Property dilemma - house vs flat??

Pulsedriver · 31 Jul 2011 at 12:53

Hey folks,

I know this is not exactly a 'dilemma' as such, but anyway...

I sold a fantastic car I had, to enable me to save a deposit, as I am pretty rubbish at saving, and got a cheaper runaround car to get me by.

I have been looking at flats, but then I thought a small house would be better, but they both have pros and cons.

The main worry I have about flats, is the noise, maybe the noise from the people underneath, but more the noise about how do I know if my TV is not too loud, music too loud, etc, it sounds silly but I am considerate like that! I know most people don't care though! I also have a son who will visit every other weekend, so will probably be running through the flat all day (when not outside!)

So, people with flats, and small houses, please feel free to post opinions, the problem with the houses, are of course about another £30k on top, which would basically wipe out my entire deposit, so i'd be left with a 79-80% mortgage on a flat, but with a house probably 95% mortgage.

jp_bl_68 · 31 Jul 2011 at 12:59

Surely space, location and cost should be your main concerns, not noise?

Pulsedriver · 31 Jul 2011 at 13:01

Like I say I am totally new to this so every opinion counts, both the flat and house are in good locations, obviously the flat is far more favourable with regards to pricing, a lot more comfortable.

craptakular · 31 Jul 2011 at 13:03

I would buy a nice terraced house in a nice location, in a catchment for decent schools. That way when you want to sell it should be easier to shift due to the location and school catchment.

I would sacrafice a bit of space for a nice location and a good school catchment.

subbytna · 31 Jul 2011 at 13:25

A house will be better than a flat all day.

With a flat you also have, on top of your mortgage payment, management fees which can be anything from £60+ per month upwards.

I just don't understand why people buy flats....rabbit hutches have more room in them.

[TW]Fox · 31 Jul 2011 at 13:36

I would much rather have a house - you don't own a flat you simply own the leasehold, which would really bother me.

Rich_L · 31 Jul 2011 at 13:40

If you plan to stay in it for a while a house makes far more sense, it will be a lot more flexible for any unexpected changes that happen to your situation, wife/kids etc whereas with a flat you are more likely to end up being forced to sell to accommodate those things.

SpeedFreak · 31 Jul 2011 at 13:50

[TW]Fox;19708429 said:
I would much rather have a house - you don't own a flat you simply own the leasehold, which would really bother me.

99 years yes, 999 years is not an issue.

ash_scotland88 · 31 Jul 2011 at 13:52

Main concern for a house, can you afford the time for gardening?
Or atleast the concrete slabs to cover it up, which can devalue it.

cm1179 · 31 Jul 2011 at 13:57

go for a house

Kobi · 31 Jul 2011 at 14:02

House all the way.

[TW]Fox · 31 Jul 2011 at 14:16

SpeedFreak said:
99 years yes, 999 years is not an issue.

It still belongs to somebody else. It isnt your brickwork. Your garden. etc.

Rotty · 31 Jul 2011 at 14:20

only buy a flat if you can't afford a house

SpeedFreak · 31 Jul 2011 at 14:20

[TW]Fox;19708771 said:
It still belongs to somebody else. It isnt your brickwork. Your garden. etc.

I all honesty I don't think it is an issue. Flats are simply stepping stones and as such rights to improve or extend are not really a problem. Personally I had the choice of a house or my current flat and the flat was simply better. I will be moving soon and in reality it's not as if the "owner" of the flat can evict me.

Pulsedriver · 31 Jul 2011 at 14:22

Ok, i'll use some figures, the flat was about £120k, the houses tend to be £138-155k in terms of nice ones I have seen.

With a deposit around 25k I *may* struggle with the houses, although the repayments themselves would be affordable, it may be a struggle to get the mortgage needed, as I am about 10k out (mortgage lendable - not salary although a 2 or 3k increase would be nice on salary! Considering 'yearly' appraisals, I haven't had an appraisal for 3 years!).

VoG · 31 Jul 2011 at 14:23

allways a house, no management fees to find every year, & potentially less neighbours to have to deal with should there be any kind of issues.

manic_man · 31 Jul 2011 at 14:35

If you have a kid who will be visiting regularly, get a house.

Apartment blocks, even smaller ones, are not places for children. Where I currently live, you do see them, but they are out of place, as on the whole these places are for the young adult ages. Everyone partying till early o'clock etc.

Having said that, I suppose it also depends where in the country you are buying in. Given the choice though, I would always buy a house and rent a flat. When you buy a flat, not only are you opening yourself up to potentially 4 neighbours and not just 2, your owned property nestles within a larger building you have little control over other than by vote, and that you have to pay to reside in. A house is more your own.

mithrandir · 31 Jul 2011 at 14:38

Start small and upgrade when finance can afford.

Reginald · 31 Jul 2011 at 14:40

If you get a house on a 95% mortgage, it will cost a fortune. in this case, you'd probably be better off getting a flat and getting a house once you've saved a but more to achieve a 75% Ltv. Do the sums... You may end up paying back so much on a 95% mortgage that it would have been cheaper to get the flat and upgrade (even with stamp duty etc) in a few years

Richie · 31 Jul 2011 at 14:45

subbytna said:
A house will be better than a flat all day.

With a flat you also have, on top of your mortgage payment, management fees which can be anything from £60+ per month upwards.

I just don't understand why people buy flats....rabbit hutches have more room in them.

[TW]Fox;19708429 said:
I would much rather have a house - you don't own a flat you simply own the leasehold, which would really bother me.

[TW]Fox;19708771 said:
It still belongs to somebody else. It isnt your brickwork. Your garden. etc.

Although I would recommend a house over a flat, some of the comments on here are not always true.

1. I have plenty of room in my flat, they are not ALL rabbit hutches.

2. Not all flats are leasehold. Mine is a freehold with its own garden and this, together with the brickwork, is not owned by anyone else i.e. mine.

3. I dont pay any management fees to anyone