In the next 12 months I will probably be moving out and buying my own place, I have nearly got enough for a decent deposit. However I don't know whether I should be looking at buying a house or an apartment.
There are some houses that are being built right now not far from where I live but the prices are quite high. I have looked at other houses in the area that are a similar size to the ones being built and will cost less but because I will no doubt want to decorate them and things like that it will drive the price up to possibly what the new houses would cost.
Alternatively, there are some nice apartments on sale about 20 minutes drive from where I live and I have always liked them and I could afford one now if I wanted to. There will only be me moving so a two bedroom apartment wouldn't seem like a bad idea but then if I come to moving on later I have to deal with the possibility of not being able to sell it. My sister lived in an apartment before she bought her first house and even though she moved out of the apartment 5 years ago she still cannot sell it and so rents it out.
Which would be more suitable? A house or apartment?
If you need to turn to an anonymous internet forum like TSR to help you make life-changing decisions like this, may I suggest that you're not yet ready for the responsibility of owning a property.
House, always house.
Apartments are a fools game. On top of the initial purchase you will have to continue paying ground rent and service charge both of which you have little to no control over. Furthermore there is very little recourse to alter ridiculous service charge increases as the market is unregulated. You are at the mercy of property management companies who rarely operate ethically.
I would never buy an apartment and I'm a former residential block manager.
I think it would be best to live in a bin. It's totally AWESOME!! You should try it.
Some advice I was given by my mother when buying somewhere, buy what you can afford not necessarily what you need, and always consider resale value! Houses are generally easier to sell unless you're living in an area with high demand with lots of young professionals, for example, I live in a city with a lot of people commuting to London so apartments are in demand quite often
House, avoid the unnecessary expense of leasehold ground rents and management service charges.
Also more suitable if you prefer a private garage, garden or to keep pets.