Flat or House? Help!!
20M, Currently renting solo and looking to move home after a relationship breakdown/decided to move home and stand a chance at saving.
I have been looking at buying 1 bed flats and houses as the mortgages are a LOT cheaper than renting and the idea of living somewhere that’s never truly mine is uncomfortable.
In my area/where I’d like to live, flats are around £85-110K, and 1 bed houses are £140K minimum.
Weirdly, the mortgage for a 1 bed house works out cheaper than the 1 bed flat after factoring in ground rent and service charge.
However, a 1 bed house would require a car as they are not in walkable locations, the flats have public transport connections and I could swap back to a motorcycle if I needed it.
But, a 1 bed house would be COMPLETELY mine? if that makes sense, it feels more permanent and actually preferable.
Another option is to buy a 1 bed flat initially then “upgrade” to a 1 bed house, by saving a deposit and then adding whatever money comes from selling the flat? not sure how that works?
Salary wise, currently on £25K, not looking to increase much in the next 5 years.
Any ideas?