When investing in property in Norfolk, one of the first decisions you’ll have to make is whether to opt for a flat or a house. Though in some cases your budget may dictate this for you, with a wide variety of investments available across the county, most buyers will find there’s an opportunity to suit them no matter what their budget.
In some cases, investors have a personal preference for houses or flats. However, if you’re still undecided about which route you want to take, here’s our guide to choosing between houses and apartments.
In general, apartments have a lower purchase price compared to houses. Though there will be some overlap in most areas, buyers will often find that a flat is more affordable. This makes apartments ideal for first time investors, investors with multiple properties and those who want to make good returns on a relatively small initial investment.
As the majority of flats available for purchase in Norfolk are leasehold, buyers need to factor in the ground rent and maintenance charges they’ll be liable for each year. The cost of ground rent and maintenance can vary dramatically, so it’s important to find out exactly how much you’ll be paying before you make your purchase.
Houses, on the other hand, are not liable for ground rent. However buyers will still need to maintain their building if they want to attract good tenants and see a good return on their investment when they come to sell.
Long term rental income
Both houses and apartments in Norfolk offer strong long term rental potential. Tenants are generally easy to find, especially in the county’s vibrant towns and cities.
In some cases, a leasehold property won’t be able to be let out on a short term basis. This means that holiday lets wouldn’t be allowed. Investors thinking about using their property for holiday rentals will need to talk to their agent before making a purchase.
As well as seeing a good rental income during their period of ownership, most investors want to see a decent return on their capital investment when they sell their property. In areas where flats outnumber houses significantly, houses are likely to increase more quickly in value. However, as both types of housing are enduringly popular in the county, houses and flats both make strong investment opportunities.
With both houses and flats in Norfolk offering great returns, the county is the ideal place to invest in property. To find out more, explore our site or get in touch with a member of our team.
To find out more about the local and national property market, or if you would like to chat about anything to do with property investment, give us a ring on Norwich 01603 567804 or send us a message.
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