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Could you expand on that?
The discount you get for forfeiting a room doesn't stack up against the disadvantages; you can't get a lodger in (which is a super great way of buying more equity if SO) and it's harder to sell because there are less people who will consider single bed flats. For example landlords - they aren't a fan.
Howard-
But if that's all you can afford as a FTB then it's what you have to buy. My advice is buy a 1 bed flat with proper separate living room, if you get in a dire financial situation you can rent that out if you really need to.
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OK, interesting. I've heard lodgers are a no-no in SO flats, but suppose it must depend on the HA in question.
Owning a 2-bed outright would be great, but I would certainly have to sacrifice location. Compromises only to be expected when taking the first leap onto the ladder though. :)
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The discount you get for forfeiting a room doesn't stack up against the disadvantages
Conversely, there is a relatively big premium for a two bed flat as many people want that extra bedroom over a one bed. If you buy a one bed your mortgage payments are more affordable so you don't need to get a lodger and compromise your private living space (which to me is one of the main benefits of home ownership, I had some great flatmates but...).
Laner's advice is good if you want the option of easily renting a room out. Alternatively, do what we did and buy a one bed with a cellar. We've always got the option of going down and creating a few more rooms, for way less than it would cost to sell up and buy a bigger flat.
laner
skidlidsid
Fox
Could you expand on that?