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