2 bed terrace or new build flat?

Lotus-eater

redhead123 wrote: »

Not necc thinking of staying there short term - me and OH just no ready to move in..yet! I wanted my own place for a bit and then we can buy together later..I didn't want to live with him in his house (with his flatmate) because well, I can't really have a fair say really as it isnt' my house, but jointly its differnt...I thought when the time is right I could rent it out or he could move in with me...

Why not rent until you want to buy together? It costs alot to buy and sell a house you know.
I can't see one good reason to buy a house.

If you have to put the house on a BTL mortgage, will the rent cover the mortgage?

Lotus-eater

Do you know how much rental it would get? I think you need to step back and have a more in depth look at the figures.

redhead123

Mortgage off is valid 6 months from May..

Renting..yes I could continue to rent but my current 12 month contract is coming to an end and I dont' want to sign another one..I live in a shared house with my friends (3 of us) and it has been great but I've been renting for ten years and I'm a bit sick of it..

....plus I moved my pony out of London up to Milton Keyes (yes yes I know at this point folk might say how can you afford a pony/horse but literally ALL my 'spare' cash goes on him - he eats a chunk of my socialising but then I do a lot of socialising down at the stables), - so while others might go out for meals/drink, spend lots on clothes etc I spend a lot on beastie (arghh vet bills!)). In London it was costing loads as you can imagine and i had no where to ride..so I moved him up near my OH! The house is less than a mile from my neddy!

(at this point no doubt you'll all be thinking i've gone a bit loopy, but tis true I am one of those horse-mad people! I waited 30 years to be able to buy one!)

redhead123

Lotus-eater wrote: »

Why not rent until you want to buy together? It costs alot to buy and sell a house you know.
I can't see one good reason to buy a house.

If you have to put the house on a BTL mortgage, will the rent cover the mortgage?

Rent would probably be around 550, 600 per month, but I would change the mortgage to interest only probably..

gfplux

For me the parking would be important. How long has the land not been used. Why not ask at the council if they have plans for the land.
Could you buy a lock up garage close by?
What would also be interesting is to compare the size of living space between the terraced house and the flat. I know the old fashioned way is to measure property by the number of bedrooms but do you know how big the two property's are?

patchwork_cat

I would say that the terrace would hold it's value better as there is a glut of flats. Also selling on may be difficult with flat - is there any maintenance costs of the flat? If not will the building be maintained? you only have 2 or 3 neighbours with a terrace and possible 8 that could affect the enjoyment of a flat. If 1 of those 8 is noisy or inconsiderate, well.

Entertainer

redhead123 wrote: »

Mortgage off is valid 6 months from May..

Renting..yes I could continue to rent but my current 12 month contract is coming to an end and I dont' want to sign another one..I live in a shared house with my friends (3 of us) and it has been great but I've been renting for ten years and I'm a bit sick of it..

....plus I moved my pony out of London up to Milton Keyes (yes yes I know at this point folk might say how can you afford a pony/horse but literally ALL my 'spare' cash goes on him - he eats a chunk of my socialising but then I do a lot of socialising down at the stables), - so while others might go out for meals/drink, spend lots on clothes etc I spend a lot on beastie (arghh vet bills!)). In London it was costing loads as you can imagine and i had no where to ride..so I moved him up near my OH! The house is less than a mile from my neddy!

(at this point no doubt you'll all be thinking i've gone a bit loopy, but tis true I am one of those horse-mad people! I waited 30 years to be able to buy one!)

No need to be defensive about your pony- everyone is entitled to hobbies. What rent can you achieve on the house? You need to know this if you are considering only staying short term. If you are buying well and the demand is good for that area then at least you know you can cover your costs should you need to keep the house for a few years.

gabyjane

Hi i can see exactly where you are coming from and i thought id'e share my views with you!! (haven't read properly the last ones so apologies if youv'e already decided!!)

We were FBT in Sept last year and we ended up buying a S/O house..main reason being we couldn't afford a 2 bed house and didn't want a flat really AND didn't if i'm honest want the work to do anything up..
I LOVE decorating and doing things up BUT we are great ones for shopping and love buying things and going away..may sound materialistic to some but in all truth we would have been doing some places up still now and not seen a spare bit of cash! we are also getting wed soon and are putting into that a lot..anway....
We have a 2 bed town house and have purchased 40% as one it is new build and we love new houses, two it has parking and a garage a big + for us as we live somewhere where it is very hard to get and park...also friends coming round will not stay as much if they can't park..sounds daft but we have had this with previous rented places..three it is bigger than most market places and obviously new doesnt need ANYTHING doing!
We have bought all new and furnished it..just sit there at night and enjoy..while a lot of our friends work 24-7 decoarting and stressing themselves out!
The mortgage is around the same as yours quoted and this is what it comes down to at the end of the day for us..
Good luck and whichever you choose i'm sure you will love either!!
I have to say in all honesty that if we could have afforded a cheap 2 bed and i had the time and we had the money i would ahve gone for a house as apposed to S/O i think..maybe lol.

KiKi

2 bed terrace any day; new builds are so character-less!

I have a 2 bed terrace, which has a small patio and no parking - but then no-one around here has parking, that's just the nature of the town. I would never purchase a new build for many reasons, although most of those reasons are personal preference.

Best of luck with the new house!
KiKi

poet123

if you really think this will be a stop gap i think you would be mad to buy,only to want to sell in 12/18 months time. Leaving aside the volatility of the market,all the associated costs make it a bit daft. Also have you considered that if you are not yet ready to move in with BF there is a possiblity you could split up? would you still want to be so close to where he lives? If you take a short term rental all your options are covered.

All things being equal though and if you are set on buying the 2 bed terrace or a 2 bed terrace (maybe with parking)is a better bet than a flat.