The Pros and Cons of Buying an Apartment
There are a number of pros and cons in buying an apartment over a traditional house. These advantages and disadvantages typically vary with the style, location and management of the development.
Advantages:
- Fewer responsibilities than with a house
- Lower council tax than detached homes
- Generally cheaper than a house
- Ease and low-cost of maintenance
- Increased security (provided it isn't a basement or ground floor apartment)
- Community living with the companionship of close neighbours
- A range of sports and leisure facilities may be provided
- No garden, lawn or pool maintenance
Ground level apartments and penthouses are more prone to thefts and an insurance company may insist you install extra security before they will insure them.
Disadvantages:
- Limited living and storage space
- May have excessively high service charges
- May have no control over maintenance charge increases
- May have noisy neighbours
- May have to pay extra for covered or secure parking; parking may not even be available
- May have restrictive covenants and regulations
- Need to obtain the freeholder's permission to make structural changes
- Confined community living and possible lack of privacy
- No private garden
