Buying an apartment or flat? Is it a good investment and will i find it difficult to sell?
Monday, May 24th, 2010 at
5:26 am
I’m considering buying an apartment or flat but i’ve heard that they can be harder to sell than houses. Is this true? Does having other homes in the same apartment building as yours cause a problem when trying to sell?
Sell and Rent Back
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Tagged with: Apartment Building • Houses • Investment
Filed under: flat sale
Sure it is a good invesment. Yeah, you’ll be paying rent but consider all those payments that house owners pay that aren’t associated with renting. And well, depends where your flat is located. If its in a busy area it shouldn’t be hard to sell, and if its a nice flat then don’t worry it’ll sell.
Not at all.
Depends on where is located.
It’s not the same to have an apartment in Manhattan facing Central Park than to have it in Wyoming…
rule of thumb is to buy in an area where there is a demand or will be a demand. Buy an apartment in a college town for example, you’ll always have tenants. or buy an apartment in a location with a large concentration of immigrnat population, say for isntance Neward, NJ. you’ll always rent it. But you have to consider the rpoperty taxes and the rent. your rent shoudl pay for the mortgage and the taxes. don;t expect a rpofit, let just the place pay for itself for about 5 years, then refinance, then see where the market is at, if the market is going strong, coat of paint and sell.
Hi I used to have a flat above a shop, it was big but there was a lot of subsidence and I thought I would never sell it, however the shop below was bought by a fairly big chain [Spar] and they needed my flat so I ended up getting top money for it!!I wouldn’t advise buying one though I think I was just lucky
there are more problems with a flat than a house cos its never truly yours even if you pay off the mortgage. someone owns the building and dictates what can be done with it often at your expense. legal fees are higher with buying and selling leasehold too
You will have to do your sums here to ascertain whether it will be a viable proposition or not. You dont just have to find the mortgage repayments, but also the service charges, payable monthly, to the management company.
In my area apartments are harder to sell than houses, because we’ve been inundated with new build apartment blocks. Starter price houses are always a good investment as there will always be first time buyer market - people looking for their first home with limited funds.
I know that there has been quite a big market in apartments over the past 10 years or so,but as an older person,I still would never buy anything leasehold.I do’nt like the idea of not owning the land I sit on.There can be lots of problems and some pretty hefty annual maintainance charges etc with some of them and others can have bad freeholders who do nothing to the building etc.Buy a modest terrace freehold with your cash,they are always a good buy as they appeal to young couples so are easier to sell with a bit of outside space.