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Original poster

Should/shouldn't DS1 buy a flat

77 replies

HelpsHeal · 06/04/2023 16:01

Currently lives at home.

He has a good deposit. Runs a car that's paid for, no debt. Currently pays keep at home . Earns £30k

Round here he can get a small one bed flat in a nice block for c. £200k.

Entry level houses are £350k and often not in such nice locations.

He could afford the flat, in that he can raise the money, we haven't looked at monthly costs yet. The house is out of reach. His job is local and we're already in the cheapest town for miles around, so changing area not an option.

I've always really resisted buying flats because of the leashold/maintenance charge issues. Also, if there is a property crash, these tiny flats will become unsaleable (because houses become more affordable, at least that's what happened here last time).

However, realistically this is the only way he'll get on the ladder.

Ultimately I'll get no say anyway, but what would you advise?

He's OK living here, but he's 22 and has to go some time.

OP posts:
titchy · 06/04/2023 16:03

At 22 he'd be quite young to get on the property ladder! Doesnt he want to house share with friends a similar age and have fun for a bit. Maybe come back and live at home in a few years to save the deposit? Or meet someone and buy a house?

Original poster
HelpsHeal · 06/04/2023 16:05

titchy · 06/04/2023 16:03

At 22 he'd be quite young to get on the property ladder! Doesnt he want to house share with friends a similar age and have fun for a bit. Maybe come back and live at home in a few years to save the deposit? Or meet someone and buy a house?

I think house sharing is a London thing. No one I know, or their kids, is doing it round here.

He's already saved a deposit of £50k

OP posts:
Bluevelvetsofa · 06/04/2023 16:07

Any possibility of a flat with shared freehold?
Or a shared ownership property?

WunWun · 06/04/2023 16:07

I don't agree with the renting/having fun house sharing thing. You can have fun in a flat you own! And you're not throwing money in the bin.

Original poster
HelpsHeal · 06/04/2023 16:09

Yes this has always been my view. Stay at home until you can buy (if that's a realistic possibility). Once you rent buying will be so much harder. Some people have to obviously, but I don't know why you'd volunteer to pay rent if you dont need to.

OP posts:
emmathedilemma · 06/04/2023 16:10

So he'd need a mortgage of £150k which is 5 times his salary.....which not all lenders will offer and he'd need to consider if he can afford the repayments. It might be ok short term if his job has good pay rise prospects, but with only 1 bedroom it also rules out the option to take in a flat mate or lodger to help with the mortgage repayments. Also consider the potential rental value if there's any chance his job might take his overseas for a period of time or he might move away.
And factor in that flats usually have a management fee to cover maintenance of communal grounds etc.
But I would always suggest getting on the property ladder if you're able to.

titchy · 06/04/2023 16:10

Eh?! House sharing is everywhere! Given he's presumably only just back from uni, as are his friends, it's probably not quite on his radar yet. But really, young people all over the country are in house shares.

Original poster
HelpsHeal · 06/04/2023 16:10

Bluevelvetsofa · 06/04/2023 16:07

Any possibility of a flat with shared freehold?
Or a shared ownership property?

Doesn't shared ownership have all the same problems as leasehold and I believe freehold flats have issues too?

OP posts:
Annfr · 06/04/2023 16:11

I bought a flat first.

The charges for me weren't the issue but more the fact that the other company own the building and you can feel like just a tenant at the time. For example my flat had full length windows (which I wasn't allowed hire someone to clean myself) and they decided rather than cleaning them every 2 months, they'd do 6. This wasn't an issue for those with normal windows but it made my flat look terrible. But I couldn't do anything. They then decided to put 24/7 lighting in the carpark that obviously affected the bedrooms but again we weren't told anything. I couldn't wait to get to a house in the end.

BUT if I hadn't bought the flat, I'd have still lived in a flat but rented and I did have more security than I would have had in rental. They can still get rid of you but you'd have to do something pretty terrible.

The flat also allowed me to live in a city. I now live in a 4 bedroom house but I have to live 30mins+ away.

I'd still go for a flat if it was the addordable option or if I was young still and wanted the city life rather than a family life. I think a house would always win in the end but flats completely have their place.

Original poster
HelpsHeal · 06/04/2023 16:12

titchy · 06/04/2023 16:10

Eh?! House sharing is everywhere! Given he's presumably only just back from uni, as are his friends, it's probably not quite on his radar yet. But really, young people all over the country are in house shares.

He didn't go to Uni, he's already had 6 years of being a grown up.

I've looks for ads locally and I can't find any for house shares/rooms. In any case, he wouldn't see any advantage in that over living here.

OP posts:
RB68 · 06/04/2023 16:13

I would hold off until he can manage a 2 bed - I do think with 1 bed its not gonna grow with him if he gets a partner and or family, not saying that will happen but with the cost of house buying/moving a 2 bed might be better value - he could also let out a room for income and company and its allowable tax free for 1 room

Bluevelvetsofa · 06/04/2023 16:13

I thought it was preferable to have a share of freehold, rather than leasehold, but haven’t any experience of buying a flat.

I thought shared ownership was supposed to affordable housing, of the sort that’s included in some new developments.

validnumber · 06/04/2023 16:13

It's great if he can get on the property ladder so young but if he doesn't feel the 'need' to move out wouldn't he be better off staying for a while longer and saving some more?

Theraffarian · 06/04/2023 16:14

What does he want to do ? I bought my house at 20 , but it was what I really wanted to do , it means huge sacrifices, especially social ones , unless he is desperate to move out , I’d encourage him to save more while he lives at home . Who knows in a couple of years he may also have a partner and want to buy with them . Buying alone at that age I should think may be a little lonely if he feels pushed into it.

Bluevelvetsofa · 06/04/2023 16:16

Entry level at £350k sounds a lot.

Will his salary increase over time? It might be worth him saving for another couple of years and aiming for a house when he’s a bit older and further along the career ladder.

Swearwolf · 06/04/2023 16:18

We were in the same position and did buy a flat, 6 months before the market crashed in 2008! It only matters if he's planning to move fairly quickly - we ended up there longer than the two years we'd initially planned, but prices did come back up and we moved on. The service charges etc were not really an issue for us.

Rockingcloggs · 06/04/2023 16:20

titchy · 06/04/2023 16:10

Eh?! House sharing is everywhere! Given he's presumably only just back from uni, as are his friends, it's probably not quite on his radar yet. But really, young people all over the country are in house shares.

I don't know anyone who has ever house shared either! It wasn't even something I heard people doing when we were younger!

SpareHeirOverThere · 06/04/2023 16:23

Property tends to be a good investment. No one can predict the future, but on past performance, buying is a good financial decision.

If he can stretch to a 2-bed flat, even better (as he could take on a lodger, or even start a family at a later date). At his age, he may be able to take on a flat that needs some work, and slowly improve the place to add value.

Sounds like a good plan.

Mossstitch · 06/04/2023 16:24

Mine all stayed at home much longer and saved. That's what I recommended to them having had a bad experience with a flat which they lived in so we're fully aware of them. Was share of freehold but still had maintenance issues with not enough money in the pot from the service charges when something drastic happened. Also all the admin required was a pain and always ended up with a fine for late submission of accounts to Hmrc. I would never buy a flat again!

Original poster
HelpsHeal · 06/04/2023 16:26

Bluevelvetsofa · 06/04/2023 16:16

Entry level at £350k sounds a lot.

Will his salary increase over time? It might be worth him saving for another couple of years and aiming for a house when he’s a bit older and further along the career ladder.

I know, that's the SE, there really isnt anything cheaper. £350k is for an ex council house.

Next town across, a friends DC has just bought tiny 2 bed house for £420k. We're not even in a desirable bit of the SE. The house is very sweet but it's basically one room, including the kitchen downstairs and two bedrooms that will just about fit a double bed, plus bathroom upstairs. Patio garden.

OP posts:
FinallyFoundIt · 06/04/2023 16:28

House shares are in every city, but sounds like you're not in a city? I bought a flat as soon as I could (age 27) in 2013, after renting in house shares, but it was a priority for me. Service charges / leasehold are just par for the course, no issue really, but in your son's shoes I think he should wait and save for longer unless he's desperate to move out. If he can stretch to a two bed flat, or even until he can get a house, that would be better.

Original poster
HelpsHeal · 06/04/2023 16:32

I think he feels no matter how hard he tries/how long he waits the house is out of reach. He can't take any more mortgage so he's basically got to save another £150k

OP posts:
WannabeMathematician · 06/04/2023 16:36

Lots of people I know only ended up buying when they were in a couple for this reason. Doubles (ish depending on earnings) your mortgage potential.

LBFseBrom · 06/04/2023 16:40

I think it is a good idea for your son to buy a flat. I know a young person who did the same a couple of years ago and has never looked back. Will probably move in a year or two.

At 22 he doesn't need a house, that's the next step. As long as he can afford the mortgage repayments and charges, why not? Flats are smart and ideal for a young, working person.

Original poster
HelpsHeal · 06/04/2023 16:42

WannabeMathematician · 06/04/2023 16:36

Lots of people I know only ended up buying when they were in a couple for this reason. Doubles (ish depending on earnings) your mortgage potential.

Yes, but this also makes me nervous, especially as he has a good sum saved. Although I don't know who this partner is yet 😆

OP posts:
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