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BUYING A NEW HOME INFORMATION AFTER YOU MOVE IN

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Flat or Apartment

A typical apartment would consist of a larger room that serves as the living room and dining area, one or more bedrooms, a kitchen and a bathroom. Flats in purpose-built blocks are the best option. Be wary of flats above three floors without a lift.

For:

A good option for those buyers in cities and large towns
Increased security, applies to upper floor apartments only
Less expensive to buy than a house of a similar floor area
Lower Council Tax banding
Additional facilities for example a swimming pool in the complex
No organising building maintenance or garden to maintain
Less responsibilities than with owning a house
Potentially more social contact with neighbours
Neighbours close by to keep and eye on the property
Usually in city centre and close to all amenities
Cheaper to heat being smaller

New build flats Against:

Post may not be as secure as a house
Leasehold with ground rent and management service charges
Additional restrictive covenants
Pets are not normally allowed
Can be noisy with younger occupants and perhaps tenants
Neighbours above and below increase the likelihood of noise nuisance
Smaller with reduced living and little storage space
No private garden - no clothes drying area
Limited and often unsecured parking
Higher contents insurance
Can be difficult to re sell in all but exclusive areas

Size and value for money

A typical new two bedroom flat is around 560sqft. In 2012, an apartment in West Sussex was priced at £176,000 equating to £315 per square foot.

Who are they for:

First time buyers. Those who want to live in cities and cannot afford a house. Affluent single professionals and Buy-to-let landlords.

Who are they not suitable for:

Families, pet lovers, and those who like privacy and quiet.

Our advice

Neutral! The main problem with flats is the fact they are usually leasehold with all the associated disadvantages and lack of control. Flats are a good option for first-time buyers. Two bedroom flats are easier to sell and hold their value better.

Avoid any new build flats with timber frame construction. See also: What to look for when buying a new home.

Note: Floor plans are illustrative examples only. Any similarity between actual designs, layouts and/or specifications is purely coincidental.

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