City living has always been one of the most popular choices of property for people. Especially for those who enjoy being surrounded by a fast-paced environment and living within close proximity to other people. City life is something most young people strive to do once in their life, so they can enjoy the nightlife the city offers. Alongside this, for most people who work in the city centre, living in the city offers them a way to get to work efficiently and not have to worry about commuting from somewhere really far. However, although city living has its obvious perks there are also some things you should be aware of.So, if you’re thinking of buying or renting an apartment in the city, here at We Buy Any House we have compiled our top tips on things you need to know before you buy an apartment in the city.
Knowing the Difference Between Freehold and Leasehold Properties:
The first thing you will need to know is the different between freehold and leasehold properties. To put it simply, a freehold property is where you own the bricks and mortar that the property is built on, including the land which the property is built upon. This differs to what a leasehold property is, which is where you essentially just own the property and the lease that’s on that specific property. When it comes to apartments, most of the time they are leasehold, as other people in the building will be sharing the plot of land.
Ask How Long is Left on the Lease:
One really important thing to ask is how long is left on the lease of your property. As apartments are typically a leasehold, it’s important that you know that you are essentially buying the rights to live there temporarily. Therefore, it’s vital that you ask how long is left on your lease, as you don’t want to have to beg to extend it.
What Are the Service Charges?
Services charges include anything and everything from ground rent, to maintenance charges and anything in the communal area of the building that you may need to use. It’s important that you ask what exactly is included in the cost of what you’re paying. It’s also important to ask if these costs are reviewed at any point, and if so, how few and far in between? By doing this, you won’t feel caught out at a later date if you are charged with anything further.
Can you Make Changes?
One of the most pressing questions tenants have for their landlords pertains to the state of the apartment itself. Whether you want to know if you can hang pictures or paint the walls- its worth asking!
This article was written by a quick house sale company We Buy Any House. If you’re wondering “how can I sell my house fast”, head to the We Buy Any House website for more information relating to all property related enquiries.