Landlord hopefuls have a lot of questions to answer before taking the leap into the buy-to-let market, one of the most pressing being, “What kind of property works best as an investment? Should I buy a flat or a house?”
Each rental property is a good investment; the question is which one is the best fit for your needs and objectives. Here are some of the main distinctions between a house and a flat that may help you make up your mind.
When it comes to deciding whether to buy a flat or a house, houses do have a number of advantages. The first is that they’re bigger, and people are more willing to pay for more additional space. That’s not just inside space either; houses tend to have garden, driveways, and sometimes garages, all of which are going to be useful, and all of which can command a premium.
Houses also have the potential to gain more value. When you have looked at whether to buy a flat or a house, you’ll have seen this for yourself when you checked on past sales prices (which is something anyone buying property should do). So if you want an investment that will grow to give you a good return, a house might work better.
Of course, there are downsides to buying a house instead of a flat. In the city, flats can be more popular, especially if there are colleges nearby. Plus, flats are cheaper to begin with, so even if you can’t charge more rent, you should still make a profit.
So what if you still can’t choose to buy a flat or a house? Here are some of the benefits of buying a flat. As we mentioned above, flats cost less compared to houses. If your budget is smaller, this is a great way to get into the landlord business. Plus, for the price of one house, you could buy two or three flats – sometimes more – which means you’ll be much more secure as a landlord. Even if one flat is empty, you can still get an income from the others.
Flats are also very flexible. You could turn a dining room or a study into another bedroom – or vice versa – meaning you can open the property to many more potential tenants. When it comes to whether you should buy a flat or a house if you’re a landlord, flats can be very appealing.
Get An Inventory
No matter whether you opt to buy a flat or a house in the end, there are some things that all properties will have in common, and one of those things is that you’ll need to have an inventory carried out. Contact Looksy Inventories today to find out more and book your report in as soon as possible.