Types of off-plan property
One bedroom apartment
This type of property is usually approximately 450 sq. ft to 600 sq. ft. The bedrooms in smaller one bedroom apartments can often be small, with room for just a double bed and small wardrobe. Show flats will not often reflect the true size of rooms and use clever props to make the rooms appear larger.
Two bedroom apartment
These vary considerably, ranging from approximately 640 sq. ft to 1,000 sq. ft. This type of apartment often has an en-suite bathroom, and those with two bathrooms are considerably easier to rent out.
Three bedroom apartment
These tend to be from 1,000 sq. ft upwards and sometimes in excess of 2,000 sq. ft. Often, the larger the apartment the cheaper per square foot it tends to be – this is to tempt buyers into the larger units.
Do’s and Don’ts of buying an apartment:
You want to buy an apartment that will be easy to rent and easy to sell, so consider the following:
- Don’t buy a basement flat. Security and lack of light can deter potential renters/buyers.
- Don’t buy a studio apartment if you can afford a one bedroom.
- Don’t buy a flat on a higher floor (i.e. fourth floor or above) when there is no lift.
- Don’t buy a flat with a short lease.
- Do consider the service charges when buying in a mansion block.
- Do make sure a garden flat has good security.
- Do buy a flat with a terrace or balcony.
- Do buy a flat with a good aspect.
- Do buy a flat in a modern development – waterside is most desirable.
Houses
Houses tend to aim for the family market, so consider whether it will meet the needs of sharers if that is your target market. Make sure you buy a house with a garden, separate access (rather than shared) and a freehold rather than leasehold.