When you’re considering investing in a property, you’ll need to make one big decision – should you buy a flat or a house in the UK?
The answer depends on your unique needs and requirements as both offer distinct pros and cons.
If you’re looking for a family home, you may wonder if a house with plenty of space and a garden is the better choice. Likewise, if you are a single professional or planning to buy-to-let, a beautiful flat in a prime location could be exactly what you’re looking for.
In this short guide, we’ll walk you through the pros and cons of buying a flat or a house to help you decide which type of property is best for you.
Pros and cons of buying a flat
Living in a flat can be ideal if you’re a first-time buyer, you want to live in a prime location, or your budget is limited. However, there can also be several disadvantages. If you want a larger living space, a private garden and room for your family, a house may be a better option.
Here are some of the pros and cons of investing in a flat in the UK.
Pros of buying a flat
More affordable
The overall cost of buying a home is usually less with a flat than a house. This makes flats a great option for first-time buyers on a limited budget, especially if they are considering flats in urban areas.
Less maintenance
Overall, flats usually require less maintenance than houses. Not only is the property smaller but there are often annual service charges that cover the maintenance of communal areas and external repairs.
Smaller, more manageable living space
If you’re a busy professional or parent, you might prefer living in a flat because it’s smaller and easier to clean, maintain and enjoy.
Better security
Many flats have excellent security features such as intercom, gated entrances and even security guards that can offer peace of mind, especially if you live in an urban area.
Excellent location
Want to be in the middle of all the action? Flats are usually located in city or town centres or other prime areas where everything is within easy reach. Whether you want to get to work more easily, connect with public transport or enjoy the amenities on offer, buying a flat in the UK makes it easier.
Easier to rent
If you’re investing in property to rent, flats are often an excellent choice. They are usually in greater demand, offer higher rental yields and attract more high-quality tenants.
Great amenities
Many modern flats offer excellent amenities within the building like swimming pools, gyms, cafes and communal gardens. This means you’ll have almost everything you need under one roof and can enjoy a great sense of community when interacting with others in the building.
Cons of buying a flat
Limited space
Flats tend to be smaller with fewer bedrooms and less living space. If you’re looking for a family home or need a certain number of bedrooms, a house may be a better choice.
Lack of a private garden
Most flats are located in urban areas without a private garden. This means that if you prefer a garden or need outdoor space for your family or pets, a flat may not be ideal.
Noise
When you live in a flat, you share most of your walls with your neighbours. This means you may suffer from noise disturbances from them and vice versa.
Pricier per metre than houses
Flats do tend to be more affordable than houses, although the price per metre will be higher.
Service charges
Many flats in the UK are sold as leasehold properties. This means that you don’t own the land your property is on and will need to pay ground rent and other service charges. We recommend you always check before buying a flat to see whether you are subject to these extra costs.
Pros and Cons of Buying a House
Buying a house also offers both advantages and disadvantages. While houses do offer more living space and often outdoor areas, additional costs such as Stamp Duty can be higher so your budget needs to allow for this.
Here are some of the pros and cons of buying a house in the UK.
Pros of buying a house
More living space
When you buy a house, you’ll typically get more living space than with a flat. This can include multiple bedrooms, living spaces, larger kitchens and more storage, making houses ideal for families.
Outdoor areas
If a garden is on your property wish list, consider buying a house instead of a flat. They usually come with private gardens or outdoor space that you can enjoy.
Full ownership
You won’t need to worry about ground rent or service charges when you buy a house. This is because they’re usually sold as freehold properties, instead of leasehold so you own the property and the land it stands on.
Better privacy
Buy a house and you’ll enjoy more privacy and are less likely to suffer from noise disturbances. This is because, if you buy a detached property, you won’t be sharing walls with your neighbours.
Parking space
Houses usually offer their own private parking spaces such as driveways or garages. This can be a huge advantage if you’re buying a house in an area with limited parking.
Better long-term investment
If you’re buying a property to let, houses often offer a better return on investment over the long term as they tend to appreciate more in value than flats.
Cons of buying a house
Costs can be higher
Houses tend to be more expensive than flats to buy and can often carry higher associated costs such as stamp duty. This can be a problem for first-time buyers or those on a limited budget.
More maintenance
When you own a house, you will be responsible for all maintenance including the exterior and interior of your property. This will add extra costs to your budget and take time.
Potentially longer commutes
Many buyers choose to buy a house in the suburbs or rural areas to find an ideal property within their budget. This can result in longer commutes and it can be more difficult to access amenities.
Less security than flats
Unlike flats with their various security measures, houses tend to be less secure. Having said that, you can install your own security features if you believe you have cause for concern.
Buying a Flat vs House in the UK: How to Decide
When deciding whether to buy a flat vs a house in the UK, it’s important to consider your lifestyle needs, your future plans, your financial situation and where you want to live before you make your investment.
Do you have children? Do you need easy access to work? What is your budget? How important is location to you?
Once you’ve done this, read through our list of pros and cons of buying a flat vs buying a house, weigh up your options and decide which option aligns best with your needs.
Struggling to choose between buying a flat or buying a house in the UK?
Contact our friendly team at Cobb Farr for professional advice.
