Family - apartment vs house

[Changemyname08]

Single parent with 2 children living in the most expensive place outside of London. I can now finally afford to buy next year, in time for my 40th birthday :)

Can anyone highlight the pros and cons of apartment vs house buying/living for me with 2 children that I may not have thought of please.

Living centrally as I do now and within walking distance to school/town/parks/children’s friends houses/train station/hospital, I can afford an apartment with allocated parking and probably a communal garden with a mortgage that means I will still have some spare cash/can save a bit.

Living a bit further out I could afford a small terraced house with garden, but would need to drive to school/town/train station/school friends houses and would have on road or permit parking, mortgage would be a bit more so wouldn’t be able to save at all or very little.

It seems that people think that as soon as you have children you should live in a family home (house). I’ve rented houses and apartments with my kids but preferred the apartments. I work full time and find a house too much work, especially things like gardening, and especially because my kids barely play in the garden (although they always say they do/will).
Financial perspective I realise that houses will likely go up in value a lot more than a purpose built apartment.

@OnlyFoolsnMothers the thing is that in London, the increase in transport fares is way more than £1800 a year esp for two people. As usually house for FTB = zone 5 and beyond unless you have £800K as a FTB. Even in zone 5, 500K would not usually stretch to a house in good school catchment area. Incidentally, difference between zone 3 and zone 5 for 2 commuters is £1800 per annum, but with added travel time and more likely you have to buy a car (which really isn't needed for zone 3).

@Changemyname08 I would say as a single parent, apartment because time is money. I chose apartment because as a 27 year old trying to progress, time is also money. As a single parent, there is no one to share the school run and maintenance. There is less disposable income as compared to a couple so therefore the need for more savings given that you are the sole breadwinner. Many couples share the work for the house. With two people, there is a higher chance that one of them would significantly increase earnings in the near future (hence why people on MN always tell you to stretch and buy the house)

I think finding a flat with a third bedroom can be difficult , most seem to be 2 bed. I've seen older flats where a third bedroom has been made out of what would have been the dining room and many where a kitchen has been put in the living room (open plan) to free up a room. My area has become really too expensive for young families and the 2 bed houses are highly sought after as one of downstairs reception rooms (or putting a partition wall back in a through lounge) means a downstairs room can be used as a third bedroom (until finances allow for a loft conversion).

I'm downsizing to a new area and just getting out there and looking has helped crystallise what we need at this time of our lives. I've lived my whole life in Victorian houses or flat conversions and I'm buying a very compact (small) 3 bed newish build which I never thought I'd ever say but it will really meet all our needs. Really looking forward to no high ceilings and acres of architaving and mouldings to dust! Go with what suits your familys needs and lifestyle rather than what the perceived wisdom is. Children grow quickly so if you love being central and think that going forward that will become a more valuable amenity to your family, go with that.

Sth to bear in mind is that with a house you also need a ‘sinking fund’. £1800 per year amounts to 36k over 20 years in which time you might need to re-roof your house wiping all the savings. So by buying the house you don’t ‘save’ the money. Maybe a bit of it but you do need a much bigger rainy day pot than you would in a flat.

@ Desiringonlychild
Not relevant to the thread but I’m in zone 5 and can walk to a lot more than I could in zone 2 and it’s a lot less busy so you can just turn up at the swimming pool, climbing wall or cinema without booking. And zone 5 schools are generally much better than zone 3 (the highest attaining boroughs are all further out). 500k does get you a house with a great catchment so I don’t think your post makes sense other than the fact that travel prices do jump up a fair bit.

Btw OP, if you’re looking at blocks of 8-12 flats, several of them might share their managing agent so it’s sort of treated like they’re a development together. I’ve got a couple of btl’s like that and it works well.

As usually house for FTB = zone 5 and beyond unless you have £800K as a FTB. Even in zone 5, 500K would not usually stretch to a house in good school catchment area thank you but I am London based. My house is in zone 4 but a 15min bus ride to zone 3 and a 30min bus ride to zone 2. My 3 bed terraced house is probably worth around 450k, and the primary school nearest to me was ofsted rated excellent. I am very familiar with the costs and would still pick a house!

@OnlyFoolsnMothers i am guessing you aren't in North London.to each her own :)

No but shockingly London isn’t just north London, my extended family is in north London however. I am well aware of the differences in price, but I have little sympathy with people moaning they can’t get a house for less than a million, oh but we want to stick within the boundaries of Hampstead

@JoJoSM2 I am aiming for faith schools/private schools so I guess my perception is different!However for faith school, there is a catchment for primary and for secondary, its quite impractical unless you live on the bus route (and the buses tend to only go to very established Jewish areas

I live near Fortismere though and that is zone 3. Meanwhile QE girls in High barnet (zone 5) is not as popular as Fortismere.

The thing with inner boroughs is that as you have a high concentration of higher earners, private becomes more of an option and so the brighter children are siphoned off. In outer boroughs, there are more middle earners.

For myself, DH and I have never saved less than 20% of take home pay. So when buying a house, we add up the costs and go for the option that allows us to maintain that level of savings. I find that high transport costs don't tend to facilitate that. Thats why i offered my opinion since OP seemed interested in saving (as a single parent, thats probably quite important).

@OnlyFoolsnMothers gosh Hampstead is way more than a million!

No we need to live near synagogues thats why we live in East Finchley. High barnet could have worked, but high barnet is quite expensive for a house too!

But yeah I am 27, DH is 29 so hopefully one day, I could afford a bigger home, not that fussed about a house but a 3 bed flat could be nice.

@Desiringonlychild

Makes sense if you’re talking about Jewish schools. I’m is S London and there are none about. Loads of great state and independent options otherwise.

Also a bit weird comparing QE and F since their girls’ vs mixed and ‘popularity’ clearly affected by QE being in a much less densely populated area and taking girls only (so that’s only half the cohort that can even apply). Doesn’t stop them from scoring higher in Progress 8 or Attainment 8.

No we need to live near synagogues thats why we live in East Finchley. High barnet could have worked, but high barnet is quite expensive for a house too! so many extended family is Jewish and live across Edgeware, Finchley and Hampstead. I’m south east and whilst we aren’t awash with synagogues there is one about 10min drive from me- no Jewish schools though.