Buying a flat - do you focus on what you need "right now" or do you think about the future?

clairec666

I've found a lovely flat which is ideal for what I need right now. Ideally placed for transport links, and doesn't need any renovation. It's right at the top of my price range, but everything else I can afford is either a studio, in need of some work, or outside the radius of where I'd ideally like to live.

I generally follow the advice that I should pay how much it's worth for me, and not to fret too much about comparisons with other properties.

But should I be thinking about what might happen further down the line and whether I might want to sell it one day? While it's an ideal flat for me as a single childless person who doesn't need much space, it's a too cramped for a couple to live in, so will have limited appeal for prospective buyers. The square footage is more akin to a studio flat than a one-bedroom. It's also leasehold which might put other people off. While none of this is a problem for me, I'm conscious that I might have trouble selling it further down the line.

I know everyone's circumstances are different, but I was just wondering how much people look to the future when they're buying.

BungalowBel

Firstly, most flats are leasehold. Even if they have a share of freehold, there is still a lease.

Personally, if you think you might want to sell further down the line, I would see if you can buy a bigger flat. Buy one just outside your area if they are cheaper there. From what you have said it would not be suitable for anyone other than a single person, which as you say, would limit its appeal..

eddddy

clairec666 said

it's a too cramped for a couple to live in, so will have limited appeal for prospective buyers. The square footage is more akin to a studio flat than a one-bedroom.

Is it less than 30 sq meters? If so, it might be difficult to get a mortgage on it.

clairec666 said

It's also leasehold which might put other people off.

Just about all flats are leasehold.

Is your worry that it doesn't come with a 'share of freehold' as well as the leasehold?

clairec666

https://forums.moneysavingexpert.com/discussion/comment/81914474#Comment_81914474

Thanks. I can see myself living there for a long time, as I'm unlikely to ever need to move for work. And I don't want children. Unless I have a drastic change in circumstances I probably wouldn't want to sell for 30+ years.

For my own personal circumstances, I'd favour location over size, that's what drew me to this property in the first place.

https://forums.moneysavingexpert.com/discussion/comment/81914477#Comment_81914477

There's no share of freehold. It's over 30 square meters, so shouldn't pose too many problems with mortgages.

Brie

I'm conscious that I might have trouble selling it further down the line.

Yes but remember that there are going to be other "yous" in the future as well. They will be happy to have the place.

When we were house hunting we found a great place and the EA kept pushing the fact that it was in a great catchment area and within a short walking distance to a good school. Very saleable then of course but to us it meant too many kids stomping past our door, too many cars being parked everywhere to drop off/pick up kids. It did suit the future us (possibly with kids or wanting to sell) it didn't suit the present us and that was a bigger factor in our decision. (Went past it a few months later at the wrong time of day and basically you couldn't get down the road at all so very happy we turned it down)

elsien

I would certainly not be buying for an indeterminate future that’s possibly up to 30 years away.
If you’re sure it’s going to work for you now, and for the foreseeable, I’d go for it.

BungalowBel

If you want it to be a long-term home, then I would say buy it.

Herzlos

I usually recommend building in some future proofing, BUT if you're pretty confident that your needs aren't going to change, it's already and the top end of your budget and it's ideal for you, then I'd go ahead and worry about changes in the future if they happen.

Albermarle

How long does the lease have left to run?

clairec666

Thanks all. Wise words all round.

I can never be sure what the future will hold for me, but I can't imagine that I'll be wanting to move on in the next few years. So I should probably stop over-thinking it.

clairec666

https://forums.moneysavingexpert.com/discussion/comment/81914602#Comment_81914602

Over 110 years left, so that's not a concern in the near future