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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:
Whichnumbers · 07/04/2023 09:02

I wouldn’t buy a one bed flat, I’d wait to afford/saved larger deposit a two bed and rent the other bedroom out

user146539089 · 07/04/2023 09:11

On of the issue of house sharing I know a lot of young people feel stuck in these situations and would love to be able to but a one-bedroomed flat. I think once the university days are over the attraction of sharing your home with a group of other people has faded. In fact I know a lot of people in their late twenties early thirties find it quite depressing that’s the only way to love affordably these days.

Lastnamedidntstick · 07/04/2023 09:14

I did.

soon as I could I bought the first affordable property- a flat in a student area.

I got much of the negativity here, why tie yourself down, have fun in a flatshare, we’re going to hold on and save for a house/something better.

30 years later I am the one mortgage free in a lovely family home. I sold the flat for a profit, got a 2 bed small terrace. Sold that for a 3 bed semi, etc etc. all in my own name.

the friends who held out generally did buy, with a partner. Most haven’t been able to move, divorce and separation have shafted others.

I would always get on the property ladder asap. I will be encouraging mine to buy flats as soon as they can.

even with fees associated with flats the overall costs are cheaper- no buildings insurance, no paying maintenance of grounds, fencing, window cleaning, services etc. once my ground rent and monthly fees were paid all I really had to bother about was my own decor.

oh and as a single person I felt far more secure in my second floor flat. There was the security of the communal entrance as well as my own front door.

JussathoB · 07/04/2023 09:19

Don’t see any reason why your DS couldn’t buy a one bad flat now. Does he want to? Would he be okay livin his own, not lonely?Are you keen for him to move out?
One of mine did similar when they were perhaps just a year older. It’s local to us though which is nice as we remain close and they have managed very well with the bills and organisation etc although we kept a watching eye especially at the beginning. One important thing is to make a wise choice of which flat to buy…. Location, security, condition, atmosphere, ease of resale, parking, all important.

Summerheadache · 07/04/2023 09:24

With the option to buy a flat or to stay at home and continue saving, WHY are people squabbling over house shares!?

Ylvamoon · 07/04/2023 09:26

Talk to him about his future plans- does he want to stay in the area?
If yes, tell him to go for it! If not, I'd advise to be cautious as rightly mentioned, we are heading towards a recession with all the trimmings that are associated with it...
(My DH bought his first property - studio flat- at 23. We are now mortgage free in a 4 bed semi. He was 51 when we paid it off just before covid hit.)

LBFseBrom · 07/04/2023 09:35

It isn't really a question of 'should he' or 'should he not'. It is entirely up to the op's son and if he wants to buy a flat now and can afford it, why not? I would in his position.

sidee · 07/04/2023 09:41

My friend bought her place at 22 instead of going to uni and has climbed the ladder ever since. She is now 36 and has a £1mill home. Her first home was £170k

I bought at 33 and I will never climb the ladder as high:

I wish I had bought way earlier

lionsleepstonight · 07/04/2023 09:42

I was your son 20 years ago. Other than a flat my only other option was a SO house so I bought the house at 25% and eventually bought 100%. Sold it after 5 years and made 70k profit, which I used on my next 'normal' house ascmy deposit.

Where I live we are overrun with flats to the extent they are very slow to increase in price.

InSpainTheRain · 07/04/2023 09:43

I'd say go for it - because you're right he'll need to move out sometime, he's already had 6 years at work and if he rents then he'll never save more for a deposit. If you have concerns over leadsehold/freehold then take professional advice, I think some advice on here is a bit coloured by whether people think a 22 year old should be on the property ladder. Of course he should if he wants to and can.

lionsleepstonight · 07/04/2023 09:45

BTW I also bought young at 24 and 5 houses later will be mortgage free in 2 months, and am 50.

Marchforward · 07/04/2023 09:48

A single person doesn’t need a house. A flat is fine. I would encourage to think about staying at home for another year and saving hard. How much deposit does he have now?

Lastnamedidntstick · 07/04/2023 09:49

Ylvamoon · 07/04/2023 09:26

Talk to him about his future plans- does he want to stay in the area?
If yes, tell him to go for it! If not, I'd advise to be cautious as rightly mentioned, we are heading towards a recession with all the trimmings that are associated with it...
(My DH bought his first property - studio flat- at 23. We are now mortgage free in a 4 bed semi. He was 51 when we paid it off just before covid hit.)

I don’t even think staying in the area is a major consideration.

I moved 3 years after I bought. I rented the flat out - I’d purposely bough in a student/hospital area with lots of potential for 6m/1yr lets

rented for a year which paid my rent in the new area until I got my bearings and ready to buy there.

Turmerictolly · 07/04/2023 09:51

Marchforward · 07/04/2023 09:48

A single person doesn’t need a house. A flat is fine. I would encourage to think about staying at home for another year and saving hard. How much deposit does he have now?

This and I echo other posters saying try to stretch to a two bed flat. How much are two beds in the nice blocks?

Twinedpeaks · 07/04/2023 09:58

Given he can't currently afford the flat (he's not going to get a mortgage for 150k on a 30k salary) I would focus on him saving for another year or two and then buying the flat.

A max £130k mortgage will cost him about £800 a month at the moment, so almost half his take home pay. No much wiggle room once you add on bills, food, petrol

WheresTheForum · 07/04/2023 10:06

I’d recommend he buy somewhere which needs a bit of work so he can add value. I’ve done this multiple times with flats and each time used the increase in value to buy a bit bigger and better each time.

I’ve never had a problem selling 1 beds - my experience is that they are often popular because there aren’t as many of them. However, they it’s worth checking locally to see how quickly they sell.

I’m so puzzled by people saying that he needs to experience a bit of life before getting a flat. This is exactly the way to experience life….living on your own, being independent, bringing partners back without mum and dad around…. Living alone is a really valuable and important experience imho.

quietnightmare · 07/04/2023 10:13

No advice just posting to say you should be proud of your son being only 22, holding down a 30k job, actually pays keep to you, ISNT causing you trouble and actually saved a good chunk of money. It's nice to read about someone who's young but has their head screwed on

Original poster
HelpsHeal · 07/04/2023 10:17

quietnightmare · 07/04/2023 10:13

No advice just posting to say you should be proud of your son being only 22, holding down a 30k job, actually pays keep to you, ISNT causing you trouble and actually saved a good chunk of money. It's nice to read about someone who's young but has their head screwed on

Thank you. It all started with a "temporary" job in McDonalds. It would never have been the path I'd chosen for him, but he seems happy and enjoying life. And it's not my choice, I've seen a number of my friends try and impose their will on DC and that doesn't always end well.

OP posts:
quietnightmare · 07/04/2023 10:23

@HelpsHeal
Wow a temp job and worked his way up. Doesn't matter if it's McDonald's he is obviously working hard and you have clearly instilled in him a great work ethic. Long may it continue

ShinyAppleDreamingOfTheSea · 07/04/2023 10:41

Is your son happy to be still living at home with you ? What does he want to do ? I think the flat needs looking into carefully - with a leasehold it needs to be a long lease, as I e noticed some round here where they are cash sales for landlords only as the leases are too short for mortgages. It does look as if, when he does move out, that the flat is going to be the only option though, unless he was to loom towards a different area. What would be the price of a two bed flat? Which would have more longevity.

I certainly don't see any point at all in him looking to rent somewhere though if he's still happy at home, but also has money saved towards a deposit . Once he starts paying full rent he'll never be able to save any more .

Chewbecca · 07/04/2023 10:51

Knullrufs · 07/04/2023 08:58

Personally, I would not buy a one-bedroom flat, unless it was in London or commutable to London. (And if a one-bed is 200k, it won’t be.) One-bed flats outside of popular cities/commuter zones will have limited resale potential as the market is quite small.

This isn't accurate in my experience. Example below of a 1 bed flat commutable to London, well under £200k, share of freehold and flats sell quite readily in this block.

https://www.rightmove.co.uk/properties/132288947#/?channel=RES_BUY

Check out this 1 bedroom flat for sale on Rightmove

1 bedroom flat for sale in Cambridge Road, Southend-On-Sea, SS1 for £172,500. Marketed by Hopson Property Services, Southend On Sea

https://www.rightmove.co.uk/properties/132288947#/?channel=RES_BUY

LividHouse · 07/04/2023 11:02

I'm not even sure he can afford the flat on current figures.

Lenders are HUGELY tightening up. I'm divorcing and with DOUBLE his deposit and a similar income (pt), lenders are being really fussy and it's much harder than it would've been in previous years.

bamboonights · 07/04/2023 11:10

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.

This. In years gone by this was financially feasible. I wouldn't be advising my kids to do this at all now.

Original poster
HelpsHeal · 07/04/2023 12:32

Chewbecca · 07/04/2023 10:51

This isn't accurate in my experience. Example below of a 1 bed flat commutable to London, well under £200k, share of freehold and flats sell quite readily in this block.

https://www.rightmove.co.uk/properties/132288947#/?channel=RES_BUY

Show quote history

We're a 35 min commute from Central London. As I said not a particularly desirable spot, but expensive none the less.

OP posts:
maddy68 · 07/04/2023 12:38

I wouldn't right. NOw. Mortgages are sky high. And house prices are set to fall. It's a bad time