ARE FLATS WORTH BUYING

1. ARE FLATS WORTH BUYING? Only direct experience can give you a proper idea if something is good or bad. However, when it comes to buying flats, most people have a clear idea even if they do not own a flat. The demand for flats has been on a rise more than ever. People are loving the concept of starting their property investment journey by buying flats. That way, flats have become the most accessible and lucrative way to make money. You may think that there might be complications with the process of buying flats similar to buying a house. Still, luxury apartments for sale involve a less complex process and are more beneficial than buying a house. This post focuses on why flats make better investments and how it differs from buying a house. What comes with owning a flat? In general, flats are self-contained units with two or more rooms on one level When you buy a flat, you are entitled to a specific space You are not responsible for external maintenance and the same goes for communal areas such as gardens, driveways, entrances, and hallways However, you have to pay for certain services to keep the communal areas clean Why is it worth buying flats? Below listed are some of the reasons why people are more interested in buying flats.

2. 1.Typically, flats for sale are cheaper to buy compared to a house. Flats are smaller and have more value. As a result, it makes flats the most accessible route to property investment. 2.If you consider buying flats as investments, they give you good returns in terms of rental income. The continual demand for flats in big cities is always more because of students and professionals coming from other Indian states. 3.If you market well, flats tend to give reliable and steady income other than a few void periods, which is rare. 4.Maintenance costs are a headache for most homeowners. But it is not the same when you buy a flat. The cost of maintaining a flat is relatively lower than that of a house. 5.Investing in flats can help you build up a portfolio consisting of many properties. The only driving factor is that flats are cheaper. You can enjoy a diverse portfolio in wealth management because flats apply to different markets regardless of where they are located. 6.Flats are quite popular and the most sought-after solution for young people because they want easy access to their offices, transport, or other attractions. Are there disadvantages to investing in flats? Although there are lots of benefits to investing in flats, they come with a few disadvantages as well. Let’s discuss them. 1.Sometimes, the maintenance charges in flats could be high. Besides, the charges will increase after a definite period. While it requires a bit of calculation, these charges eat into the profits overtime. 2.There is no way to expand your flat if you are thinking about increasing its value. Adding a conservatory, loft expansion, or even a normal expansion is not possible with flats. 3.What’s worse is that you cannot even modify your flat from the inside such as knocking down the walls to change a room layout and so on. Even if you make a small modification, you need approval from your neighbors. 4.Some flats do not experience high capital growth compared to high-rise flats. One of the reasons is that flats appeal to low-income tenants. 5.With flats, you do not have control over your neighbors in the building. Moreover, it could annoy you if they are problematic or anti-social. Sometimes, there could be a high turnover of tenants and that might bother you. How does buying a flat compare to a house in terms of investments? There is no denying that the housing market is quite bigger and more diversified than that of flats. Yet, it does not necessarily mean that the housing market is easier or more lucrative to navigate. Here are some key differences when it comes to investment opportunities. 1.Because lenders consider houses as low risks, finance is readily available for potential buyers 2.Houses appeal more to families because they offer better privacy and more space. Additionally, houses offer a driveway and garage for better parking. Also, they have gardens that appeal to pets and children.

3. 3.Based on history, capital growth is predictable with houses. Sometimes, they could be profitable, too. 4.You can modify your house to improve its quality and add more value to it. 5.Houses appeal to most buyers especially when they intend to sell them afterward. Both flats and plots for sale are worth buying when you buy them at the right price. Are you still confused about where to invest? Get in touch with Celebrity Prime Developers and a member of our team will help you make a wise decision.