Is it better to buy a flat or a house. My sibling is looking for their first purchase and thinks they are better off with a flat as the annual service charge will cover repairs.
I don't think this is how it works and they will still need to cover potentially large bills for repair or maintenance of their flat, whereas their house would be their choice but also not dissimilar to the flat.
They could afford a terrace house in a nice area and the additional mortgage costs would be countered by not paying service charge.
Or have I misunderstood everything and a flat does make more sense?