House v Flat

pooranddesperate

I'm looking at buying my first property and am considering whether i should go for a 2 bed house or a 2 bed flat (2 beds so that i can let the other room out, as any good MSEr would do!)

Anyway, my parents have completely different views on it - my mum is adament that i should get a house, whilst my dad thinks i should get a flat - just wondered on what you all thought.

Advantages of a house - are that its just that - would have a small garden, an upstairs, wouldn't have to pay a service charge (although would have to maintain all of it myself) - but it is £20,000 more expensive than a flat (would cost approx £190k)

Advantages of a flat - wouldn't have to do the garden (although would only consider getting one if could have one which has patio doors leading onto communal gardens) or maintenance of the building, and it's £20k cheaper and wouldn't be so mortgaged to the hilt.

what would you do???

sm9ai

House any day. Look at how many Flats are being built compared to houses. In time Houses will be far more in demand then flats so there value should* increase more. Also if prices crash they should decrease less.


*Of course nothing really happens like it should in the housing market so its all subject to change.

DKLS

IMHO after living in a flat for 2 years, and last friday getting a house, I so appreciate the outside space, cant wait for summer, and no more listening to upstairs neighbour enjoying noisy sex sessions

Murtle

The biggest mistake I made was buying a flat instead of a house.

With two people it's easier if you want some me time to be upstairs/downstairs then in the next room!!

My flat has a garden so that is a major plus point, but I'd prefer it if it was totally private.

x

abaxas

Aghaghaghag!

Why do people have to tell of their personal situations.

The original poster should look at ALL the factors before making a decision. Maybe he/she should do a for/against for each place they are looking at and base their decsion on that. Do not discount ANYTHING.

Base all decisions on quality if live, not vanity and you'll always make the right choice.

jennifernil

House if you can afford it.

Ms_Piggy_2

House deffo if you can afford for all the reasons already stated.

The other thing to consider is how much you view your property as a home and how much as an investment/stepping stone to the future. I imagine it will be a bit of both, but deciding where the balance lies may help....

I would always choose a house (outside space, more space/storage. garage/shed etc), and I have an inkling that generally houses are a better investment, but I have friends who live in flats and love it and wouldn't want the 'hassle' (as they see it) of a house.

Also ~ even with a float, there are very different types. Purpose built in a block vs conversions, high(er) rise vs two storeys (where you may still get a private garden on both floors and less likely to have a service charge) etc.

dannyboycey

Flat every time. I don't know your circumstances, but an extra 20k on your mortgage could really make you struggle.

If there were a serious decline in the market, I would rather be in a cheaper property. Remember, the higher the mortgage, the more you have to lose! Increased payments and negative equity.... could you cope with those scenarios?

I am amazed by the amount of people who think you should get mortgaged to the hilt considering the predictions of a slowdown in the market and chances of more increases in interest rates!!

cupid_s

Maybe you should look at what rent you could charge for a room in a house compared to a room in a flat. I know I'd pay slightly more rent to live in a house.

If you can get extra money from rent to help with the higher mortgage then you migh be better going for the house

Dead_Eye_Jones

Buying? A house for sure. If renting, then flat. Flats are great when you are young free and single, buying in ya youth just ties you down at a time when you might be moving around - jobs, women, travel, etc.

Buying a flat is nothing but hassle, well more so the selling it on, I know so many people who have been held to ransom by leaseholders.

I also think if the property market does turn, flats will lose value very quickly, the new build premium 1/2 bed flats where I live are currently selling for more that then the nice 3 bed semi I bought!! Crazy isnt it. Having rented one before buying Id never buy one, the places are marketed well and you get sold on the swish new bathroom and kitchen, but after a while you realise that living on the 2nd floor is a total nightmare, you long for somewhere to sit outside on a sunny day (the initial use of that nearby park wears thin very quickly), the place is actually much much smaller than you ever realised, etc etc.

A house on the other hand, if you find yourself stuck there in a falling market, or cant get up the next rung of the ladder, you wont resent it so much and will be able to cope with a baby or two. With most new builds being flats to maximise revenue, there arent many houses being built, so in a falling market it should retain its value far greater than the faddish 'luxury' flats.

If I were you, Id keep saving until you can afford a nice starter family home, ya know the 2 or 3 bed terrace, or even a little semi. Nothing fancy, but a most suitable home that many of us probably grew up in. You can sit happy there for years if you have to before hopefully reaching that aspirational home - ya know the nice large detached one with sprawling grounds, etc!

I went straight to a house, and really think that going via a flat would not have helped in any way. In fact Id probably be still in it now trying to sell it and worrying that houses are too far out of reach. IF you cant afford the extra, then just wait, nothing wrong with renting/living with folks, just make sure you save save save and you'll get there in no time. Remember people here are paying off debts of tens of thousands so there is no reason you cant save the same!

tawnyowls

Unless the mortgage would really stretch you, buy a house. If you have a flat, you're at the mercy of the leaseholders (as some poor devils who've bought council flats and are now stung for bills in excess of 20K in maintenance fees are finding out. The land is worth a good proportion of the cost of a property - it's worth owning it yourself.