| by Kenneth Chase | No comments

Should I Buy A House Or A Flat

Question here from Nick in Leicester asking whether or not he should buy a flat. We’ll also be looking at some houses as well. Pros and cons really, it comes down to personal choice at the end of the day and if you’re a keen gardener or something, then you’re going to want to buy a house. If you’re not keen on upkeep and maintenance, then a flat or apartment might be more suitable for you. One thing to check on when you’re buying a flat or apartment is service charge. So that’s the amount of money that you pay each month in addition to mortgage for the upkeep and general maintenance of the building. Some of those can be really high, especially in old converted buildings. You’ll also want to check the length of time remaining on the lease. So mortgage lenders need there to be a good number of years remaining on that the lease that was set up originally or else that renders it unmortgageable. So that’s something to check out before you go ahead and purchase one. But I think really it comes down to your personal preferences. Again single no dependents yeah, apartment city centre living might be ideal for you. But if you think you like you might be starting a family then and then people tend to buy houses which were all Freehold. That means you’re going to own the property, the house itself and the garden and the walls and fences around it as well, unlike buying a flat.

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