Chichester Property News: Five reasons houses are better than flats

Thursday, 22 November 2018

Five reasons houses are better than flats

There are positives and minuses to most things and the often fought over argument between whether to invest in houses or flats is no different. Here’s my top five reasons why houses are better than flats.

1) Control
Let’s say the roof leaks and your tenants are getting dripped on…

If it’s a house you can call a roofer, they’ll inspect the roof, spot a slipped tile and repair or replace it. Job done, everyone’s happy.

If it’s a flat however, it’s not your roof, so you’d have to call the management company. They can often be slow to respond, all the while the tenants are still getting dripped on and the property is potentially getting damaged due to the water ingress.

2) Freehold
Unlike flats, the majority of houses are freehold meaning there’s no lease to worry about, complete with their ground rent and service charges. It also means you aren’t beholden to a freeholder, who you’ll need to approach to gain permission for various alterations and who may restrict you from renting to certain groups e.g. sharers / tenants with pets.

3) Increase in value
Houses have outperformed flats when it comes to price increases, both nationally and locally. In Chichester, flats have increased 25% in price over the past 10 years, whilst houses have increased by 44% over the same period (that’s 75% more growth!).

4) People like houses
A pretty simple one; most people strive to live in a house rather than a flat so that they can have their own entrance and garden whilst not having to share communal facilities with others. Houses are what most people grow up in afterall and therefore see as ‘normal’. You’ll generally find tenants stay longer in houses than they do in flats as a result, meaning the landlord benefits from greater stability, less time spent finding new tenants and fewer void periods.

5) Space
Typically houses will be bigger than flats, giving flexibility to what they are used for. If market demand changes houses are more open to extension or adaptation to the latest needs. You could even in some cases….dare I say it….split a house into flats!

If you would like some advice about which property may be best suited for you to buy as an investment, I’m happy to have a chat about individual properties on the market or my experiences as a landlord/letting agent.

(This article was featured in the Chichester Observer's property section on November 22, 2018)

Clive Janes, CRJ Lettings

If you are looking for an agent that is well established, professional and communicative in Chichester, then contact us to find out how we can get the best out of your investment property.