Would I be insane to buy a one bedroom flat?

[Relia]

DP and I (mid 20s) both work in the city (finance). We work long long hours but enjoy living super centrally. We are fortunate that we could in theory afford to buy a one bedroom apartment near to where we live now, and where we are happy. This would cost £500-600k. Even with the high interest rates, we could afford this. No plans on kids for at least ten years. Obviously our high paid jobs might not be forever, but one of us could afford the mortgage at a stretch if for whatever reason.

Seeing as you're not planning children anytime soon it makes sense. I'd find it hard not to have a guest room personally, having lived for years without one it was a pain. Would the resale market for a one bed be good in that area? It may be if it's not a typically family area.

Don't see why not if no children planned anytime soon but;
What about visitors? Do they tend to not stay anyway?
Do you have options to wfh? Could wfh be a future thing?

If it’s in a good location it would sell well if need be.
a hid-a-bed or inflatable floor mattress would suffice for the occasional guest.

If you are currently living in a one bed and it’s working for you then go for it!

I do find a 2 bedroom to be more practical (even for just one person!) - just for storage, visitors and WFH. How far would you have to move for a 2 bedroom place?

Lots of people live in one bed flats as couples. I was very happy in my one bed flat until children were on the horizon

The only issue is ensuring it can still sellin a slump as 2 bed flats might not seem such a leap for people.

If you like the flat then go for it. Personally I’d want another bedroom even a small one as a home office but I wfh a lot.

Id look a little further a field than your current area too as you may surprise yourself :) but if you keep coming back to your current area then that’s a sign!

The most important thing is to get on the property ladder as early as you can. So if a one bed flat is what you can afford int he area you like, then yes, go ahead and buy one if that's what you like. And it sounds like you're being quite sensible in that you're looking for a property that you can afford even if your finances change somewhat.

Obviously, down the line, if you want to have children or whatever, you may need to sell. But that's fine. Broadly (not completely) the price of your property will be highly correlated to other properties so you should be able to sell it and use the money as a downpayment on your next, bigger, property in due course.

If location is the most important thing for you then go for it. For people who like cities, living bang in the heart of one is amazing. If you need to move in the future you’ll move. Ten years is a very long time to stay in a first flat so I wouldn’t be surprised if you don’t upsize in five anyway.

Actually I think it's a pretty good time to buy 1 bed flats in London as prices are significantly lower than they have been for quite some time in many areas.

It’s all a matter of balance. When I first started working in the city I could have afforded a 1 bed in Shoreditch, city, Clerkenwell etc, or a 2 bed with a bit of outside space slightly further out (like Islington, Hackney etc). I chose a 2 bed a bit further out because I liked the neighbourhood feel at the weekends, didn’t mind the slightly longer journey (it was 15/ 20 mins max and when working late I took a cab), and I wanted more space for visitors/ working from home. That’s what swung me and I never regretted it but it might be different for you. So not insane but something to think about.

we bought a small two bed apartment with the most amazing views as soon as we could when I was 24 - close to the City for work and 13m windows overlooking London! It served us perfectly well over the past 8 years - not much to clean, super warm and well insulated, 7 min on the Overground to Liv Street station, beautiful sunsets. We are now selling for a bigger home - a house in West London and I know I'll be missing the flat so much! There is a bit of an obsession for houses + gardens, but a flat when young, working long hours and having fun in London was perfect for us.