Buy a house or an apartment

tulipz

Hi all,
We are planning to buy our first home. We rent in Bromley at the moment. Could you please share your thoughts reg points noted below ?

1. We are wondering if we should buy a house (terraced or a semi) or an apartment.

2. Both of us work in the central London. Safety, proximity to good schools and within 10min to a major BR station (or a tube station) are our priorities. Our budget is £300k max and we need a min 2 double bed property for this. We are considering Bromley and Petts Wood. Any other area recommendations?

3. What is the proces like? I've spoken to mortgage brokers. They say "your profile looks good. If you like a property, put an offer and get in touch with us. We'll do the rest". I have an AIP from a bank. What if I put an offer and my mortgage application is declined? If I pull out of a sale for these reasons (after my offer is accepted), how much money will I lose?

Thank you,
Tulipz

hazyjo

You will probably have s/c and ground rent to pay with an apartment so factor these in with any costs.

You might end up with neighbours either side, above and below. Take this into account if going for an apartment. As nice as the residents might be now, don't forget they might move.

You will probably have more restrictions on a flat than a house. You might not be allowed pets, you might not be able to extend in any way, you might have a shared, or no, garden... pretty obvious stuff really so I won't go into any more detail.

Generally, if people can afford a house in the area they're looking, it would be the preferred option. If you prefer to pay someone else to do all your maintenance and pay a service charge, a flat might be for you.

Think long term too. Do you have kids (you mentioned schools...)? Are you likely to have more? That might influence your decision. If you have or are planning more kids, I'd go for the house. Wouldn't you want a garden? Flats with gardens usually mean ground or basement which aren't always the preferred option - generally the higher you are, the better, cos of noise.

Don't buy now with the intention of only staying somewhere for 2-3 years. The market's pretty rubbish so you want to stay in wherever you buy for as long as possible.

I'd look in Bexley too and maybe Sidcup - perhaps even New Eltham. What's the budget?

You'll lose whatever you've spent so it depends on how quickly you can get yourself sorted. You'd probably have the survey done first (usually advisable to get a homebuyers' report or a full structural survey), so anything between £300-800 probably. Also, whatever solicitors' costs you might have incurred. Searches are generally applied for quite early - costs vary according to the council providing them.

Good luck.

Jx

abankerbutnotafatcat

Hi Tulipz,
1) a lot of this is personal preference - no rights or wrongs. Another consideration is modern vs period property and for flats purpose built vs conversion. I have owned 2 properties - a modern, purpose built apartment and a period (1901) house. The period house is beautiful and spacious with high ceilings etc but is a money pit both as far as maintenance and running (fuel) costs compared to the purpose built flat. When I bought the flat I had no contingency for maintenance/improvements - i wanted a safe bet. I loved that place but it was a little soul-less compared to the house. I bought the house knowing it needed and would continue to need money spent on it and I therefore didn't stretch myself with the purchase so that I had funds to do this.

2) Perhaps if you told us the maximum door to door journey length and to where as well as the 10 minutes to the tube station we could give area recommendations. Personally, I bought in Redhill as I found it convenient and good value - c1 hour door to door to either the City or West End and for £300k you could buy a very nice 3 bed detached Victorian house. It is a pleasant albeit not very fashionable area. The town centre is a bit 'chavvy' so I don't spend much time there but it has a Sainsburys et all and beautiful countryside around.

Good luck :-)

tulipz

Thank you, abanker. We'd like to be at a max of 45 min commute to Bank / London Bridge. We like Bromley but we are open to other good areas too. Suggestions welcome.

Mrs_Z

Hi,
I think it very much depends on your life style and personal choice. Flats are easy, minimal maintenance, probably no garden, etc, great if you're young and carefree, just work and go out etc... but you'll most likely have to pay a service charge (if in a block), deal with the maintenance company who may or may not do a good enough job for your liking, etc.

My advice would be to try to buy with long term view - will the property still be adequate in 5 years time, when you might have kids, etc? Moving is expensive, so least steps you can take to get to your 'forever' home, the better!

Re: areas - how about Beckenham? Beautiful Victorian properties, great transport links, bus ride from Bromley.

pinkshoes

I bought a flat years ago as the dream of a house went out the window when I realised that I could only afford one in a grotty area. I chose a large flat in a nice area instead. I'd always put location first.

If you go for a flat/apartment, you need to consider the following:

1. What is the ground rent and maintenance charge
2. Who is the management company, are they doing a good job, and do they have enough money in the accounts should some major work be required i.e. re-roofing, building rendering etc...
3. What is the sound proofing like? Are they purpose built? Do the neighbours above have wooden flooring?
4. Are there any odd restrictions in the leasehold.

neverdespairgirl

Have you considered going east, with trains into Fenchurch / Liverpool Street?