Getting on the property ladder is tough. For many, it can be an unrealistic ambition. But, if you are keen to delve into the world of home ownership there are more affordable options. For example, do you need to buy a house? A flat or apartment can be sufficient. What is more, they are cheaper. If you are savvy with your cash, you can have a worthwhile investment in a flat.
1. Why Choose a Flat?
There are a plethora of benefits to living in a flat or apartment than a house. They are cheaper to purchase than houses. This is an attractive prospect for those who want to buy a property. What is more, they are easier to maintain as all of your amenities are on one level. As a general rule of thumb, council tax is more economical because the property is smaller. For others, there is a sense of community within their flats. They know their neighbours and with this in mind, flats are more secure. After all, houses tend to stand alone. Apartments are built in blocks. This means that you have a built in neighbourhood watch.
Size is not an issue for some. Older style apartments tend to be bigger than most new builds. What is more, the rooms are more generously sized over one level. A flat can be a viable option for many. Furthermore, with older style flats you do tend to have a garden. There is no reason living in a house is more superior to living a flat.
In short, you get more space, and you still have an outdoors area to relax in.
2. How Much Cheaper is a Flat?
With the average house price in the UK being in excess of £250,000, a flat is often the best alternative. You can get on the property ladder and spend a significant amount less. The typical flat rate in the UK is £190,000. This is an attractive option for many who are savvy with their cash. What is more, with prices being significantly lower, you are less likely to be rejected by the mortgage provider. This is because you are not lending as much money. Owning a flat can make you a more attractive prospect to your mortgage lender.
3. Finding the Perfect Flat For You
Finding the perfect flat can be tough. With more houses being built than flats, it can be tough to find the perfect one. However, there is one town that is bucking this trend. Chorleywood in Hertfordshire has a significant amount of apartments for purchase. This is great news for many. Look at flats in the Chorleywood area if you are keen to invest in a one level property.
Finding a flat can be a difficult endeavour. The current property market has a bias towards building houses. Flats are becoming less prevalent. However, this means that you can get a bargain when shopping for a flat.
You don’t have to have a house to get onto the property ladder. In short, the flat is a cheaper, savvy and better solution for your needs.