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Flats Are A Good First Option

Property prices have continued to increase over the last few years and show no signs of slowing down. If you have a tight budget, it can be hard to find the right property in order to make your move on the ladder.

Often, a compromise in location may be necessary in order to obtain the space you are after.  Perhaps you might have to have one fewer bedrooms than you’d ideally like, but you end up in the ideal location.

Compromise is a likely thing to have to deal with in the purchase of any property.  But, perhaps a broader view of what is a practical option for a property purchase can sometimes mean you can get the best of both worlds.

Flats and maisonettes offer a very good option for a first-time property purchase, or perhaps even an investment property.  

Flat Prices in Birmingham

In Birmingham, the average price of a flat or maisonette is £136,628 and whilst prices have risen in the last 12 months, they have done so at a lower rate than their counterpart house types.  This could mean that you are more easily able to save for the deposit required for a flat in a shorter time period than a house where the purchase price keeps rising higher.

There are many positives about living in a flat:

  • More secure – particularly in a gated complex where there are CCTV cameras;
  • Fewer maintenance costs - you don’t have to worry about the structure of the building, as the owner of the complex is responsible for that;
  • When you buy a flat as your first home as opposed to a house, then it will almost certainly be cheaper than buying a house in the same location, and possibly the only thing within your price budget as a first-time buyer. 

Less Than £100,000

With a budget of less than £100,000, it may seem a daunting prospect to find something that meets all your needs but it is still a desirable property.  Our Northfield branch is currently marketing this awesome flat in Ley Hill.  For less than £100,000 you can purchase a modern home with parking and green space surrounding it, with a journey time of less than half an hour into the city centre.

So, if you have a similar budget and you are looking to purcahse your first property, perhaps considering a flat would be a good option that means you don't have to compromise very much at all!