Dilemma! house or flat

[SC00BY]

This may sound like a daft question, and there isn't really a right answer. I'm just after some opinions.
I currently have a mortgage on a 3 bed house. (I live on my own) If I sold the house I could buy a 1 bed flat with no mortgage. In an equally nice area.
In your opinion whats the better option? Peace of mind with home paid off. Or keep paying mortgage and eventually end up with house?
Or buy flat and save the equivalent of mortgage payments.

I hope this makes sense

Sx

[sara3]

it's not just about the money, you have to consider whether you want a garden. personally, I'd hate to have to get ready to go out to experience sitting in the fresh air.

although I guess you could look for a garden flat. but Iwouldn't want anyone living above or below me because of the noise issues.

if you get a flat would you have a spare room for visitors?

[Ethel]

Don't forget the dreaded service charges with a flat - over many years how much would they add up to?

At least a mortgage does come to an end.

[sqad617]

Interesting question......how old are you?

[tamborine]

Depends of whether you get tax relief for your mortgage. If you do - the IR would 'shake the champaign'!

Flats are more secure for lone occupants.

[SC00BY]

I'm 32.

I like the idea of being mortgage free. And am wondering whether to but the flat, save the money and then buy a house later.

My new partner has a flat, so we could both be mortgage free in 5 years. Sell both and buy a house with no mortgage, if you see what I mean.

[sqad617]

Only 32, in which case I would agree with Ethel and keep on paying the mortgage which will eventually come to an end.
Remember it is easier to sell a house than a flat

If you had been over 60, then my advice would be completely the opposite.