1st time buyer - self employed - apartment or no?

catoutthebag

This is probably one of those crazy 1 am posts

I moved back to my parents after renting in another city for 2 years with my ex partner.

Ideally I'd like to meet someone and then rent or buy and settle down (meeting and renting/buying are not interdependent obviously)

But getting frustrated being back at home at 31.

Friends are envious and say stay at home and save. I've saved about 17-18k for a deposit and my dad has offered potentially 5k that I probably won't accept.

I've seen some flats in a nearby leafy affluent desirable area that I have 10-15% deposit for.

1) should I stay at home til next year, calm down and re evaluate? Given if/when I meet someone I may only be in this flat a few years?

2) should I buy one of these flats 2 miles from me?

3) would you get a 1 bed in the most sought after street or a 2 bed in a street off the most sought after? Are converted Victorian houses more deseriable than modern flats?

4) are houses generally a better investment? Is it correct you don't fully own it? And I'd have to pay service charges?

5) work is quieter for me in my home city so potentially affordability could be a hindrance or at least me saving on top of paying a mortgage but I'd be willing to get a f/t job. I have several years consistent s/e records and no cc or outstanding debts apart from student loan and a very good credit history. Feel free to comment.

6) should I scrap the lovely flats in the lovely areas and get a terrace in the neighbouring so - so area (if I went ahead with this idea)?

Any comments and advice welcome

Old_Git

only you know the area and the affordability ,but for me I would avoid apartments if I could .Apartments have way to many issues for my liking .
Noise from other apartments, service charges .You buy and apartment and all you neighbours rents an apartment .You could have new neighbours every 6 months ,and you are more likely to have problem neighbours.For me buy a terrace ,just dont but in a crap area .If you buy a terrace you will probably have a spare room and could take in a lodger if you wanted

duchy

If you are looking to buy and move on/up later I'd be looking at a two bedroom house for several reasons.

Apartments come with service charges -and leases that start to run out eventually.

Apartments have less scope to improve and add value

Apartments are harder to sell on later (partially for the reasons above)

You have more flexibility with a 2 bed if say you lost your job - or needed additional income (to replace savings or to travel for example) you'd have a spare room to rent out

You can also invite friends to stay more easily with a spare room

If you've never lived in a flat don't underestimate the noise issue. Most flat dwellers have to deal with intrusive noise at one time or another.

duchy

If you are looking to buy and move on/up later I'd be looking at a two bedroom house for several reasons.

Apartments come with service charges -and leases that start to run out eventually.

Apartments have less scope to improve and add value

Apartments are harder to sell on later (partially for the reasons above)

You have more flexibility with a 2 bed if say you lost your job - or needed additional income (to replace savings or to travel for example) you'd have a spare room to rent out

You can also invite friends to stay more easily with a spare room

If you've never lived in a flat don't underestimate the noise issue. Most flat dwellers have to deal with intrusive noise at one time or another.

freeman3030

I live in an apartment which my partner and I bought 18 months ago. It really is a mixed bag, ours is a share if freehold and everyone in the block owns their own. We've never had any issues with noise (I hope that doesn't mean we're the noisy ones!)
When buying our apartment, it was so much cheaper than a house. We looked at a house but it was tiny, the amount of space we have is more than I've seen some 2 bed houses that are £60k more in the same area as we live in.
Don't get me wrong, you'd be financially better off in a house as you don't seem to get anything for your service charges, but when anything needs repairing, you only have to pay a share. It suits us for the moment, until we're in a position to buy a house. I'd say buy what you can afford and don't overstretch yourself because you never know what's around the corner.

catoutthebag

Thanks guys...think I'm a bit more swayed off apartment now!

I did live in a 2 storey one and though my ex thought it was tiny, it was modern and all the rooms were quite big/well proportion ed

It was a family / suburb but we did get a noise from the bloke downstairs either arguing with his wife or getting drunk. Not often. And I just laughed it off or got used to it.

I know with my money I could afford a semi or terrace in a less desirable area.

Now

1) should I buy a house in a less desirable area ?

2) should I wait 6 - 12 months to save few thousand more and/or wait til I've met someone new (sorry I mention it but it is part of my future plan too equally)?

With work, if work is quiet and i have a mortgage ill try to have emergency fund set up beforehand and/or not save cash for that particular month

Pete9501

So many variables here. What if you meet someone else and they have a property, move in and rent yours out perhaps?

Personally I would go for the Victorian house, probably have a wider group to sell / rent to in the future compared to a flat. Do watch the service charges if you go down the flat route though.

Do take the £5k from dad if he can afford it, he is trying to help you and it all helps long term.

catoutthebag

Pete9501 wrote: »

So many variables here. What if you meet someone else and they have a property, move in and rent yours out perhaps?

Personally I would go for the Victorian house, probably have a wider group to sell / rent to in the future compared to a flat. Do watch the service charges if you go down the flat route though.

Do take the £5k from dad if he can afford it, he is trying to help you and it all helps long term.

Lot of variables you're right. I think I do want to meet someone and that is important to me. I know others are more concerned about having their own property and would rather be alone longer and just focus their energy on property. And at my age women will mainly be renting but some will also have a mortgage.

bouicca21

If you have only recently broken up with your ex, then it is probably way too soon to be thinking of another relationship.

What do you actually want from a property?

A house, especially an older one brings with it the prospect of repairs and general maintenance issues. A flat comes with service charges but (mostly) relieves you of the necessity of sorting out the repairs yourself.

You can get noisy or unpleasant neighbours next to a house as well as in a flat, so be careful and choosy about neighbourhood and how solid the walls are. I now live in a flat, it's well built, on a quiet street in a desirable neighbourhood. No problem with noise or horrid neighbours.

Do you want a garden? If so how big and how much work do you want to put into it? Would you be happy with a communal one?

Do you want a spare room - good for visitors, and as pointed out above, a potential source of income if you ever need it. But that's another room to clean ...

Think about transport links. You may not need them but they affect value and saleability.

Do you want to be in suburbia with acres and acres of housing and little in the way of facilities, or close to cafes, clubs and restaurants?

Would you be happy with a doer upper or do you want to move in with nothing else to do but choose your furniture?

catoutthebag

Yes I guess the emotional side is there - I have grieved the relationship loss and in the future would like to think about another - so I need it in my periphery as part of my thinking.

I'm not massively close to family and miss my own space hence the seemingly rash thinking I'm currently making. I can live wiry them longer if needs be though. No rush I guess.

Yes I think people ignore the high comparable costs that come with a house compared to flats which are sorted without you chasing a builder around.

Don't mind a small garden. Can live without. I'm more into parks.

Don't particularly want suburbia. Nice to be around shops and restaurants.

The city I live in is very well connected with buses and trains.

I'm not very practical so would want something done.

Guess I'm just chewing the fat here.

Pixie5740

What bearing does meeting a new partner have on you buying your own home? Are you wanting to take their income into account and buy a place together?