What to Look for When Buying Your First Apartment

When it comes to buying your first flat or apartment, you will likely have a lengthy list of nice-to-haves.

But it’s not the nice-to-haves that will make or break a deal. It’s knowing ultimately what to look for from the outset, with a plan tailored to your exact requirements. And, when putting this plan together in terms of what works for you, it helps to know where to start.

Rather, it’s the non-negotiables you really need to consider before making a purchase, because if you misjudge them, you can end up with a property unsuited to your needs and huge financial demand.

That means things such as overall cost, layout, and the leasehold status of the apartment all need special attention.

Below, we examine the main points to consider when buying your first apartment.

Total Cost

It’s easy to think that buying a new apartment is all about being able to meet the mortgage repayments and scraping together the deposit.

However, that overlooks the fact that a host of other costs are involved in moving into and actually living in your new apartment.

These auxiliary costs can mount up, especially if the property is located in an expensive part of the city and the building offers services like a concierge, or added fees for gardening, maintenance and servicing.

At a minimum, you should take into account, and calculate the following costs when weighing up whether an apartment is suitable:

• Service charge(s)
• Ground rent
• Utilities
• Council and local taxes

Location

You’ve probably heard the old chestnut – it’s all about location, location, location when it comes to buying a property.

But the fact is, it’s a cliche because it contains an essential truth – location is all-important when it comes to finding somewhere to live.

Ideally, when buying an apartment, you need somewhere centrally located that boasts good transport links, lots of local shops, and, if you have children, good schools, too.

Nowadays, regenerated parts of major cities are often prized by first-time buyers – for example, Manchester’s Vita Living Circle Square, constructed on the site of former BBC studios, is a much sought-after address among the city’s up-and-coming professionals.

Leasehold Length

Apartments and flats in the UK are typically leasehold property meaning you own the leasehold – not the freehold – on the flat for anywhere between 99 and 999 years.

It’s essential to bear in mind that the length of the lease will affect the value of the property.

As the lease gets shorter, the flat will become more difficult to sell and mortgage, and it will sometimes become liable for ‘marriage value’ when you choose to extend the lease.

Mortgage Value

Below 80 years left on a lease, ‘marriage value’ kicks in.

This is an extra cost applied to the leaseholder and paid to the landlord (freehold owner) as compensation for deferring the reversion of the property.

This means 50% of the increase in the value of the apartment will have to be paid to the landlord once the lease has been extended.

Building Condition

Another important consideration when buying an apartment is the building's structure.

If the building has a major structural problem like a roof issue or inadequate foundations, you can expect a large bill to put it right, potentially even including costs to fix neighbouring properties too if your building is at fault. Not only could these initial costs impact your budget, but it is likely to dramatically affect the resale value of the property should you fail to remedy the problem.

Major causes for concern include:

• Damp or mould
• Roof condition
• Wall cracks
• Structural issues
• Lifts, hallways, and communal areas issues

Layout

The layout or flow of an apartment has a major impact on the way you occupy a space and, in large part, determines how ‘at home’ you feel once you occupy the property.

And bear in mind, you can change a lot of things you don’t like about an apartment post-move-in, but the layout of the property isn’t one of them.

It’s therefore essential that you carefully assess the topography of the apartment when buying your first apartment – if it doesn't contain the rooms, spaces and communicating areas you will need to live comfortably, it’s a sign the place isn’t right for you.

Purchasing your first apartment is a major undertaking.

The checks you need to undertake, and the variables you need to keep on top of, can seem daunting.

But bear in mind the fundamentals of what you are seeking to achieve, your essential requirements and budget, and you will begin to appreciate which apartment is the right one for you.

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