Many people go to great lengths to save money for a deposit over many years, and with good reason. You get a place to call your own, and it helps to build your own financial security.
Buying an apartment is often more achievable than buying a house.
While more of us might want to own our own homes,it's never been more difficult. The pandemic has affected lots of peoples’ experiences with buying a new home and has made it harder and a longer process. House prices keep rising, and it can now take many years to save for a deposit. Buying an apartment can make real financial sense. They're usually more competitively priced than houses, and with lots of new-build options on the market, there are real bargains to be had.
When you've got your foot on the ladder it's easier to move up a rung. Apartments are a great way to own your first property:
Apartments are great for downsizing
If you've raised a family, paid off your mortgage, and no longer need quite so much space, moving to an apartment can make real sense. You can buy a beautiful new-build apartment for a fraction of the cost of the family home you're selling, freeing up funds that allow you to do things you may have always wanted to do and enjoy your life. Easy to manage, secure and straightforward, apartments are a great option for active retirees. Mr & Mrs Jackson of Wistaston certainly agree, they recently downsized from a three-bed family home to an apartment at the Cerris Homes Wistaston Brook development.
Shared Ownership makes property-owning dreams a reality
Apartments are often available on a Shared Ownership basis. This allows you to buy a percentage of the property, and to continue renting the rest. You can then staircase up to full ownership as your finances allow. If you begin with a 25% share of an apartment, the deposit you'll require will be much more affordable.
Apartments offer low-maintenance, stress-free living
If you want to lead an active life whatever your age, apartments are a great choice. They usually require very little maintenance, shared gardens and grounds are looked after for you, and there is no property type more secure than an apartment.
Josh's Story: getting your foot on the property ladder during lockdown
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