For many people, the idea of buying their own home is an exciting one, but it’s not always easy to know what you’re looking for.
Some of the questions to ask are, is an apartment perhaps better suited to your lifestyle than a house? Will you rent out the spare room to help cover mortgage payments?
There are pros and cons of course but here are 10 of the best reasons to buy an apartment.
First step on the property ladder
It’s never easy to step onto the property ladder, however, an apartment is a perfect place to start your journey in property ownership.
For anyone looking for the benefits of a house without the worries of all the work that it involves, apartments offer the perfect solution, making them ideal for those who don’t have time to spend maintaining the outside space and are just looking for somewhere to live comfortably.
Value for money
Value for money is an important consideration when buying a property and some people believe that there isn’t much difference between the living space on offer in an apartment as opposed to a house.
An apartment can provide you with more space than the same amount of money would buy in a house on the same street. It’s this added square footage that sets apartments above regular houses – and which gives your money more value.
Security
If security is your number one concern, then an apartment could be the right choice for you. With a communal entrance and often a door entry system you needn’t worry about who’s coming into your block after dark.
This is also very comforting if you live on your own.
Maintenance
Apartments can be very good value especially if they are professionally managed. In an apartment block, there is usually an annual service charge to pay that covers the maintenance of the building and communal areas.
If something should go wrong in your apartment it can take weeks for a DIY person to look after it, but management companies have tradespeople on call to fix faults within hours.
Parking
Most apartments provide a dedicated parking space either at the front or the rear of the apartment block. Often with security cameras providing added security and peace of mind.
Freehold share
For more freedom when you buy a new property, think freehold. A growing number of apartments have been sold with a share of the freehold, which gives you more say when it comes to the maintenance and upkeep of communal areas.
The cost is spread between all the owners in the block, so it’s often cheaper than buying a leasehold property.
Price growth
If you are looking for a surefire way to boost your investment portfolio, consider the property market. Since 2010, the Land Registry has shown that the average price for apartments has increased by 40%.
Easier to sell
Purchasing an apartment is often a good option because they can be easier to sell on, they are a popular choice for first time buyers, couples, young professionals, small families and investors alike.
If you’re considering downsizing, purchasing an apartment is often a good option because there are fewer worries about the environment and structural surveys – because the freeholder is responsible for these issues – and they are always in demand from buyers.
Sustainability
Sustainability is expected in newer apartment buildings, and many developers are making efforts to meet their residents’ demand for sustainable design.
Energy conservation measures such as energy rated appliances and fixtures are one way new buildings can display their environmental credentials, also most new apartment blocks include energy-efficient lighting, solar panels and more
Community
When you live in an apartment, it’s easy to get a great sense of community. This is true for several reasons, you’re more likely to have the chance to have brief conversations with your neighbours, both when they come and go and because you might bump into them on the stairs. During the better weather, you might attend an outdoor barbecue in the common space or at a nearby park.
Apartments are often within close proximity to shopping and entertainment, and the convenience of having someone else take care of property repairs, lawn care and even snow removal.
Allanwater Homes are building some amazing apartments at their Stirling City development, so if apartment living is for you then speak to our Sales Adviser today.
