Whether you’re an existing landlord looking to extend your portfolio, or buying your first buy-to-let property; you may be wondering which type of property is a better investment.
At Easy Let Properties, we believe that it is essentially down to personal preference. There’ll be tenants looking for both types of properties; so what are the differences and benefits of owning each property type?
Houses are an excellent addition to any landlord’s portfolio. Their size and attractive unique features, such as gardens and garages, attract a lot of interest from a wide range of tenants; from families to people who simply want a garden or a home where they can safely store their vehicle in a garage.
The benefit of owning a house over a flat is that you own the land around it. This means you can add to it whenever you want and refresh your property at your leisure. If that means renovating the garden and adding a garden shed or a new conservatory, so be it!
Houses tend to provide more privacy than flats or apartments. Houses provide a calmer environment which has less for the tenants to worry about regarding having to deal with potential noisy neighbours, as they will have their own space and limited direct neighbours. It also stops them worrying about causing too much noise to their neighbours on all sides. Of course, this doesn’t mean they can blast music from their bedrooms at 5am, but with thicker walls and more space for the sound to travel through, they don’t have to worry as much if they want to have a few guests over.
People who want to avoid the hustle and bustle of the inner cities tend to opt for houses over flats, as flats now dominate the city centres. Houses provide a quieter, suburban setting as opposed to a high energy, busy environment.
Flats are very popular in today’s “convenience” society. More and more people want to move into the city centres; for ease of access and convenience of being right in the middle of everything.
Flats offer a comfortable living space that is compact and easy to maintain. They tend to be more popular with young people who want their own living space that doesn’t require much looking after. Of course, they are still expected to clean and make sure no damage is caused, but there is nothing for them to actively maintain.
The location of the flat within the complex greatly affects the price. Ground floor flats tend to be cheaper to purchase as they are seen by tenants to be less secure, and can be more difficult to let. They aren’t necessarily more likely to be broken in to, but a lot of people tend to feel more secure in the properties higher up in the complex.
At the end of the day, the choice is down to you as the landlord, based on what type of tenants you want to attract. If you are looking for a property that will enable your tenants to have access to everything in a convenient, central location, a flat is perfect.
If you are wanting to provide a tranquil, relaxed setting for tenants with a family, a house is definitely the better choice of the two.
Price wise, flats and houses can be very similar. Houses do tend to cost more to buy than flats as they are more costly to build.
Location can also affect how much you will need to budget in order to purchase either property type. Some areas of the country have a better property market than others, sometimes with one type of property being offered more than another. For example, in the countryside there will generally be more houses than flats available.
Here at Easy Let Properties, we believe that there is a tenant for every property, no matter whether it’s a house or a flat. There will always be demand for both types of housing from a range of people with different requirements. We pride ourselves on providing expert advice for landlords, as well as an excellent property guide for prospective tenants.
With our vast selection of houses and flats to let in Hastings, you can see that our landlords have their own personal preference as to what type of property they have added to their portfolio and we’re sure we will have something to suit your needs! For more information on any of our services or properties, don’t hesitate to contact us on 01424 44 70 80 and have a chat with one of our friendly team members today!