Five Reasons To Buy A Flat

Five Reasons To Buy A Flat

The late twentieth century Zambian home ownership dream was a two to three bedroom house with lots of yard space. The demand for more modern and low maintenance accommodation coupled with ever increasing house prices in Zambia means all this is changing. A flat (British english) or apartment (American english) is a type of real estate that constitutes part of a multi-unit structure. A flat provides an immediate solution to the change in home ownership needs. Here we take a look at five reasons to buy a flat:

1. Affordability

Affordability is a massive bonus for flat buyers. Generally flats tend to be less costly to purchase than houses because they are smaller in size. In addition you are not buying the freehold rights to land alongside the flat.

Flats offer an excellent opportunity for first time home buyers to get a foot on the property ladder. They also accord property owners a chance to add to their property portfolios. Investing in a flat is less likely to leave you financially over-extended.

2. Low running costs

The initial price of buying a flat is cheaper than that of buying a house. In addition the on going costs are much lower than that of a house. Flats usually have a balcony or small  courtyard as opposed to a garden of their own. This simply means there are NO outdoor upkeep costs to speak of.

A generally smaller footprint translates into much lower cooling and heating costs.

3. High rental yields and capital gains

An increase in population means there are more people looking to rent than before. There has also been a shift from larger family homes to single-occupancy dwellings, making flats more attractive.

With a lower set of overheads, investors often find flats can yield higher rental returns than houses do. Flats in many parts of Zambia have continuously shown stronger capital appreciation.

4. Increased security

One big advantage of living in a flat is the availability of several layers of added security, especially in gated complexes. Added security can include:

  • CCTV cameras
  • Alarms
  • Access codes
  • Security guards

Living in close proximity to others can hugely deter crime and means you will not be the target of burglars.

5. Sense of community

Not only are flats easier to take care of than houses but they have the added advantage of providing a sense of community and companionship. It is much easier to keep in contact with your neighbours. When you need to travel it is relatively easy to make arrangements for a neighbour to keep an eye on your place, water your plants and collect your mail.

If you are in the market for a flat then there is no better place than Be Forward Real Estate to help present attractive opportunities to you and get you into your next home.

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