The Pros and Cons of Buying an Apartment

There are a number of advantages and disadvantages in buying a flat or apartment over a traditional house. These pros and cons typically vary with the style, location and management of the development.

Pros:

• Generally cheaper than a house
• Lower council tax than detached homes
• Fewer responsibilities than with a house
• Ease and low-cost of maintenance
• Increased security (provided it isn't a basement or ground floor apartment)
• No garden, lawn or pool maintenance
• Community living with the companionship of close neighbours
• A range of sports and leisure facilities may be provided

Cons:

• May have excessively high service charges
• May have no control over maintenance charge increases
• Limited living and storage space
• May have restrictive covenants and regulations
• May have noisy neighbours
• Confined community living and possible lack of privacy
• Need to obtain the freeholder's permission to make structural changes
• No private garden
• May have to pay extra for covered or secure parking; parking may not even be available