Buy a 1 bed flat or 2 bed flat using HTB? Help pls 😭

Nb5123

We are in between either buying a 1 bed flat in Brentwood which is an area we really like and easy for us both to commute to, it’s quite a spacious flat too, we can afford this without using any schemes and would pay way less monthly. We are 27 and not looking to have children in the next 3 years at least. The second option is buying a new build 2 bed apartment which comes with 2 bathrooms and balcony too, it’s way more spacious and can see it being more long term even having children there. However it’s in Harlow which isn’t the best area and is further out and longer for us to travel to and from. It also means using a help to buy equity loan as we can’t afford it without it. Which were not SUPER keen on but will use if we have to.


I know 1 beds are harder to sell when it comes to it so is it worth the risk??  Or do we just get the 2 bed apartment? We keep going back and forth but it seems like such a hard decision would love some advice from anyone

Waunakee

Nb5123 said:

We are in between either buying a 1 bed flat in Brentwood which is an area we really like and easy for us both to commute to, it’s quite a spacious flat too, we can afford this without using any schemes and would pay way less monthly. We are 27 and not looking to have children in the next 3 years at least. The second option is buying a new build 2 bed apartment which comes with 2 bathrooms and balcony too, it’s way more spacious and can see it being more long term even having children there. However it’s in Harlow which isn’t the best area and is further out and longer for us to travel to and from. It also means using a help to buy equity loan as we can’t afford it without it. Which were not SUPER keen on but will use if we have to.


I know 1 beds are harder to sell when it comes to it so is it worth the risk??  Or do we just get the 2 bed apartment? We keep going back and forth but it seems like such a hard decision would love some advice from anyone

Help to buy equity closes to new applications at 6pm on the 31st of this month and will only apply to transactions completing on or before 31st March next year so this may no longer be a viable option for Harlow.

Nb5123

Waunakee said:

Nb5123 said:

We are in between either buying a 1 bed flat in Brentwood which is an area we really like and easy for us both to commute to, it’s quite a spacious flat too, we can afford this without using any schemes and would pay way less monthly. We are 27 and not looking to have children in the next 3 years at least. The second option is buying a new build 2 bed apartment which comes with 2 bathrooms and balcony too, it’s way more spacious and can see it being more long term even having children there. However it’s in Harlow which isn’t the best area and is further out and longer for us to travel to and from. It also means using a help to buy equity loan as we can’t afford it without it. Which were not SUPER keen on but will use if we have to.


I know 1 beds are harder to sell when it comes to it so is it worth the risk??  Or do we just get the 2 bed apartment? We keep going back and forth but it seems like such a hard decision would love some advice from anyone

Help to buy equity closes to new applications at 6pm on the 31st of this month and will only apply to transactions completing on or before 31st March next year so this may no longer be a viable option for Harlow.

We have a mortgage advisor who said he’s confident he can do the application for us and it be submitted by the 31st so it should be fine it’s just deciding whether we want to use that or not 

Tiglet2

Location, location, location!  Brentwood is far more desirable.

Buying a leasehold flat and moving in by 31st March might not be doable if your solicitor raises lots of enquiries.  A new build but doesn't mean it will be quick.  Is the property completely built and ready for occupation? 

When you do start a family, you won't need a garden straight away, but it will be something you'll desire as soon as your child is a toddler.

Yazmina

So, say you go for the more desirable Brentwood, then in four or so years you decide it's baby time.   Will you be happy to stay in the one bed with a child for a few years or will you want to move asap?  With a child, would one of you move to part time work or full time at home? Then would you be able to afford to move?

Nb5123

Yazmina said:

So, say you go for the more desirable Brentwood, then in four or so years you decide it's baby time.   Will you be happy to stay in the one bed with a child for a few years or will you want to move asap?  With a child, would one of you move to part time work or full time at home? Then would you be able to afford to move?

Yes when I’m pregnant we would probably want to buy something bigger before I give birth. We would be able to afford more as next year I qualify as a midwife so we will have a combined income whereas right now it’s just my husband 

Nb5123

Tiglet2 said:

Location, location, location!  Brentwood is far more desirable.

Buying a leasehold flat and moving in by 31st March might not be doable if your solicitor raises lots of enquiries.  A new build but doesn't mean it will be quick.  Is the property completely built and ready for occupation? 

When you do start a family, you won't need a garden straight away, but it will be something you'll desire as soon as your child is a toddler.

Yeah that’s what is swaying us towards Brentwood it’s such a nice location. & the new build is supposed to be ready to move into early December this year. We’re not planning on having children anytime soon but there’s always that worry that if it happened accidentally we would be stuck in a 1 bed flat and not being able to move but I guess no point worrying about what can be

NameUnavailable

You always pay a premium for a new build so as an investment it may not be as good, that's assuming we don't have a property market crash in the near future.

NameUnavailable

Also with the 1 bed, check the lease length, ground rent and maintenance charges as to whether it is a sensible buy or not!

hazyjo

I'd much rather buy in Brentwood than Harlow. Absolutely no comparison. You might as well compare it to buying a house in East Ham. As above, location location location.

(And that's me saying that, who wasn't particularly keen on Brentwood when I lived there, but can see why many would love it.)

I would extend your search to Shenfield. So much easier with faster trains/wider choice.

Is Leigh-on-Sea too far? Love it here.

lookstraightahead

Area. No question.