In cities such as Bath, there is a new wave of house buyer who wants an apartment over a house. Offering a luxurious lifestyle, the number of high end apartments coming to the property market is increasing across the UK In Bath, we are blessed with grand period properties, with gorgeous high ceilings, large windows that flood rooms with light, and where character seems to seep out of every nook and cranny.
Love of apartment living spans the generations, from young professionals to the young at heart, buying an apartment is not about the costs it's their preferred choice of where to live. The location is often cited as the reason for buying an apartment in Bath. Although we live in a city, as we know it has real warmth and being able to walk to, and enjoy everything that we cherish about Bath is such a positive. With location comes our love and fascination for historical buildings and architecture and we have some of the finest. It’s not everywhere where you could own a piece historical importance such as The Royal Crescent.
The maintenance costs are another plus side to owning an apartment but there is also the feeling of security. It’s not that people feel unsafe in houses, especially on a street where you have many neighbours. It’s the proximity of the neighbours and knowing that there's additional security to get into your building is a comfort to many. We have had several clients who travel for work or pleasure and therefore, their apartment can often to left empty for large periods of time over the year. Knowing this, they feel an apartment is a preferred choice for this reason.
At The Apartment Company, we are attracting more international investment buyers than ever before, which has caused apartment prices to rise. Professionals are also racing to grab their piece of prime apartment real estate, which has sadly priced many first time buyers out of the market. Our rental department is flourishing, as couples are seeking the opportunity to enjoy city life.
The overall process of buying an apartment is exactly the same as buying a house. There is nothing different when you view, make an offer and even the process of buying the property is the same. However, there are a few things you may want to bear in mind when you are looking to buy an apartment. Most apartments are sold leasehold and if you are buying the apartment with a mortgage the length of the lease could be crucial. The majority of leases in Bath are 999 years, with some ranging from 80 – 125. If you are selling your apartment if is important to look at the lease length as this could have a bearing on the sale price of your property.
If you are buying an apartment you also need to budget for ground rent, this is the fee that you pay to the freeholder of your building. Ground rents in Bath are generally low but it is worth checking when you are viewing a property. If your apartment is freehold then you will not have to pay this fee. On top of your ground rent, there will be an annual maintenance charge for the building.
Knowing this regular and set payment is due to keep the building in a good state of repair, as well as any communal areas is what gives many apartment owners peace of mind. Unlike homeowners who can be hit with an issue after issue and don’t know what the costs will be from one to the next, apartment owners have the security of knowing they pay one annual fee and everything is maintained for them. A maintenance fee can vary from each apartment building depending on what amenities are available also. More contemporary apartments have access to other facilities such as a gym and swimming pool; therefore, their costs are likely to be higher than those without.
If you’re looking to buy a home, take a look why apartment living is now hot property. If you’re looking to sell your apartment, come to the specialists, 100% of our buyers are looking for an apartment and it maybe yours.