1 bed flat or 2 bed house - housing advice

lmog357

Hi all,

I am a 1st time (single) buyer looking at buying a property below the 150k mark. A rough guide on mortgage amount would be about 100k. 30k deposit.

I currently live in Cowbridge, South Wales at my parents house who have moved abroad, just paying all the bills as there are no mortgage payments.

There is a 1 bed flat available within Cowbridge which I like the look of however, at 140k it doesn’t seem a bit of “value for money”. 3-5 miles outside Cowbridge for sub 150k can get you a 2 bed semi-detached house. I’m just wondering on opinions and advise?

A 1 bed would be cheaper in regards to bills and less cleaning. However, “future proofing” it is only a 1 bed flat that would only increase in value due to house prices as it has already been modernised. A 2 bed semi-detached house would in my opinion be better value for money. I.e spare bedroom, can update/improve property, some have garages and bigger gardens.

My parents have said that they have always bought a house to update whilst living there and have always made money on selling and they keep saying that it’s always down to location, location, location.

Just looking for opinions and thoughts really. Ask for any more info

G_M

Where do you want to live?

lmog357

That’s another problem. Im not sure, not keen in being in a city like Cardiff so Cowbridge or the surrounding area would be better. Close to the M4, bus routes, doctors ideally. Have lived in Cowbridge all my life.

hazyjo

Used to go out with a bloke in Cowbridge. Absolutely lovely area! I read the title of your thread and opened to answer 'of course buy a house over a small flat', but even I would have a serious dilemma over this one

I think the market is fairly stagnant (although no idea what's happening in Cowbridge), so in your shoes, presumably rent free with no deadline to get out, I would literally live off water and beans on toast for a year or so and try to at least make it a two bed flat in Cowbridge

Good luck!

Alan2020

How can a 1 bed flat be cheaper to run than a freehold semi?

Bills and cleaning are trivial costs :rotfl:

How much uplift on cost will be there to change the roof, windows or major structural work on a flat via service charges.

A freehold semi might cost £5K to retile, a 4 story apartment block may have a crippling £20K roofing charge per leaseholder.

That is £15K difference, how much do you pay your cleaner.

What happens when you need new windows, £10K per flat, maybe £2K in your semi, Glass only £500.

I think you are underestimating the costs over a longer period.

Iguana

Always buy a freehold property, not a leasehold one. Go for the house.

DCFC79

Im another 1 who says to go for a house.

AlexMac

I'm tempted to agree with posts #6 & 7 but it depends on so many variables;
Emotionally, only you can say where you want to live and love; locality/ views/ neighbours / transport / services / shops /pubs / gym/ transport /crime / love-life opportunities... (schools are presumably less important, but you can add to the list.....)

Not to mention areas on the up or down financially in terms of House Price Inflation..

Money-wise, it matters if the leasehold flat is in a block with expensive on-going Service Charge and maintenance costs, and if the freehold house is in poor or good condition and will cost money in the next few years (roof? external decor? Boiler 0- altough the boiler in a flat is also your problem- I've had to repalce boilers in my last 6-8 homes within a few years of buying at a coat of £1.3-£3k).

And if the freehold is owned by a rip off remote Company and or their agent.. or collectively owned by the flat leaseholders (so called "shared freehold" which gives more control; my preferred tenure).

And lots more...