Danny P
Member
Registered: 20th Nov 02
Location: Cleckheaton, West Yorkshire
User status: Offline
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Just need some opinions if you will please folks.
Basically, looking to move out by the end of the year. Got a decent dpeosit and going to be going halfs with my mum (split the profit when we sell and use my share to get bigger place) but I cant decide if I should look into buying an appartment, or a house.
I've got around £120k to spend, and looking around here you can get some decent 2 bed appartments for around £115, fully furnished and ready to move into. For a similar price with regards to a house you can get a terraced house (sometimes with a garden) but they tend to a be a bit "run down" and most would need decorating throughout, and a new kitchen/bathroom putting in.
Now, as I obviosuly wont be living there forever (3/4 years max depending on circumstances) i'm obviously wanting the best in terms of re-sale.
A few of the larger appartment blocks round here seem to be getting a few social housing types in due to there being so many empty which is off putting as it will effect the vaule of them. However the ones i've looked at are much smaller building with only 6/10 appartments in each block so not sure it would be an issue.....
The houses on the other hand are fairly similar priced to how they were before the prices dropped. They've only seemed to drop £5k/£10k at the most. However they do have the advantage of being a house, which I always think seems more personal.
What do you reckon would be best to look at? Anyone been in a similar situation? I'm 24, single and would live there on my own.
Just to give you a rough idea, these are the types of things I've been looking into (not a choice between these 2, but this is what you can get for your money round here)
Appartment
2 Bed Appartment
House
2 Bed House
Looking at them, if it was a case of it being free and not being bothered about anything i'd pick the appartment straight away. However I need to be sensible and think about whay might happen a few years down the line.
Any advice/opinions much appreciated 
[Edited on 03-07-2009 by Danny P]
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AndyKent
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Registered: 3rd Sep 05
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You say apartment, but its a flat really, and whenever you have flats, you can never be at all sure what your neighbours will be like.
Obviously the same goes for a house, but rather than two possibly noisy people, you might have 6 or more depending on what level you live on.
For that reason alone, given the choice it would be a house.
Plus, having to do it up is a good thing. If it was already done up you wouldn't be able to afford it by the sound of it so there is obviously room for you to increase its value.
Would be a very simple choice for me!
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James
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Registered: 1st Jun 02
Location: Surrey
User status: Offline
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http://www.corsasport.co.uk/board/viewthread.php?tid=488079
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Kathryn W
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Registered: 12th Oct 03
Location: Widnes, Cheshire
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Out of them I'd much prefer the flat as I could pretty much move in and not do a thing etc...
It depends what you like though, we were looking at apartments and I'm so glad we didn't bother, having your own outside andnot worrying about noise is priceless IMO.
Ours is quite big but we are able to grow into it when children come along - something you can't do in a flat
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dannymccann
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Registered: 9th Aug 06
Location: Doddington, Lincolnshire
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I think flats are good for your first place on your own and to rent, all bills included and all maintenance done for like £450 - £500 a month, cheap cheap accomodation tbh.
When you start accumulating furniture, or want a garden for BBQ's, or as said neighbours become noisy louts, they arent so good. I wouldnt buy a flat, renting short term is alright though
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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I actually have less noise from my neighbours living in an apartment than my mate has living in a terraced house - more than likely down to the quality of construction.
You've got to think of a few things....a house will more than likely be bigger, have some outside space, etc. so will be more to run on the whole. Where as an apartment wont run you so much on upkeep but you'll more than likely have some sort of service charge to pay.
Also, if its a part investment, look what will make you the most. How much have the prices dropped of each in the last few years? Will doig the house up gradually over 3/4years add a lot more value and give you more eventual profit? etc.
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Adge
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Registered: 28th Aug 04
Location: Lancashire
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i have a house but i cant wait to move into a apartment!
house is tooo big for me
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Danny P
Member
Registered: 20th Nov 02
Location: Cleckheaton, West Yorkshire
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Cheers guys. That particular appartment/flat is one i've been looking at. Its an old church that has been converted so there is only 6 of them. All points taken into consideration. I'll have to do a bit more investigation into how much prices have changed around the area etc.
I kinda like the idea of doing something up, but I dont want to spend an amount of money doing so only for the house value not to go up enough to cover that (if that makes sense) With the fully furnished appartment/flat I wouldn't have to worry about that as only things i'd be adding I could remove when I moved out.
James - Ta for that link, I thought someone had asked this before but couldnt remember who. I'll have a read throught it now
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VegasPhil
Premium Member
Registered: 16th Jan 05
Location: Fareham, Hants Drives: Octavia VRS
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Houses are the best if you are looking to spin it after a few years. Take your time and look for a nice house that's a repo or probate.
Comversions are harder to sell than flats, bear that in mind if the market is saturated with them. Don't go for anything new build.
Corsa 2.0 16v Vegas - Sold
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J da Silva
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Registered: 10th Apr 03
Location: The FACTory
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Houses will make you profit, even if you buy one NOW and don't do that much to it, as they are more sought after as a whole.
Although if your Mother is quite a business minded woman and why don't you and her set up a rental management up and don't just aquire one property, get a few, rent them out, even if you only keep them for a short period, the money you can make when the prices go up, you'll be laughing.
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