AIBU to want to buy a flat rather than a house (first-time buyer)

[TheTimeToChange]

Could you all give me some advice please? Am I being really daft?

Say you’re in a position to buy a property in London soon-ish (over the next two to three years).

Do you go for:

A) A flat that’s as central as possible (Zone 2/start of Zone 3)

or

B) A house near good transport links, but not necessarily in London (ie. in Greater London).

The reasoning behind A) is that it would hopefully be a reasonably quick and easy commute in the morning and convenient for getting around London easily in general, and that I wouldn’t need lots of space anyway (I’m buying alone), so a flat would be okay for the time being.

The reasoning behind B) is that buying a house instead of a flat would save me paying ground rent and service charges, and that I wouldn’t need to worry about leases either.

Thanks!

I’d avoid a new build or big block. Ideally go for a purpose built maisonette, with share of freehold & garden.

Oh if you get one big enough to allow for kids near some schools you can stay put if needs be.

We went from a flat in zone 2 (which we loved, but no space), to a house in the same area, where we love having our own garden and our own front door. Remember you can earn up to £7,500 tax free from having a lodger so if you have too much space you could always rent a room to someone.

I don't agree with the 'avoid a big block' advice. I lived in a truly wonderful flat in a 'big block' in central London, built in the mid-1960s on a relatively large estate that was a mix of council tenants and leaseholders. Flat was really well built. Neighbours were lovely. Great sense of community. We were very happy there.
I think you have to take each property on its own merits, rather than ruling out a massive swathe of them on no basis.

I would never buy any type of flat anywhere

I would never buy any type of flat anywhere because...

Issues with leaseholds
Having neighbours next to, above and below
Lack of private garden, garage, postbox
Stairs
General awkward for getting big belongings in and out- bike, pram etc
Cant really extend it later
Service charges

Depends.

Do you have a partner and children, do you want children? Do you want to continue to work after children? Where are our friends? What do you like to do?

I went for a house further out and I made the ‘sensible’ decision on the basis of high stamp duty and potential peak pricing meaning moving in 3-5 years wouldn’t be good.

Can’t say I don’t get continual pangs of “I wish I hadn’t left my shoreditch flat” when I’m out and about, but then that is offset when I’m at home relaxing or when it’s sunny and I’m lying in my lovely garden with my cat :-)

You have to weigh up what lifestyle you want now, and on 3,5,10 years.

Flat with garden or patio but
Depends on your lifestyle
Will you be happy at this stage of your life in suburban house? Getting last train or long tube journey from night out? If so get the house
Want to be close to the action ? Taxi able from central London? Get the flat.

There is no wrong answer it is your choice

My mum was a real estage agent and she always advised buy a house with land rather than a flat if its for investment. Its land prices that go up. But that said, since its your home - buy what suits your lifestyle.

If you buy a flat I’d go for a purpose built post 2013 (improved building regs) in a small block.

Share of freehold preferable. Lift non-negotiable although adds to service charge. Some kind of private outside space preferable. Top floor preferable.

Gym/sauna/pool - not good unless you poor big bills. Shared heating in a mega block - avoid like the plague.

Thanks so much for your advice, everyone - it’s been really helpful.

Just to give some background, I’m single and don’t have any children. I’m in my mid-twenties and work in central London, so would really like to find a property within reasonable commuting distance of work as well as somewhere that I can get home to fairly easily after a night out.

In 5 years’ time, I’ll be in my early thirties. By then, I would ideally like to be in a relationship and to have children. But I wouldn’t think about having children before then, I don’t think. So at least not for the next five years.

Any ideas about which areas of London would be good to look at for finding somewhere?

Given your situation I'd absolutely be looking to buy a flat in central London if you can afford it.

Don't rule out (ex-)council estates. Some of them, especially those built in the 60s, are great in terms of the build quality.

Which areas - depends on your budget, where you work/ socialise, etc etc.

Budget?

Remember you can manage a baby in a flat for few years and can be close to.a nursery and work....you can decide best suburb location later should that be your decision.

Or you might want a bigger house for suburban hobbies and pets right now . But mid 20s and nights out in central London doesn't sound like a suburban life style....
Whee
.Look at transport tube lines and where you like to.go out. Or being able.to.go out to family more easily eg south for.family on kent . North if family in manchester. Friends can move so moving to be near friends isn't always relevant.