So I have been researching into whether we should be buying a house or a flat. I have been looking at some of the newly built flats on the net, and some were very tempting.

A one bedroom, newly built studio flat, looked very spacious. It would have no problems accommodating just the three of us, and also the pricing was within our reach (around the 100k mark).

The securities that a flat offers, especially on higher floors,  is the main tempting factor. The down side is a possibility of having to live with noisy neighbours.

Another problem with flats is you don’t actually own the land that you live on. It is only leased to you for about 120 plus years. Plus you have to co-own that land below the flat with all your neighbours.

With a house, especially on a first buyer’s budget, means that we will have to except the fact that finding a spacious place will not be easy. This is going to narrow our options down to either  a 2 bedroom small house in maybe a good area, or a 3 bedroom in a not so good area.

If we went for 2 bedroom house, it will be ok short term since the little one is still sharing our room. The second  bedroom can be used as a storage area.

Long term, we will ideally need a third room for when he is older and need to sleep in his own room.

Currently, we are comfortable living rent free above my parents leased catering business. This at the moment allows us to save most of any income to put towards the mortgage.

Ideally I would like us to live here for a few more years just so we can save for a large deposit for the mortgage, but with recent talk of them growing tired due to many years of working, my parent could decide to sell the business any time, leaving us more or less homeless.

Finding that ideal house will no doubt take some time.