Buying a flat can be a smart investment, whether you’re a first-time buyer or expanding your portfolio. However, purchasing a flat comes with its own set of unique considerations compared to buying a house. Here are some key tips to guide you through the flat buying process.
Leasehold vs. Freehold: Know the Difference
Most flats are leasehold, meaning you own the flat but not the land it’s built on. Key points to consider include:
Lease Length: A short lease can significantly impact the property’s value and your ability to get a mortgage. Ideally, aim for a lease with at least 80 years remaining.
Service Charges and Ground Rent: These are ongoing costs you’ll need to pay. Review these charges to ensure they fit your budget.
Lease Extension: Check if extending the lease is possible and what the costs are.
Property Location Matters
When purchasing a flat, location is a key factor. Consider local transport links, easy access to public transport can add value to your flat and make daily commuting easier. Look for nearby shops, restaurants, parks, and schools that can enhance your living experience. Investigate any upcoming developments in the area that could affect property prices and quality of life.
Understand Maintenance and Management Fees
Flats often have additional maintenance and management costs to cover communal areas and amenities. Review all fees to understand what services are included and how much they will cost. Check if the building management company has a good reputation for maintaining the property and handling issues promptly.
Know Your Rights as a Leaseholder
As a leaseholder, you typically can extend the lease by 90 years after two years of ownership. You may also be able to collaborate with other leaseholders to manage the building or buy the freehold collectively.
Get a Professional Survey
A professional survey is essential, even if the flat looks good. It can reveal hidden issues related to structure, plumbing, or electrics, saving you costly repairs later.
Check for Any Restrictions
Some flats have restrictions on subletting, renovations, or pets. Ensure you understand these limitations before you commit to your purchase.
Buy a Flat in Sussex with Confidence
At Alexander Philips, we help buyers find homes to buy in Worthing and across Sussex. Our team of property experts is here to guide you through every step of the buying process, ensuring informed decisions that align with your lifestyle and budget. Explore our listings today!
