Would buying a flat be a bad idea?

Poll

Is buying a flat rather than a house a bad idea?

Thread title pretty much says it all. At the moment I live in the city centre in a rented flat with my boyfriend. We can afford to buy a house and it's on our to do list, but where we are now is only a 10 minute walk from his work and that's mainly the reason we're staying here. Also the bills here will be cheaper than if we have to heat a whole house.

I was against buying a flat, but now I'm starting to wonder if it's such a bad idea? I know house prices and council tax etc are higher in the centre so we wouldn't get as much for our money but is the convenience worth that?

Just need some opinions really.

Reply 1

Psyk

Well I bought a flat, but it's just me that lives here. I guess it's a good thing to get on the housing market, but then again you could afford a house straight away.

I think you really have to weigh up what matters to you. If the convenience is worth more to you than having a larger house, then go for the flat.

Reply 2

username242140

Original post by Psyk

It's more things like selling it on I'm afraid of. I would be content to live in a flat, but I was a tad worried that a flat wouldn't be as "sellable" as a house.

Is there anything you have found to be worse than if you had a house?

Reply 3

Psyk

Original post by Beckyweck

Well I can hear noise from the flat above, which is a bit annoying. But on the other hand, having more space would just be pointless for me.

Reply 4

Millie228

If you know something about the real estate market, pay attention, it's a big enough city to be a good investment, sure. Flats are just as sellable in bigger cities.

Reply 5

xoxAngel_Kxox

I am about to buy a flat, and the only reason I would need a house would be if I had a child. Although it may be hard to sell a flat, I've come to the conclusion that I can always rent it out if it won't sell, so I'm going for it. It makes sense for you now, it's in the right place for you, so I'd say go for it!

Reply 6

username242140

Well the child will come along soon, but if we had a spare bedroom I was thinking it wouldn't be too bad? Loads of people have kids in this block and they seem to manage ok. Renting seems like a good idea. My OH is a banker so we'd get reduced rate mortgage and whatnot so maybe now is the best time with everything on the cheap.

Reply 7

455409

Original post by Beckyweck

My OH is a banker so we'd get reduced rate mortgage and whatnot so maybe now is the best time with everything on the cheap.

No offence but surely he should therefore know if buying a flat is a sensible spend of your money?

Reply 8

username242140

Original post by james1211

No offence but surely he should therefore know if buying a flat is a sensible spend of your money?

Why? He's a banker, not an estate agent. Neither of us have ever bought a house before and will have to go purely off what people say since we have no experience in the matter.

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Reply 9

Rakas21

Provided the flat is fairly modern then i say go for it, with UK land prices so high the relative trend in cities has being for more flats to be build than past decades.

Personally i prefer a flash apartment to a house, until i have children there's really no need to live in a house when i can live and work in a city center thus saving on transport and the like.

Reply 10

kirstieviolet

I think if you're in a position to get on the property ladder you should take your chance. For a lot of people it can be very difficult and it's fabulous you're in a comfortable position financially. I think it would be a very wise idea for a few reasons. It's much better to be paying a mortgage on a property you own compared to paying rent on a flat you'll never own. You'll never see your rent money again. Even if you sold your flat for £10,000 less than you bought it for... you'd still be seeing a lot of money you'd already put into it. I also wouldn't worry about the desirability of flats and selling it on. Most first time buyers (just like you!) need to start somewhere and more and more people are buying affordable flats, etc before committing to a house. Make sure you look into who's responsible for any gardens, communal areas and hallways etc. As these can be things that are easily forgotten and then can be a shock when someone says "chip in for the new carpet in the hallway then". Good luck with your home hunting!

Reply 11

username242140

Original post by kirstieviolet

The dead money aspect of renting was what made me keen to buy in the first place. I also saw in the paper today that house prices have started rising again which isn't good for me! I think we will carry on saving until I graduate in a year's time when it's much more feasible to settle permanently. I hope the prices don't go up too much in that time!

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Reply 12

scorpion95

You have to weigh things up like outdoor space do you want to be able to sit outside in the sunny weather and have a bbq with friends over or would you rather be in a flat with no outdoor space. The location for you seems to be good at the moment with your work etc but it's whether you would want to move further out and have a longer commute. Noise - depending on the type of block of flats you live in will depend on the noise, sometimes you will get the annoying person next door blasting music/arguments etc etc but others not. I have stayed in a newish build of flats and it was very quiet and was only a 5 min walk into the centre of Leeds but then theres others which will be the opposite. Depending on the state of the flat i.e. modern or high spec then will be easier to sell but that will entirely depend on the location such as if on council estate then will be harder to sell but have the flat in a nice area of the city and in very close proximty to the city centre and is modern/high spec then will be much easier to sell.

I would say stick to the flat for now you can always rent it out and finance a better house in the coming years