Flat or house - size or location?

[ElleDeeCB]

We live in a small but very expensive city. Think Winchester, Salisbury, Oxford type place. We are (older) renters 40-50s and have a young teen daughter in Year8. Thanks to an inheritance we are at long last in a position to buy, although mortgage rates etc mean we still have a tight budget. Out of these two scenarios which would you go for?

1. 2 bed flat, 1 bath + small box room flat located in inner suburb on good bus route, 35min walk into town pedestrian friendly route, plus decent cycle path. Flat is in a purpose built low rise block with communal gardens, with maintenance charges around £200/month
2. 3 bed house, 2 bathrooms +1WC, private small garden, located in nearby village with all basic amenities, shops pub etc. Again on good bus route but 30mins to school/work. Or 5min walk to train station with 10min train into city centre but then onward 5min cycle or 20min walk. No maintenance charges but probably higher monthly travel costs.

I can’t figure out what scenario would be best for our family. More space but more travel each day, or nearer town but in a flat.

2 without question!

2

2
so much more secure to be freehold than leasehold, also you may find a stronger sense of community in a village.

Is the flat 2 bedrooms plus a box room or is the second bedroom the box room?

The house might be a better investment. You can always downsize later on.

I’d always pick a house as wouldn’t want to pay the extra charges. You might change jobs etc in future and not need to commute so much whereas the charges will always rise. Plus I value private outdoor space.

It is 2 bed plus box room. So 2.5 bedrooms I guess! Literally room for a single bed and space to stand next to it but that would be all!

Would you say this is the case still if leasehold is 900+ years. What about share of freehold?

House 2 doesn't sound like a long commute. What is the time saving with house 1? 2 seems like it would last you longer and school isn't forever.

I am going to test it out tomorrow but I imagine door to door using bus will be 40mins for my daughter (though less when she goes to VI form as closer to train station). Probably similar for my husband and I. And yes good points about reducing commute through wfh as that’s entirely possible for him, and I am part-time anyway. It’s uprooting the teen that I am worried about. Taxi home after a night out would be £25 which is not terrible if we needed to do that sometimes. I am trying to sell it to her on the basis that she would have her own en-suite…!

Travel time to 1. Flat would be 15-20mins on bike, 15mins on bus or 45min walk.

i think so, because you are always at the mercy of management fee rising, management agency changing and changing the policies etc. Share of freehold sounds more secure.

definitely a house. Having lived in flats I will always choose a house even if very small.

I'd go for no. 2. Do you currently live in a flat? I lived in a flat for a while and hated it. I didn't realise how much I would miss having a quiet moment in my own garden or hanging my washing out! The journey times don't seem too bad. I don't think you'd ever regret having a bit more space especially with a teenager.

2, definitely.

Another vote for the house.

Yes we live in a rented ground floor flat at the moment. It’s small but has access to our own garden and I agree I like my own little patch of outdoors.

2 Without hesitation