Larger Property or No Mortgage?

jonewer

Defo go for a house over a flat.

I'll tell you what, the stress and cost of buying and moving is so great, its IMO worth it to buy a moderately more expensive place that will suit you for a decade or more to come, rather than moving again in a year or two.

I'm not saying stretch yourself or anything, but a 2 bed house is going to be miles better than a 1 bed flat, plus theres no service charge to factor in.

zzzLazyDaisy

OP, the other thing to bear in mind is that flats have a monthly maintenance charge for the common parts, garden, outside lighting etc. There is little/no control over these charges (I had a flat once, and in the first year of ownership the monthly charge went up from £33 to £56). Depending on how high the charge on the flat and how low your mortgage on the two bed house that money could go a long way towards paying off the mortgage.

LittleMissAspie

After 2 years living in a 1-bed house, me and my boyfriend are on the edge of going mad. I can't cope with the lack of space for much longer, it actually makes me cry sometimes. My surroundings really affect my mood, some people are okay with it. But I expect you'd want to move somewhere bigger within 5 years and then you have all the costs of moving. No doubt you'd be able to save enough in that time to buy a 2 or even 3-bed outright.

If you're really young like early 20s and not ready to "settle" yet then go for the 1-bed and review your options when it's time to move on, but if you'd rather spend 15 years in the place then go bigger and get the mortgage.

westv

Getting back to this question, I did see a 1 bed flat which has a lounge, separate dining room, separate kitchen, conservatory and small walled garden. Needs doing up. Total floor area is roughly 700sq ft. Ground floor though which isn't ideal as has been mentioned. Hmmm....I'm tempted (after getting someone who knows these things to give it a once over) even though all the advice says don't do it!

PasturesNew

Well, it's instantly worth more because it's a 2-bed flat with living room.
What's the price for 2-bed flats in the area?

westv

PasturesNew wrote: »

Well, it's instantly worth more because it's a 2-bed flat with living room.
What's the price for 2-bed flats in the area?

Unfortunately the conservatory leads off of the dining room so I can't see that being made into a bedroom. The lounge would be an option to make into a second bedroom (and have the dining room as the lounge) but it's on the ground floor at the front so not the best setting for a bedroom.

mynameisdave

I'd go with whatever you think will have the best re-sale potential in the future.

westv

PasturesNew wrote: »

Well, it's instantly worth more because it's a 2-bed flat with living room.
What's the price for 2-bed flats in the area?

Had a quick gander and two bed flats seem to be up for around £90,000. 1 beds £70-£80,000.
This place is up for £75,000 (but does need doing up). If I did go crazy and put in an offer it would be no more then £69,000 and see what happens.