House or flat

[NewMe2020]

Well, I have found a brand new build flat for 300k and can sell my smallish 3 bedroom for 300k. There is only me to worry about.

Flat is new - no work to do and no garden. Both plus points
House older and needs a little attention, nothing major

Who has moved into a flat from a house and would you recommend it?
What disadvantages are there?
What benefits are there?

There is zero way I'd go back to a flat from a house.

Depends. Is it in a large block? length of lease? Service charge?

I would never live in a flat by choice. My DH has one when I met him and I used to hate it. Remember you will also have to factor in service charge every year which can add up to quite a lot. You would have to deal with neighbours above/below and somehow I always find I here them more this way than if they are next door.
Personally, I would go for the house. Much more saleable as well.

It's a refurb of a low level office block. I would choose ground floor

A freehold house every single time without doubt. They usually have a garden/courtyard too. And far more privacy.

I love living on one level in my flat after living in houses for 27 years but I do have a large roof terrace so still have outside space which I need. Unlike a house its a lock up and leave building with excellent security..

If the flat is a new build but you plan to stay long term fine because ime new builds can lose value just like new cars do. Depending when the
office block was built you should find the noise level better than in current new builds, which will be a plus. Also check what's included in costs of service charges and ground rent.

@sunshinesupermum it's an old office block

House every time due to the monthly service charge (which increases every year) and yearly ground rent. You're reliant on having decent neighbours who are quiet and won't cause a flood to your property (this is one of the most reported issues). Even when you've finished paying your mortgage you'll always still be paying ground rent and service charge. Plus, if you have animals you can't just let them out, as you would with a house with a garden.

I think I’d prefer a building that has been running for a few years to see how well it’s been managed and maintained. It can be a bit of an unknown with a new build/conversion.

I’d also check soundproofing given it’s a conversion. Brand new properties tend to very quiet but I wouldn’t be so certain about an old office block.

It’s also good to be away from lifts, main hallways etc so you don’t hear people walking past /chatting much.

Personally, I wouldn’t be bothered about paying a service charge as it covers things like window cleaner, gardening, repairs etc so you’d probably need to set aside more for those living in a house.

-You might have to extend the term of the lease at some point.

• You need permission if you want to alter the inside of the flat
• You need permission to have a pet.

-Service charges can be high. You can challenge them but that would be extra faff.

Basically you're not in control of your home. Stick with the house.

NewMe202 There are quite a lot of those being renovated near me and I moved into what used to be a police section house that is now a block of flats. It was built in the 1930s which means we have no sound intrusion thanks to thicker walls, floors and ceilings so your sounds as if it is worth pursuing. Has it got a brand new lease and if so how long for?

CrazyCatPerson Service charges do not go up every year. The thing to check though is that it includes a sinking fund OP so that there are no sudden unexpected high bills. Also OP has said she specifically doesn't want a garden.

JoJoSM2 is right - even if you're ina house you have to set aside funds for maintenance including large one off sums at some stage during the owning of property. Service charges take care of that worry.