previously lived in flats for many years and most of the neighbours were nice but there were a few 'neighbours from hell' who spolied it. Noise was the biggest problem, but also flooding from upstairs, arguments over parking, damage to communal areas and drunken/aggressive behaviour. Don't forget that some flats could be rented out to tenants who don't care two hoots who they upset.

missile

We some doubts before we sold our house to buy a flat in the UK. We are v ery pleased we did. It is much easier to lock up a flat when you go away. Our maintenance charge is £56.70 per month

Oldernotwiser

tek-monkey wrote: »

So why are flats still expensive?

They're usually much cheaper than houses, with some exceptions.

Muhasib

at the prices you indicated you would also pay stamp duty on the house but not on the flat if you can complete before the end of the year; obviously a short term consideration but that saving would go towards the £9000 you have indicated to spend after on the flat. Otherwise its £2250 extra for the house to pay it
I often think people view maintenance charges as money down the drain, as said they do cover buildings insurance generally and there are maintenance costs on houses too.
Are both properties in the same Council Tax band? if not that would offset part of the monthly cost of the flat in comparison.
just a few more things to think about anyway