house buying - should a young person buy a one bedroom flat

[SusanSocks]

or a two bed room flat or even a house

which is the best way to get on the ladder?

A PP has mentioned the importance of outdoor space. I have a yard not a garden but I really appreciate being able to sit outside when it’s warm as well as having the space for some storage. Yes you can have access to communal gardens and perhaps have a terrace if you buy a flat, but it’s not the same as having your own garden or yard.

it completely depends. I’ve bought in 2013, and chose a two bed ex council flat outside space over a small one bed, in a not very popular bit of South London. I am very happy with the flat with so many years on it could be our family home if need be, the service charge is manageable, maintenance is fine, and I have been able to keep it and rented out to a succession of sharers who are very happy there. I think my main success was a bit of luck in thinking about when the area would up and come, as well as choosing somewhere that needed a small amount of updating cosmetic work, which meant the value was uplifted considerably very soon after I bought it.

I don’t agree with those saying not a flat. I do agree with the poster who said it depends on what you can afford. Parents tend to say you can’t go wrong with property but you can!

A house will have more overheads, heating, electricity etc. Maintenance is likely to cost more. Who will look after the garden etc. A flat or house is only worth what someone will pay. My son’s flat hasn’t increased much in value since he bought it 2 years ago but it was snapped up. Houses in the same area haven’t gone up much either but seem to be hanging around for a lot longer.

I don’t think it’s always as straightforward as leasehold/freehold. You can be a leaseholder with a share of freehold.

I would prefer to have a freehold house with my own private garden here in London but I have a nice home with a shared garden and my service charge pays for gardening, building insurance, window cleaning and general upkeep so it’s not like it’s for nothing.

Thanks all so much , great advice for a novice

I’d go for the worst house on the best street

A house if it’s affordable.

I would always go house rather than flat
freehold rather than leasehold
scruffy & needing affordable work but best possible location
2 beds better than one for many reasons esp resale
small garden if possible but better still a parking space makes it very much more convenient

I'd always buy a freehold versus leasehold, (that can be a flat or house).
Probably not ex local, they don't appreciate in the same way.

Impossible to say. Too many variables. Such as location, leasehold or freehold, age of property, done up or a doo-er upp-er, best on a bad street or worst on a good street, local crime, parking, proximity to public transport, shops and other amenities.

A one bed flat in one place may or may not be better than a 2 bed house somewhere else.

It's ALL about doing your research as to what's on the market, reviewing sold house prices over the past few years, comparing square footage, comparing locations and amenities etc.

I encouraged DS to buy a 2-bed slightly further out rather than a one-bed in the city centre. It meant he can have a lodger, who is lovely company, keeps the place occupied when DS travels for work, which he does a lot, and helps out with bills as well as the rent helping towards the mortgage and being tax free (having a lodger in your own home is free from tax up to about 8k annually.)

See, I would never buy the biggest property I could afford, I have always chosen my homes based on location, not size.

But equally, I have bought the property that suited me at that phase of life, both flats and houses.

My choice of property has never been about its investment potential, it is about being my home and the place I love to come home to. I guess this is why I will never be a multi millionaire but at least I will have a home I enjoy.

The problem OP’s son may face in years to come is being stuck in that flat, unable to sell, like so many other people at the moment, many in great locations. There is also the potential problem of negative equity.

Buy the biggest you can get for your money with our over stretching yourself f