Should I buy house of flat?

I've been renting a flat in London for 3 years and now want to get on the property ladder. I'm looking on a budget of 150k and concerned about whether a house of flat would suit it best.





Now I live in zone 3 and commute to zone 1 to work. Having that budget size, I'm prepared to move further to find somewhere liveable with that budget. However I don't know whether I should spend it on a house further away (zone 6) or flat in renovation areas. As for a house, how could I be sure of the quality which could go down and cost me maintenance and repairs year after year? If I go for a flat, is renovation area good investment, i.e. prices could go up better than houses in remote districts?





Thanks a lot for your advice.Should I buy house of flat?
It basically depends on what is right for your personal circumstances. If you are a couple and are planning to have children, then you'll want a garden etc and hence would need a house.





A house does require more individual maintenance than a flat - however, with a flat; you have to contribute to the upkeep of the whole building and communal areas - and this is paid through what is known as a ';service charge';. In addition, most flats are leasehold - which means you don't own them outright. You merely buy the right to live in the flat for x period of time (where x is equal to the number of years remaining on the lease). You normally pay ground rent to the landlord as well as a service charge. Both these charges vary depending on the property itself. In my area, ground rent + service charge vary from 拢50 per month to over 拢100 per month.Should I buy house of flat?
I'd buy a freehold 1-2 bed flat. Your looking at about 160-200K for Zone 3-4. If you've got a high flying city job, your laughing.
I would go for a house. Flats are leasehold and there has been quite a lot in the press recently about owners having to pay out small fortunes on general upkeep of buildings.


Really research your areas, check out the Location Location website for tips on how to find out where is up and coming etc;


You will have maintenance and repairs with any property, possibly more with an old house but if you make sure you get a good structural survey done before completing you should be pretty safe.
See your local estate agent he/she will advise on current trends in the area you are wanting to rent.
If you are alone I suggest flat nearer London for now. They are always easy to sell and later you can get a bigger mortgage and then go for a house.


Good luck whatever you choose.
I would go for a house and not a flat, mainly because you get your own privacy and its a better investment in the longrun if you want to expand.
house, but out of london.....

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