To sell my 1 bed flat and upgrade to a 2 bed, or not?

[Mannie1234]

I have a very large 1 bed flat in a really safe, leafy, affluent corner of London (very much into the suburbs though!)

I bought it around 3 years ago. Since then, my salary has increased, so I can afford some very large 2 beds (or even some 3 beds) elsewhere.

I love my flat, hate moving (who enjoys buying/selling though?!), and feel like I have some community links now. But when I bought my flat, as great as it is, my one requirement was a 2 bed. I compromised as the flat ticks literally every other box in a really expensive area with the most amazing green outlook from the lounge/balcony, which I’d never really find in London again. I also have links where I am now, although I’d certainly build links in any new neighbourhood/community I move to. My outgoings would of course increase too, but would still be perfectly manageable.

Without the second bedroom, I have no flexibility. I also have nowhere for family to stay, which will now become a bit of a problem as my dad is emigrating and my mum won’t drive 200+ miles return in one day to see me, so day trips are pretty much off. This could make it tricky seeing much of the only family I have left.

The flats I’m looking at are in perfectly safe areas, not ‘posh’ like where I am now, but I’m hardly fussed about that as long as it’s safe! Also a bit closer to central than I am now.

I’m in my 20s, so it’s quite unlikely that a 1 bed is going to suit me for the rest of my life. A decent 2/3bed should be fine for me for at least another 10-15 years, quite possibly even longer. There’s certainly a lot which is great about my flat (I think it must be one of the largest 1 beds around and in a very special location), but with the market for flats being quite tough at the moment, it allows me to take a hit on mine to get mine sold and make it up with some great opportunities the other end. Taking any emotional attachment to my flat out of it, does it seem a bit of a no-brainer move?

Another angle here - the money you'd spend on moving would pay for an awful lot of nights in hotels nearby for friends and family to stay in when they come to visit, if that's your only reason for moving.
Have you window shopped on Rightmove? If there are properties that are coming up that you like the look of and you want to move, then get the ball rolling. Otherwise if nothing much is grabbing your eye I think I'd be holding off - you don't really sound like you want to move, from your post.

Edit - in this climate I'm not sure I'd be selling a flat to move into a nother flat with service charges etc. If moving for practical reasons, are there areas where freehold is an option that you could consider?

Consider a house if possible. Better future growth and no service charge.

It sounds like you have a beautiful flat in a wonderful location and you are extremely happy there.

Hiw many times a year do you actually need a second bedroom? Hotel rooms can be booked for as cheap as £20 a night if you book a few nights. If they came one a month for three nights at a time that is £720 a year.

Alternatively, when we stay at our daughters who has a beautiful home we sleep in the front room on a very comfy sofa bed - it’s a very nice one

I’d definitely stay. And sleep on the sofa when my parents visit. Or contribute to a hotel.

I think the area you live in makes a big difference to your overall wellbeing and I wouldn’t give up a gorgeous location to occasionally host.
In 5 years time you may be ready for a house.. there’s almost no point moving into a slightly bigger flat in the meantime unless you thought it was a great investment money wise.

look for a two bed in your block?

I’d stay - for the moving costs you could rent a few hotel rooms and it sounds as if you like where you are

save a bit more, get a larger deposit together so that you pay less interest long term . You will know when the time is right

if I was your mam I would happily sleep on the floor or get a decent sofa bed ?

£20 a night in London? I couldn’t get a shared hostel room for that recently

Get a sofa bed in the living room

as a pp says for someone coming a few times a year it’s not worth the hassle

You go online and book in advance and take a few nights. the budget ones do good deals,

I think you need a z-bed to sleep when your mum is staying. Give your mum your bed. I assume your mum is at least 50’s everything aches after the menopause.

Madness to have the extra expense for the occasional night. And you don’t sound like you want to move

In terms of financial efficiency, the usual advice is to move up the housing ladder in as few steps as possible because the cost of moving is so significant (stamp duty, legal fees, removals etc.). If I were you, I'd stay in your 1-bed and save for a deposit for a house/3 bed. You're in your 20s so a lot might change - you may want a family as some point and you may not want to be more central if you do.

Have any 1 beds sold local to you recently and for what price (as per house prices dot io?)

Look for a two bed or bigger house. Times have changed and it doesn’t make financial sense now with stamp duty and moving costs to go to a two bed flat then have to move again if kids come along. If you know your salary is going to continue to increase then I’d go for a property towards the top end (but not so much that you’re stretched) of your affordability particularly as you’re so young.

Are you sure your flat is sellable in the current climate? Have you had the estate agents round to value it? You won’t be able to gauge the market until you put it up for sale.

I am way past menopause and still happy to sleep on the floor so don’t generalise please