Buy flat in a nicer area or house in a less nice area?

hopehopehooper

I would love some advice please. I am a first time buyer who has been looking for a property for a about a year my budget is about £195000. I've come to the conclusion having looked around numerous houses and flats that my options are to buy a flat in a nicer area or buy a house in a less nice area. I would much rather have a freehold house but the areas they are available in have put me off.

I have seen a maisonette I really like in a nice area that ticks all my boxes apart from being leasehold. The lease term is 112 years and the ground rent is is £200 a year with no service charge.

Is it better for me to go for the flat in the nicer area or go for a freehold house in not so nice areas? 

Is it strange that there is no service charge on the maisonette?

Is the leasehold long enough in the maisonette I like?

Any advice would be great as I think I've got to the point where I can't see the woods for the trees. Thank you!

PasturesNew

I think you should just keep your options open and view either that takes your fancy until you walk in one and "get that warm feeling".  Just leave it to luck of the draw.  You can't choose what you buy - as you are limited to what is for sale when you are looking...

There is no black/white. 

Service charges on flats are usually annoying/high.... but each one is different.  I'd worry if there were no annual charge as you don't know what you'll get hit by at the drop of a hat in the future.   Buying flats is certainly more 'risky' as you're dealing with all sorts of variables and loss of control/ownership. 

Also, how bad is the "less nice area".  That makes a difference. 

Smodlet

House, house, house, house, HOUSE!  Sorry, I just meant it is usually better to buy a house as they are far easier to sell than flats/maisonettes.  It really depends on whether this is intended to be a stepping stone or somewhere you intend to stay for a long time.  If you intend to move again in 5-10 years, resale value is more of an issue than if this is your "forever" home; you can see that, right?  If you intend to stay long-term, the area is far more important than if this is just a step on to or up the property ladder.

As above, just how much worse are the "less nice" areas?  Good luck with whatever you decide.

DairyQueen

Location, location, location. Better investment and easier resale.

Having said that, I would be highly suspicious of any leasehold property that didn't have a service charge. This doesn't just pay communal ongoing expenses (e.g. lights, grounds maintenance, external window cleaning) it is also intended as a' sink fund' to build-up a pot for major costs such as painting the entire building or replacing the roof. Without this sink fund the unfortunate owners who just happen to be on the lease when the roof starts leaking will have to pay the entire cost between them whilst all former owners escape scot-free. Service charges are the only way that occasional, large costs can be evenly apportioned amongst all of the people that have owned a flat.

eidand

look, this a decision everyone has to make for themselves, in this case you'll be one living wherever you buy so make sure you're happy with the decision.
House buying is all about the compromises you're willing to accept.

[Deleted User]

Is the maisonette an ex-local authority property hence the lack of service charge?  I'm guessing that means there's no sinking fund either so you'd essentially be playing Russian Roulette hoping that no major repairs crop up whilst you're a leaseholder.  How much would a freehold property in an area you like cost?  How no so nice is a not so nice area?

kdotdotdotdot

How bad is the 'not nice' area and realistically, how will that affect you?  If it's not going to impinge on you once you've closed your front door, how important is the area to you?  How comfortable are you walking home by yourself at night?  If that's not an issue, then you can probably live there.  Other anti-social things such as burglary can be somewhat mitigated with an alarm and good windows/doors etc.  

Moneyminded

How much more for a house in an area you like? How long would it take you to save for the extra deposit? If you have already been looking for a year that suggests that there is either very little choice, a very fast moving market where properties are being snapped up before you get the chance to see them or what is available just doesn't suit your needs. 

[Deleted User]

I made this very decision when buying my son a house. I decided on a area that ok- but just not near mum ! Its 12 mins drive away so not bad. The house decision was because flats make me nervous