Finding your dream home in your favourite location is never easy and the first decision is whether you should buy a house or opt for a flat to suit your lifestyle. This guide takes a look at some of the pros and cons of both.
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Price Range
A flat is usually more affordable than a house, but it’s not always the case, particularly in a highly sought-after area such as London, where you’ll pay a premium for a fancy apartment near the centre. You also have to consider the fees associated with a leasehold property which will add to your monthly outgoings. If you know the area you want to be in, take your time to research the different sorts of properties available.
You may want to consider going in with a friend or if you’re in a new relationship with someone who already owns a property, you could save money by going into joint ownership. This would require a transfer of equity, where your name goes on the title deeds of the property. To do this, you’ll need to employ the services of a transfer of equity solicitor, from a firm such as https://www.parachutelaw.co.uk/transfer-of-equity-solicitor, who can guide you through the process.
Maintenance Costs
A larger space to live and possibly work in seems ideal, but it does mean there are more things that can go wrong and more that needs looking after, whether it’s a leaky gutter, blocked drain or rotten windows. With a flat, much of what needs doing is taken care of centrally by the building and covered by your service charge. This means the building will always be kept in top condition, unlike a house where it is down to you to do the work.
Local Amenities
With an apartment, there are more people living in an area and therefore there will be more amenities on your doorstep. It’s worth considering whether you’re the type of person who is happy to have a long walk to the nearest shop or station, or would rather be right next door. If you’re in a city centre, many apartment buildings have their own roof garden or other shared outdoor space, they are secure with gated entrances and may even have their own gym or pool.
