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A house in a bad area or a flat in a nice area?
mgmgrand1
Posts: 62 Forumite
Hi there
Just after some advice really. I understand maintenance and service charge fees as well as the leasehold on flats and that money might well be better invested in a freehold house.
However, if somebody can afford a flat with 125year lease but with service charges of £80pm. The flat is in a great area and looks cheap at 88k or a house at £92k but in a not so great area what advice would you give them?
Just after some advice really. I understand maintenance and service charge fees as well as the leasehold on flats and that money might well be better invested in a freehold house.
However, if somebody can afford a flat with 125year lease but with service charges of £80pm. The flat is in a great area and looks cheap at 88k or a house at £92k but in a not so great area what advice would you give them?
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Comments
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It all comes down to your personal preference. Can you tolerate living in a "bad area"?
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I'd say the flat in the good area sounds better. If the house is in a bad area, you might end up being tortured with things like antisocial behaviour. Would there be anywhere safe for your car at the house in the bad area? The house might not be easy to sell on again if the area has a bad reputation, or be worth less than a similar house in a better area.
Unless you particularly dislike the idea of living in an apartment? Though you wouldn't be considering it if you did.0 -
I'd say neither tbh. Would not live in a flat and buying a house in a bad area depending how bad...would be really hard to resell + obvouisly as someone has said you can change a house but not its locaion.People don't know what they want until you show them.0
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My boyfriend and I were recently faced with this same problem and we chose the flat. It worked out well for us and we're so glad we chose location over getting a house! Yes, flats can be harder to sell but the same can be said for houses in dodgy areas and IMO the benefits of living in a nice area far outweigh the extra space you'd get in a house.
I guess it also depends what the block of flats is like though. Make sure you go at various times to find out what the sound proofing is like and see if you can talk to the other people in the block about noise/heating/how good the management company are.0 -
My son much prefers his flat in a nice area than a house in a dodgy one.(AKA HRH_MUngo)
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Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
How "bad" is bad?0
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It depends how bad, bad is I think. We are looking for a house as we want a private garden and have settled for a 4 bed detached period property in a nice enough area over the 2 bed bungalow we could afford in a very nice area. If you are planning to start a family then it is worth thinking about school catchments as well.Earn £2015 in 2015: £13:33/20150
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Location, location, location.
I remember back in the eighties an estate agent telling me that property prices are governed by those in the area so I would always prefer the better area.
That sounds very snobbish I know. :-)0 -
Location would always, always win for me.0
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it depends on the likelihood of being able to afford the nice house in the nice area. For ex, if you can only borrow 100k max, and nice area places are 150k plus, then there is no point in waiting around and hoping someone wants to take a 50k haircut. Go for the nice flat in the nice area.
If however it is a bit closer say 10k difference then you might ant to wait and seeEmergency savings: 4600
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