Flat vs house

Oldernotwiser

I wouldn't buy this particular flat but I've had several excellent ones in the past with enormous rooms, large gardens and far cheaper tan equivalent houses. We're very strange in the UK about living in flats.

NH2004

I'm in a similar position. Living in central London, it's nigh on impossible to find a house that's affordable.

So I have to make a choice on buying a flat in the area I know, and if I'm honest the area I'd prefer to live. Or move out further to get a house for a similar monthly outlay, but living in an unknown area and having a longer commute.

Having lived in a flat all my life, I'm not so adverse to buying one other than the issue of leasehold vs freehold.

Catatonia

Thanks all, some useful points to consider - especially the mortgage one. I'm now leaning towards thinking that a house further out might be better for me, as I'm not sure it makes much sense to buy somewhere I'd plan to move from in a few years. But the location is pretty tempting!

Jackie, the difference between an equivalent house and this flat is £100k, not £1k, so quite a lot! I guess it's cheap for a reason though.

Maybe I should rule this one out, but start including other flats in my search.

hbklea

personnally after 4 years of hell with my flat i'd NEVER buy one again!!!
service charges - keep going up and up
neighbours - mine were a nightmare, complained about me having a door mat, got reported for feeding the ducks, one above had a water leak which took 6 wks to sort out, only doing so when my electrics started tripping out. nosey, i felt like i was in a prison. but not all neighbours are like that to be honest!

management company - a joke, wouldn't pay for repairs etc. got took over by another company and they didn't have a clue either. to top that asked for proof of my bulidings insurance and they charged me £165 plus VAT.

Lease - nightmare, young and foolish, bought without reading it properly so my fault. No pets allowed, they wouldn't allow my gf to live with me because of her dog, no subletting, i moved out because i'd had enough, tried to sell but couldn't so rented it out unofficially, just in the process of getting taken to court by the company. they wanted to add a rule in the lease not allowing childen under 3 to live at the flats. It was an absolute nightmare!

committees- full of a load of old people who have about as much christmas spirit and compassion as scrooge!!! committee members would get new windows, gardens outside their flats done, what ever they wanted. everyone else got nothing.

Garden - not having my own garden was horrible for me, never felt so confined or trapped in my life!

selling - a nightmare, flats are hard to sell, cost me double in sol fee's due to all problems over lease and management company!

overall i would rather live in a tent in a field rather than have the yrs of hell i've had! so i'm quite in favour of buying a free hold house if u an afford one. my friend had agreed to buy a 1 bed flat, he spoke to me, after that he spent a bit more money and he says thats the best thnig he ever did. just my opinion though. good luck.

personnally though i'd never buy one above a resturant!

jackieb

Catatonia wrote: »

Thanks all, some useful points to consider - especially the mortgage one. I'm now leaning towards thinking that a house further out might be better for me, as I'm not sure it makes much sense to buy somewhere I'd plan to move from in a few years. But the location is pretty tempting!

Jackie, the difference between an equivalent house and this flat is £100k, not £1k, so quite a lot! I guess it's cheap for a reason though.

Maybe I should rule this one out, but start including other flats in my search.

Doh! Sorry, I need glasses.

Errata

Catatonia wrote: »

Thanks all, some useful points to consider - But the location is pretty tempting!

But you wouldn't be living in the location, you'd be living in the flat!
A flat that's over a restaurant would be my idea of hell. Noisy groups of people in and out of the entrance, waiters and kitchen staff in and out of the back entrance having a fag and yammering away.
Restaurant this year, takeaway kebab shop/wine bar/taxi office next year? No thanks.

pjcox2005

Errata wrote: »

But you wouldn't be living in the location, you'd be living in the flat!
A flat that's over a restaurant would be my idea of hell. Noisy groups of people in and out of the entrance, waiters and kitchen staff in and out of the back entrance having a fag and yammering away.
Restaurant this year, takeaway kebab shop/wine bar/taxi office next year? No thanks.

Not quite that simple, you could go for a nice house in a horrid location and I doubt you'll enjoy it despite not living in the location. Say for example if you were scared of going outside alone on an evening due to violence in the neighbourhood.

Personally, each situation can have problems and I'd be checking carefully about being above the restaurant. However, that being said and taking into account maintenance charges etc then just the fact it is a flat shouldn't rule it out if it fits what you need (i.e. unlike most home owners when buying you don't intend to bbq every weekend in the summer :rotfl:).

Also £100k saving is a fair bit, on 5% interest would be 5k per year which is a substantial amount in relation to the average persons after tax earnings - does that afford you a better quality of life?

Final point, people say it may be difficult to sell which is why it's priced low for a reason. Assuming you price similarly on sale then you presumably should still have the interest from people like yourself.

black_taxi_2

NEVER buy above a fast/food or restaurant/pub

1st floor flat is best---dont hav to trudge up to many stairs

during winter central heating below you --if they have it will warm your floorboards.

be careful buying in new modern large complex flats----alot are buy to lett--and your weekends will be hell--stag/hen nights

ive always lived in a flat(current neighbours--1.alcoholic ok--sings but generaly quiet2.muslim student-quiet3.drug addicts--housing asscociation--been hell--but are being ejected by council jan4.landlord rents out to student-quiet mostly

poppysarah

I would want to see the restaurant on a typical friday and saturday night. See what time it shuts, how noisy is it, how noisy people are leaving. What happens at the end of the shift? Do bottles get thrown into bins?

I'd never want a flat - I've lived in too many!

jassonwallace

House is it. In a house, you can play around the interior. You can also have greater options than a flat.