There are numerous types of properties on the market right now, including shared-ownership houses, detached and semi-detached houses, apartments and even houseboats! This means that when you are thinking about buying a property you need to understand the pros and cons of each type of home and therefore which one will suit you best. Here, we look at different property types in further detail:
Apartments and Flats
Apartments and flats are great for those that are looking to buy their first property as they are usually cheaper than houses. However, if you are buying an apartment you need to keep in mind that it will probably be leasehold – meaning that whoever owns the building still technically owns it. Leaseholds are generally quite long, some are even over one hundred years, however the longer the better as it will make it easier for you to sell your home in the future. When buying an apartment you also need to make sure that you can cover the cost of grounds maintenance, as whoever owns the building will hire contractors to look after the communal areas such as gardens and hallways. The good news here is that you often pay less for home insurance!
Houses
There are numerous types of houses on the market right now, including townhouses, new builds and shared-ownership homes. Houses generally cost more than apartments and flats as you have more square footage as well as two or more floors (unless you buy a bungalow). However, even though you will gain more room if you buy a house you will also need to spend more money on maintenance. Even though the property market is doing well right now, experts have claimed that in the next few years it may start to stabilise, which means that it is imperative that you keep your property in good repair. At PropertyQuoteDirect they work with a number of landlords who own houses, many of which are making a good living out of letting them out to families!
Houseboats, Retirement Homes and More
If you are looking for something specific such as a houseboat or a retirement home it may be an idea to hire an estate agent to help you with your search. It’s often hard to predict the cost of these types of properties as demand varies between areas and at different times, so if something you love is out of your budget today don’t let it put you off as you could find it affordable in a few months’ time. Before starting your search for a specific type of property you may also want to talk to your bank to see if there are any stipulations on their mortgage products which may prevent you from buying exactly what you want. That way as soon as you find the perfect property you will know you can buy it!