First time buyer - house or a flat?

So I live in a small town outside London, I work in the city but live at home with my parents for free. I’m ready to get on the property ladder but don’t want to move out of my parents house and live alone.

My dilemma is should I buy a 2/3 bedroom flat or a 2/3 bedroom house?

Seems like a no brainer but I’m conflicted as flats tend to be in better locations e.g in the town centre or walking distance to the train station. Whereas, houses (within my budget) are further away. I’m thinking it would be better to buy the flat as it would be easier for me to rent it out rather than the house.

Also, would be good to get some advice on how easy it is to sell flats?

Thanks in advance!

7 Answers

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  • 8 months ago

    My understanding is that you are asking about what would appeal to potential tenants/lodgers. The answer is quite simple; young people renting always want something within easy walking distance of good public transport (tube or train not a bus) because they do not own cars. Usually that means a town centre flat as town centre houses are expensive and rare.

    What about moving into a share yourself for a while? That will allow you to see what it feels like and also to learn the ropes. The business of dealing with the etiquette of shared living takes a little learning. If you find you cannot stand it, best to know now rather than when you are up to your ears in mortgage debt. It is very different from living at home. Best of luck to you; I really enjoyed my sharing years.

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  • Maxi
    Lv 7
    8 months ago

    Depends on you and what you want, what you like/don't like...... do you mind living very close to others, are you concerned about noise, you only need one bad neighbour who has lots of parties, or is hard of hearing so their TV is set on loud all the time, or who has a baby/toddler who screams all the time in a flat that is not a good option, you also purchase the flat, but also have the annual maintenance fee to pay.... of course if you have a bad neighbour in a house you can still have the same issues but less likely.

    I would be looking at freehold properties available rather than leasehold in the budget you have and speaking to your parents about what they think ( as they know you better than anyone on here does)

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  • 8 months ago

    I suggest you look at what you can afford. you aren't in a cheap area of the country - so your options will be limited.

    Remember, with a flat, on top of your mortgage, you also pay a maintenance fee each month to cover maintenance of common areas and there is no garden. But like you say, if they are more central it would be easier to rent out rooms.

    Flats will sell, but probably to a more limited market

    • Petagaye8 months agoReport

      I’ve already looked at affordability. I could probably afford 2 flats or one house

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  • Anonymous
    8 months ago

    Do you enjoy yard work? Do you have tools and a ladder and a lawn mower? Big difference between owning a house and a flat in terms of maintenance.

    • Petagaye8 months agoReport

      Thanks good pointers to think about.

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  • Anonymous
    8 months ago

    I’d say go with the flat.

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  • 8 months ago

    Non answer / blank

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  • 8 months ago

    i would just buy whatever you want

    • Petagaye8 months agoReport

      I want a place that will pay for itself but also be a good investment.

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