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Original poster

London - 700k budget a nice two-bed flat or small house further out with DS

117 replies

rollypolly80 · 26/05/2020 09:32

Hi,

This is a follow up from another thread. I've been debating whether to go for a nice two-bed flat in a fab area with good schools/shortish commute or go for a two-bed house somewhere further out and probably less nice.

I am a single parent with one DS so great schools and commuting are important. I'll never be able to afford private and would love for DS to go somewhere nice. Currently renting in the centre which is super convenient but expensive and should really buy. I come from abroad and have always lived in flats, but a few people were suggesting that I should opt for a house but further out.

What would you do? Is it always better to opt for a house or is a nice big flat good enough? Is my kid going to be looked down for living in a flat - sorry am clearly over-worrying about this, I already have enough guilt that his dad is not around without him being made fun of that we don't have a massive house with a drive.

OP posts:
peachypetite · 26/05/2020 09:35

To be honest with that budget you could buy a lovely house, not that far out. I’ve never wanted a flat because of the lease issue. My sister also had no end of trouble with the flat above hers flooding and ruining her ceiling. You can easily afford a house in a nice area with 700k unless you are wanting to live central.

Oliversmumsarmy · 26/05/2020 09:37

Why do you think you will get worse housing the further out you go?

mooffie · 26/05/2020 09:39

Buy a house not a flat so you can stay longer & add space if needed.

ChocoTrio · 26/05/2020 09:40

"Is my kid going to be looked down for living in a flat"

Seriously don't worry about that. I don't think anyone worth their salt would look down on your child for living in a flat. Also - flats in London are really expensive!

A house is just a preference because of comfort and more freedom in that it can feel more like "yours" as there's not likely to be communal areas or ground rent or service charge etc. Plus, a garden tends to come with a house and having a garden would be nice especially for DS - bit f private green space. House and garden can be a better investment for you and DS longer term if you needed to sell in the future.

Lots of areas have already been suggested in the other threads. TBH thinking about it and reading the other comments I think Stoke Newington would probably be a good idea - good transport links into Euston, family friendly, green spaces and good state schools there too.

mooffie · 26/05/2020 09:41

You won't be looked down on for not having a house or drive though so don't worry about that.

mooffie · 26/05/2020 09:44

I only really know SW London but 700k should get you a house in areas like Carshalton, Surbiton, Wimbledon park etc which all have good schooling I believe.

mooffie · 26/05/2020 09:45

@Oliversmumsarmy I think the op meant the area would be less nice not the housing.

Susanna85 · 26/05/2020 09:47

There are some very nice areas a bit further out.

AriettyHomily · 26/05/2020 09:54

I'd go for a house with garden just for the outside space. For 700k you could get a house without coming that far out.

Cornishmumofone · 26/05/2020 09:55

@rollypolly80 Which area do you work in? How long/far are you prepared to commute?

ChocoTrio · 26/05/2020 09:56

@rollypolly80 I've done a search on Rightmove for you in the Stoke Newington area. Hopefully it helps. Also - I really do enjoy just window shopping and browsing homes lol!

Bear in mind you're potentially in a strong position if you can comfortably afford £700k and are ready to go. There's talk of a recession and house price crash so you might be able to negotiate a bit better.

Houses in Stoke Newington

  1. 3 bedroom terraced house for sale - comes with private garden and very close to the Stoke Newington overground station
  1. 3 bedroom detached house for sale this is apparently a new build so comes with the 10 years builders guarantee. Has a small patio as a garden. Near Dalston overground. There are actually a few of these on sale as part of a new build development it seems, so maybe worth checking out the main builder's site.

Apartments

  1. 2 bedroom maisonette for sale has small garden
  1. 2 bedroom flat for sale

Enjoy searching because there is loads of choice within your budget!

mooffie · 26/05/2020 09:56

@Susanna85 well perhaps nice is the wrong word. Does the op live in zone 1?

GreeboIsMySpiritAnimal · 26/05/2020 09:57

You've got some lovely options for that budget!

This flat is gorgeous and very central, and handy for an Outstanding primary - but the second bedroom is small and Camden is very "vibrant" - which you may love!

https://www.rightmove.co.uk/property-for-sale/property-80452394.html

This is also gorgeous and handy for decent schools. I don't know Mill Hill as a area at all though, and the development may not be very family-friendly:

https://www.rightmove.co.uk/property-for-sale/property-91743551.html

Or, further out in Pinner, you get this rather nice house, again handy for good schools. I have family with children in Pinner and they love it there.

https://www.rightmove.co.uk/property-for-sale/property-89370740.html

There were loads of other examples, and I only looked at NW London (because that's the bit I know). In your shoes I'd look at a few areas and a few types of property and get a feel for what feels like "home" to you and your son.

Good luck. And don't feel you have to compensate for your son's dad not being around - I grew up without a father, and I wouldn't swap my wonderful, close relationship with my mum for anything. Smile

Elbels · 26/05/2020 09:58

With your budget I couldn't imagine ever buying a flat if a house was an option. Our friends did and although it's a really beautiful place they have no garden, they have to get freeholder permission to do anything and they can never really add value to it.

Crabbo · 26/05/2020 09:59

What areas are you thinking of op? Where do you need to commute to? As pp have said there are plenty of nice areas not that far out where you can buy a nice 3-4 bed house with that budget.

Original poster
rollypolly80 · 26/05/2020 10:01

Thank you everyone. So my budget is basically 650-700 and am probably just having a panicky moment. In theory I would not be against a house further out, but with having to travel to Euston and a youngish DS - I was hoping to keep the commute down. He was quite a sickly boy when younger and we had to rely a lot on our families for an emergency, but now there's only me being conscious that I have to be able to get back home quickly in case of emergency as there's no one else.

So anywhere in SW london or SE London might not be an option as its a bit too far out. I've already started a thread on areas.

But when it comes to a flat/house - I was just curious to know. I come from a country where the only houses are basically outside in the countryside or summer houses. So was a bit taken aback when I came here that people think that flats are a bit weird. ... so was just wondering whether everyone would always opt for a house over a flat

OP posts:
Quartz2208 · 26/05/2020 10:02

You can get a really nice house in the london suburbs for that. Certainly in my area you can (Epsom/Cheam) 4 bed houses in good school areas (and Grammar if you want it) and a reasonable commute into London

Desiringonlychild · 26/05/2020 10:03

@Elbels Cos there are flats with gardens? My 2 bed flat in London has a lovely communal garden. And location is quite important, i think. I don't think 700K can get a decent flat in Kensington but I would rather live there than in the sticks. in my area of east finchley, 700K wouldn't get you a house either but I love it.

Original poster
rollypolly80 · 26/05/2020 10:05

in addition - am really used to renting. Am just so used to going to see a flat deciding whether it works and renting it - thats what we've always done where i used to live. Everyone in Europe rents so I have absolutely no idea what people mean by adding value or homes being a good investment.

That's probably being naive, so it's really great to get other people's views on this.

OP posts:
maxelly · 26/05/2020 10:08

I agree it totally depends on your definition of 'nice': some people would view Camden, Vauxhall, Hackney or other zone 1-2 areas as grungy hellholes and Wimbledon, Stoke Newington, Hampstead or other 'naice' zone 2-3 areas as wonderful, others would be exactly the reverse!

I certainly wouldn't worry about your DS being looked down on for living in a flat, I would go so far as to say that the majority of kids in school in zones 1 or 2 will live in flats or small houses, certainly not the big semis with garden and drive you get in more suburban areas. So if that is your only concern and otherwise you love living centrally then stay put.

But you have a healthy budget and as you don't need a huge house you won't have to go far from the centre to get a house, and certainly for me it is nice to have some outside space and a little more room for when your DS is a teenager and will want more personal space! Where exactly you go depends a bit on your personal tastes, Stoke Newington is nice but has a very particular upper middle class Guardian reading vibe, you may or may not go for, likewise Wimbledon/Kew or Hampstead for me are more posh ladies-who-lunch boutique shops stockbroker territory.... perhaps you could give us more of an idea of your taste/preferences and people can advise?

mooffie · 26/05/2020 10:11

Well a house is a better option for me as you have the potential to extend eg loft & your ds could potentially live at home for longer when he is a young adult.

In terms of adding value (selling your property for more than you bought) I think a house is generally better because you can stay longer which I think is a better option in these uncertain times. I'm not sure what size deposit you have but your property will likely be cheaper vs paying rent.

Original poster
rollypolly80 · 26/05/2020 10:12

My thinking so far is that i need a 30-45 mins commute to Euston door to door (trains are also just too expensive) but with great schools and not suburban. My comfortable budget is 650, but could just about stretch to 700k tops. So a house in most places is just out of reach and hence I thought that a nice flat somewhere not too far out would really work as there're only two of us. But am sort of re-thinking that now.....

OP posts:
mooffie · 26/05/2020 10:13

What are you doing for childcare?

mooffie · 26/05/2020 10:17

Some of the families I know use helpers (?) to pick up their kids from school, give them dinner & do homework with them as opposed to after school club. This makes it a lot easier for a parent to come home from work & spend quality time together.

Desiringonlychild · 26/05/2020 10:21

@rollypolly80 I come from a country where everyone buys flats (singapore). I grew up in a house and dreamt of living in a flat because children who lived in a flat had more friends. That is true for my flat in London, all the kids all play together in the large communal garden.

The leasehold can be a problem but there are ways to mitigate the risk. Only go for share of freehold or at least a flat in a development where half the flats are share of freehold, look at the service charges and join the management committee.
I wouldn't go for a flat without a garden. This does limit your options with regards to flats. in my area, for the school catchment and proximity to the station I want, my flat is the only flat that I can buy (that also has garden and where freehold is owned by residents). Its easy to see if the flat is owned by residents (if its not share of freehold), just go on companies house and search the development name. If the directors are all residents (can tell from address), its likely owned by the residents and of course the freeholder would also be this same company.

Or you can go for a house. I do believe in not stretching yourself esp as you are a single parent so there is no second income to fall back on. People in this country add value as they hope to sell their home for a larger profit. I am one of the few that believe that housing (at least the house you live in) is a dead investment, though its important to buy a home that you and your DS can feel secure in (not easily evicted on the whims and fancies of a landlord), and that you can live in rent free during your retirement. It is a dead investment because its not easy to monetize, you move and then you have to buy a new home.