Moving from a flat to another (bigger) flat- madness?

[mussinboots]

House hunting and struggling to find a house for a family of 4 (twin toddlers) that's within our price range. We're currently in a decent sized flat but have clearly outgrown it and it doesn't seem fit for purpose anymore (no onsite parking or private garden). Since we're struggling to find houses (they tend to sell for way over asking hours/a day or two after coming on the market), I'm wondering if it might be worth buying another flat but with garden and parking? A sideways move if you will and then carrying on saving for a bigger deposit and moving again to a bigger property in a few years time? Is that a good idea? My husband thinks it's madness but it's either that or move out, rent the flat out and rent somewhere bigger and carry on saving for a bigger place. I refuse to move out of the area (I don't drive, live minutes from a tube station and have brilliant links to where I need to go) so that's out of the question.

Slightly bigger flat with parking (unlike ours) and garden access (again, unlike ours). Currently listed at £650k:

Another flat with same perks as flat above but with share of freehold: currently listed at £775K:

Location and bigger flat, you really can’t beat the location, you might get a house moving away however other costs will rise with that. I’m not sure why some people on here have issues with flats!

@FAQs

Location and bigger flat, you really can’t beat the location, you might get a house moving away however other costs will rise with that. I’m not sure why some people on here have issues with flats!

It's not just MN sadly. Husband and I come from a background where anything less than a house is considered a failure. We're constantly made to feel like we've not 'made it' when the conversation turns to property. I couldn't care less though. Friends and family don't live my life- I do. I'll do what works for us but want to be finically savvy too when it comes to spending on property.

You don’t need a decent house, you just need a two bed that isn’t falling to the ground. Buy that and climb the property ladder just before your dc start high school.

I'd go for the bigger flat with outside space.

We're in the same boat really (but without DC at the moment). I would love a house but unless we got lucky and nabbed a tiny cottage within our budget then a spacious 2 bedroom flat with a garden and parking is the best we can hope for on our not inconsiderable budget. Similar to you, any decent size house round here is upwards of £700k.

I would be very wary of selling and renting. Friends did that; after a long time looking and some bumps with collapsed chains and bad surveys the market continued to move apace and they ended up priced out, just couldn't afford what they wanted anymore.

We too live in a flat in an expensive area- but good schools etc, however we are a few years on from you OP- we have two teenagers

After a while we kept thinking about moving - we do have 3 beds which helps as they are older and found it has become easier as they have grown older

So, with time things like the location have become more important than a garden as the DC can walk to school and part time jobs etc.

I love living in the flat, we have lovely neighbours which helps and a beautiful park nearby, everything like swimming pool shops etc within walking distance.

I really appreciate not having to be a taxi service for DC- they can get an Uber if really stuck but usually can walk home from things.

Those flats look much better layout than where you are now. Both have much better built in storage, a separate kitchen and if there’s direct access to outside that has to be a winner?

I forgot to say- it's coming to the time for us to think about DC going off to university and instead of having a house and downsizing, etc I like the idea of living here into retirement instead of the hassle of moving again

I also know that it would be possible to easily let a room to a longer if needs be in years to come (if DC had moved out) or have foreign language students stay for example.

lodger, not 'longer'

OP much of what you write sounds similar to my situation. I was in a 2 bed flat in London with 2 small DC. Great transport links and schools. I sold the flat as we’d outgrown it, rented and had to look a bit further afield for a house as they start at about £850-£900k here. Just about to hopefully complete on a house in a neighbouring borough so we’ve had to compromise on location and leave behind the great schools but it is what it is. Lockdown without a garden was unbearable and we really need the outdoor space and additional room, in the end that was more important to me than my local connections etc.

Do what is right for you - if location matters more then stay and try for a bigger flat. The idea that you’re considered a failure because you don’t live in a house is ludicrous. The majority of people in major European cities live in apartments, I spent the happiest years of my life in a 1 bed in Paris!

I absolutely cannot understand at all why it would be a problem to live in a flat as long as it has enough space and a garden.

As somebody upthread mentioned, the obsession with having to live in a house is very 'keeping up with the Jones's' and English. It is common in European cities for families, including wealthy ones, to live in flats. In fact it's common in the posher parts of London too.

If a flat has its own front door, the same floor space as a house and has a garden what on earth difference does it make?

Many people live in a flat all their lives in London and other cities. It's not necessary to move out to buy a house if you can find a large enough flat that meets your requirements in an area you like. There are many larger/family size flats all over London - the last flat I lived in was actually bigger than the house I currently live in. There is a premium for a houses in London and very few houses come with parking/drive and outside space unless you move to zone 3 or further. You'll get more lateral space in a larger flat, some have underground parking and communal gardens. And I like how everything is on one floor

Theres hardly any difference in floor space with yours and the first one, id go for the 2nd one.

If you’d be prepared to live in one of those flats for 5-10 years then I’d consider it but TBH I am not completely sure they offer a lot more than your current place (definitely a bit more but not much and I can’t imagine having teens in a flat like those, even the bigger one). I’d also bear in mind possible noise issues (either for or from you), cladding issues and that as time goes on your community will change, especially if secondary schools are an issue. In my old area of London a huge amount of people moved between the start of primary school and year 4/5- mostly because they weren’t able to easily afford secondary schools. So even the area won’t stay the same. I think in your boat I would stay where you are but declutter/ streamline and save for a bigger move in a few years which will take you through to the end of your kids’ secondary education.

I agree with everything Heronwatcher says. The second flat has a bit more storage space and obviously two bathrooms are useful BUT i don’t think it’s such a huge improvement from what you have now. Also, my experience of flats in London is that they nearly always have sound insulation problems - particularly with neighbours below or above you.

I am planning for this..move from 2 bed flat to 3 bed flat in zone 3 London..not just because I want to stay in the area, but because anything I 'save' by spending on a house further out would be spent on rail fares and I would rather build equity in a flat even if it gains less value than a house!

But OP I would definitely go for 3 bedrooms! I wouldn't move from 1 2 bed flat to another 2 bed flat.Lol I don't understand why people look down on flats. Fair enough if you have different living preferences - want to live in a separate building but a lot of flats are worth more than houses! In fact the average flat is worth more than the average house (if my memory is correct) cos.flats are generally built in areas where space is a premium.

It's all about location in the UK; your flat is worth more than the average UK property!

My DH is a Brit but wants to move to another flat too. He says big flats are better value for usable space.

@Notcontent OP is likely to live in a terrace house in London (that is the only option in my area under £1.8 million) and my MIL's victorian terrace is far more noisy and poorly insulated than my 1930s flat.

A bigger flat with a garden and parking isn't a sideways move. If that's what you can afford I would go for that. Presumably it would be for more than a couple of years.

Having said that, with a budget of 650 I would move somewhere cheaper. We are less than an hour from London in a lovely place with good schools and 650 would get you a very nice 4 bed detached.

@Zonder how much is rail fares for two from your town? Even moving to St Alban's decreases my affordability by £100k! And that is 20 mins from London. Rail fares also increase by 3.8% year on year (14% in last 10 years). At least you can fix mortgage for 5 or even 10 years and overpay it to help insulate yourself from interest rates rises. Plus inflation also helps erode the debt. Rail fares on the other hand increase at either the same rate as inflation or higher.

[quote onlychildhamster]@Notcontent OP is likely to live in a terrace house in London (that is the only option in my area under £1.8 million) and my MIL's victorian terrace is far more noisy and poorly insulated than my 1930s flat.[/quote]
@onlychildhamster I am a Londoner and now live in a small terrace with paper thin walls myself! But having previously lived in three different flats in London I still prefer getting a bit of noise through the walls than having someone noisy above me - or a neighbour below me complaining about my dc walking around the flat during the day.

@Zonder my colleague got an amazing 4 bed detached in Kent for the same price as my 2 bed london flat in zone 3. But he pays £80 per day just to get to work and I pay £7.20.. we are expected at work minimum 3 days per week... I mean it's a personal choice but it's a lot of money that could be better off as equity in your home that you could potentially cash out on in the future unlike rail fares which are a sunk cost

Depends where you are but we made £100k in 5 years on our 3 bed flat with private garden and parking. The house vs flat differential doesn’t apply to those flats with more than one bedroom and amenities.