One bed flats

FTBAngst

What are people’s opinions on one bed flats? And borrowing 100k less and buying a one bed flat instead of a 3 bed house

I’m aware there’d be NO growing space. I have no plans to have children in the next five years. Currently single. A two or three bed house would be preferable to save moving again soon in the future but here houses are going to quickly and estate agents/ vendors are all doing different things (collecting increasing bids over a few days, collecting higher and final and its hard to know where I should go, taking offers at asking and I’m not able to view even if I was prepared to offer more, etc). It’s getting a bit tiresome so I was thinking of just buying a one bed which suits me fine for now. I’m aware if the market grows the increase on a house will be significantly more than the increase on a one bed flat, and if the market drops the flat will take more of a hit. But I’ve been trying to buy for a year now. If I’d bought a one bed and I would have paid a lot of it off by now.

kinger101

Do you really want to blow your FTB stamp duty exemption on somewhere you don't intend staying for long?

One bed flats are very difficult to shift in a market downturn. In terms of percentages, you'll likely take a much bigger hit than you would on a house.

It might be better to visit what options you have on a 2 bed semi or terrace in a slightly cheaper area. It's sounds like you're pushing for places a bit outside your means.

HampshireH

Round here 1 beds are hard to let and hard to sell. But they are extortionate for what they are in my opinion.

A 1 bed house here are about £195k in the less desirable next area on they are £170k upwards. Less flats here but start at £165k but obviously leasehold.

A 2 bed house here are on from £240k upwards with 3 bed ex councils from £230k upwards. 3 beds non ex council from £275k

I personally wouldn't waste my FTB status on a 1bed anything.

If you are going to compromise then compromise on a 2 bed and get a lodger if you need to. Least if your circumstances change a 2 bed is more accommodating and can still be grown into

FTBAngst

Thanks for the replies. I don’t feel like I’m looking outside of my means. Do you mean the cost of the house? It’s just hard to know what to offer when EAs ask for highest and final. I went 6 or 7 over on one, the EA told me that the accepted was 4 over asking. So for the next one I was prepared to go nearer that but the agent rearranged my appointment to view and then phoned me the next day to cancel as it went under offer and when I asked how much he said well they got the asking price. It’s so frustrating. I’m prepared to pay more, they won’t let me! There are almost no two bed houses around here

jonnygee2

What are people’s opinions on one bed flats? And borrowing 100k less and buying a one bed flat instead of a 3 bed house

Agree with others, get a two bed if possible, it gives you the option of renting out the second bedroom (handy in a pinch) and they are much more saleable. If nothing else, you'll have a nice home office and guest bedroom.

I'd only get a one bed if absolutely the last option. Most apartment blocks with one beds also have two and three bed apartments.

FTBAngst

There’s just nothing coming up, maybe about 3-4 per day in the areas I want. I’m hoping that as spring approaches more houses will come up

cjv

1 Bedroom flats are getting snapped up where I am buying, but it is in a prime location and long term regeneration area. If I was looking in a less desirable area or planning to move again in a couple of years I would definitely hold out for a 2 bed flat or a house.

Room for a lodger does not interest me, I would rather poke my own eyes out than do that but if you will consider this then a 2 bedroom makes sense.

Research how well 1 bedroom flats sell in your area, to help you make a more informed decision.

Do whats best for you

zagubov

Every house purchase you do will be an expensive burden on your finances and I'd recommend you cut the number of house sales you'll do in your lifetime to a minimum.

Our first house was a 2-bed. We've had kids and moved to a 3-bed and finally a 4-bed.

That's enough; we're not interested in moving again.

Do yourself a favour and get a 2-bed as a start. And, like everybody says, get a lodger.

nyc_451

I was looking to buy a one bed flat as that's all I need - forever single and no kids... But then I found a small two bed flat which suited my needs perfectly.

Sometimes I wish I only had one bedroom and one bathroom to maintain as it can get quite expensive if you have no diy skills, but that second bedroom gives me an option to get a lodger if I need extra money, and the flat would be big enough for a couple/family, should I ever meet someone.

I am not moving any time soon, can not stand the thought of getting stuck in a chain! I don't think I'd struggle to find buyers as I live in SE but the whole process is too complicated for my liking. So I guess I'm happy I bought two bed instead of one bed...


Whatever you decide, good luck.

getmore4less

You have to look at your area ans the market not just for sale but rentals.

If there are plenty of 1 bed flats to choose from that is telling you something.

Typically(some areas won't apply)
One beds of any type are just above studios, they are not aspiration buys or rent, they attract the bottom end of the market.

Couples tend to want 2 beds as a min and will buy or rent them and there are more joint income couples that have better spending power.

You need to look for something that will sell or rent easily should you need/want to move.

There’s just nothing coming up, maybe about 3-4 per day in the areas I want. I’m hoping that as spring approaches more houses will come up

If you are getting 3-4 new on the market daily that is loads to be looking at some areas people are getting fewer than that a week, some would be glad of that many a month.

What are people’s opinions on one bed flats? And borrowing 100k less and buying a one bed flat instead of a 3 bed house

£100k in what context, what range are the 1beds, 2bed, 3 beds.

Are you watching the sell through prices and what is going SSTC to see what people are paying?

If you are brave you could put up a link to the area and your budget, let some fresh eyes find you a property.

getmore4less

I should add what I have seem with new developments.

When the market has been keen/rising people will buy what ever they can and the 2 beds 1 beds studios all sell to the young FTB

As the market slows people stretch up and the people wanting to move up have to rent out or sell to investors.

What was an area of owner occupiers all looking after their new home becomes rental city and the areas go down hill.

If you do go to the lower end be very aware of the owner/rental mix and if relatively new are investors moving in picking off the frustrated sellers.