Buying - small flat in nice area or bigger house in not-so-nice area?

SamanthaDawn

Hello,

This post might be a bit long, but bear with me! I’m currently 25 years old, single, and living in shared rented accommodation in north London. Over the last year or so, I’ve had an increasing desire to live on my own (if you saw the state of my kitchen, you’d understand why!) Renting or buying on my own in the part of London I currently live is pretty much impossible on my salary, so I’m looking further out – namely St Albans. I work in Luton so it would cut my commuting time and costs as well.

Unfortunately, the price of property in St Albans is almost as bad as London. With the help of my parents, I can just about afford to put down a deposit on a small one-bedroom flat, but definitely nothing bigger. On the flipside, if I bought in Luton, a mere 13 miles north, I could afford to buy a 2 or 3-bedroom house. My heart is telling me that St Albans is the way to go (it’s a much nicer town, it’s nearer to London, I’d have more friends there) but my head is telling me that surely it makes more financial sense to buy a bigger property.

At the moment, a one-bedroom flat would suit me fine. I’m out a lot, it would be cheaper to heat, and I’d have less cleaning to do! But I’m trying to think long-term, and factor things like selling/renting it out one day into the equation.

Any thoughts would be much appreciated!

hcb42

Is there any way you can stretch to a 2 bedder nr St Albans and get the best of both worlds?

at the end of the day, it is down to personal choice, but if you plan to sell the flat within five years, or so, expect that at best it will hold its value, and moving can be costly.

The old adage goes something like "buy the worse house on the best street" if it helps.

I would say buy in the better area, however not what I myself did 25 years, ago, bought the best house in a not so nice area, however markets were generally on the up then, and within a year or two, it had almost doubled in value

somethingcorporate

Tough one, I'd buy a house over a flat (easier to sell) and in a better area rather than a cheaper so I agree with hcb above as to whether you can achieve both aims without compromising too much on the location and the size.

monkeyman1974

if you want to buy in St Albans, DO NOT buy in Luton

I’m not saying one is better, they are just different, very very different.

getmore4less

Don't look at distance, look at cost, time, frequency,last and first options of transport links and potential door to door times.

Davesnave

Surely it's not an either/or choice.

I'm not familiar with the area, but if you work in Luton and prices are pulled by forces like proximity to London, convenience and "niceness," then there may be places witin striking distance where the mix will be right for you. It's a matter of deciding what you can sacrifice most easily.

Personally I'd sacrifice easy rail & road links if it got me a 2 bed in an area where I felt comfortable. Moving is expensive, as you've acknowledged, and a one bedroom anything is usually regretted, often sooner than people imagine.

vivatifosi

There are some nice areas in Hemel Hempstead (eg Boxmoor, Leverstock Green) that are cheaper than St Albans. Leverstock Green is on the road to St Albans - 10 mins to the town centre outside of the rush hour. It is also close to the M1 so you can get to Luton easily and once you get to the junction, you're going in the other direction to the queues.

The villages round Harpenden (which itself is a bit expensive) could also be worth a look.

But spend some time looking around different places first, there's no point being miserable in your new home. St Albans may yet prove the best option.

Old_Git

take a lodger and buy a two bed

What is you budget ?

gfplux

It's an old cliche but location, location, location.

artbaron

I think it would be a tough choice between living in Luton and being bound naked in brambles and tossed into a pit of rats. Your choice, happily, is simpler.

simplymegreg

I am having a similar debate really... Is it best to buy a 1 bed flat in zone 3 of London or a 2 bed flat in zone 4 of London which is commutable by national rail? Surely the 2 bed wins hands down as the potential of a lodger paying c450pm would be very welcome in contributing to mortgage re-payments, especially considering that either properties would cost a similar amount and therefore mortgage would be similar.