Houses prices are rising meteorically and are becoming extremely disproportionate to the average person’s salary. So how do people get into the property market?
There is the opportunity to take up one of the government’s offers, like Help to Buy. But when it comes to selling you will owe a percentage back to the state. There is always renting, but it almost seems like dead money thrown down the drain because you have nothing to show for your money – you never own the property.
Many people are turning to modern apartments as their first step onto the property ladder and the advantages are endless. If you are looking to buy your first property you are quite possibly either a young professional or young couple without children; an apartment would be perfect for you.
Firstly, living in an apartment means that the general building and gardening maintenance and cleanliness will be taken care of by the owner of the apartment block, which saves you hassle, time and money. For example, if there is a leak in the roof of the main entrance, it is the responsibility of the owner of the block to get it fixed.
In general, you will struggle to find a house that is as modern and contemporary as most apartments for the same price. Let’s say you have found a modern, two bedroom apartment for £120,000.To find a modern, two bedroom house for the same price would be difficult. You would have to settle for a much older house.
One of the most attractive features of an apartment is the several layers of security. An intruder would usually be prevented by gates at the entrance to the property and a communal front door, which only residents have access to through fobs or keys. In addition, if you live in an upstairs apartment you are benefitting from even further security.
Energy bills are cheaper for apartments because it takes less to heat them up. You could save a fortune every year simply because you own a smaller property. Due to the property being smaller, it is easier to keep clean and free from clutter.
Many attractive, quirky buildings are converted into apartments, which makes them an aesthetically pleasing place to live. Old farm houses, converted barns and mansions are just a few properties that are regularly used to form separate living quarters.
For example, this stunning Bolton property used to be a large stately home before being transformed into luxury apartments.
So, by now you must be convinced that apartments are a great first step onto the property ladder. Nobody is saying you have to stay there for the rest of your life, at some point you will probably need to move into a bigger property. However, in today’s financial climate an apartment is the perfect home for first time buyers.
Have you lived in different types of property? Which did you prefer, your apartment or house? Get involved in the discussion in the comments box below.
Tom Wills writes for Regency Estates, specialist estate agents based in Horwich, Lancashire.