All House buyers or any flat buyers?

Jay83

I've always had it in my mind that i would eventually buy a small house with a garden when i could finally afford it, however recently feel that that day may never come and have started just looking at the flats around.

Anyone give any pros and cons? and why you brought what you did? x

hazyjo

Well, I expect most of us started off in flats, and some still choose to live in them (whatever age).

If I was buying a flat now, I'd buy something I could live in for several years. Certainly wouldn't want to be moving in a market like this in 2 years or so.

Think about your current situation, and what might change in the future, and buy accordingly.

Are you buying alone? Are you in a relationship? Do you have/want a pet? Do you have a substantial deposit? Can you afford the service charge/ground rent, etc on a flat? Lots to consider.

Jx

devotee

I'm selling a flat and buying another one - with a garden... It really depends on what you can afford and where you would like to live.

I prefer to buy a bigger flat in a better area than smaller house in inferior area. But that's my choice. I suppose like with buying a house you have to be careful and buy a well managed property and check your neighbours. You do have to pay ground rent and service charges that include buildings insurance, so if anything happens to the property you won't have to shell out yourself for repairs. Legally, leasehold is more complicated than freehold. In effect you are renting the property long-term from the freeholder as you don't own the land it was built on, but unlike normal renting you can sell the property.

somethingcorporate

Leasehold on a flat can work out very expensively - https://forums.moneysavingexpert.com/discussion/3346940

That is one of the major downsides with not having the freehold, you cannot choose when to spend money on repairs. Plus the periodic service / maint charge is always a tough cost to stomach!

petitefeet

I was the same, I always wanted a house with a garden and would never have a flat. Now we're three weeks into buying a first floor maisonette (but it does have a small garden!) However, it's actually better value (in our area) and we should be able to add value to it and be easier to sell when we choose to. Then I'll get the house!

SuzieSue

I always said that I would always buy a house rather than a flat and I did, but I had to buy in a less desirable area. Of course, I'd like to live in a better area, but having a house was more important to me and the area I live in isn't too bad. You just have to decide what is more important to you - living in a better area or buying a house and how bad the area that you can afford a house in is. If the only area I could have afforded a house was really bad then I would have bought a flat because I wouldn't have wanted to live in a bad area.

Buying property is all about compromises. Unless you win the lottery, you can't have everything you want. If you want to live in Chelsea and aren't a multi-millionaire then you will have to buy a flat, but if you are prepared to live in the east end of London then you can probably buy a house.

devotee

SuzieSue wrote: »

Buying property is all about compromises. Unless you win the lottery, you can't have everything you want. If you want to live in Chelsea and aren't a multi-millionaire then you will have to buy a flat, but if you are prepared to live in the east end of London then you can probably buy a house.

Sadly you do have to be millionaire to buy a flat in Chelsea, not just a house

J_i_m

I live in a flat, (rented) and the only thing extra I want is a garage.

Though, when I'm ready to buy my own property I shall be looking at getting a house primarily or a coach house... but if my budget won't allow it...then I'll end up buying a flat.

cathh70

My first place was a 3-bed Victorian terraced, reasonable location, stayed there for 6 years before moving on to a 4-bed detached new build in a village. A flat never even entered my mind at any stage.

devotee

cathh70 wrote: »

My first place was a 3-bed Victorian terraced, reasonable location, stayed there for 6 years before moving on to a 4-bed detached new build in a village. A flat never even entered my mind at any stage.

Yeah but if you actually lived in London 3 bed Victorian terrace would cost you over 600k and 4 bed detached over 800k, so not in everyone's reach.

Racky_Roo

As a first time buyer, I bought a house but had to compromise and live in a not so nice area. I then moved - to a flat in a lovely area. Not because I couldn't afford a house but because I was sick of the constant maintenance a house requires. All my work bonuses seemed to go on various repairs such as repointing the external walls, replacing the garage door, re-fencing, the list goes on and it's up to you to arrange it all. My house only 25 years old but all houses need constant upkeep, I would definitely factor that in

On another note, the flat is much quieter that the house ever was. I am on the top floor and there is only 2 flats per floor but I can't ever hear any of my neighbours, unlike my previous house, and, I know this makes me sound like a real misery guts, but living in a flat means that there aren't screaming children in the garden all day long at the weekend, unlike previously, bouncing on their massive trampoline which meant they could see right into my garden