Making the most of a property investment only happens when you invest in the right kind of property. There are so many options out there, it can be a little overwhelming to try and determine where to put your money.
Here are some of the benefits and drawbacks of the various property types you can invest in.
Houses
Arguably the most common type of property you’ll find to invest in is a house. The benefit of houses as a practical property investment is that there are so many options available for you. You can decide between layout, number of bedrooms, location, garden size, etc. This means you have a much better chance of finding the ideal property for you.
The drawback of a house is that it can easily be too much to manage, depending on your needs. If you’re single, for example, then a three bedroom might be too big and expensive for you to handle. The majority of homes are catered towards housing several people at a time – unless you really want the space you can save a lot of money by looking at flats instead.
Flats
Flats are ideal for those who don’t need as much space as a full house. You can get premium apartments that have more floor space than the average house, but generally speaking, flats are smaller. This means they’re, depending on the area, usually more affordable. They’re also going to be easier to keep clean, and you’re less likely to have space that you’re not using.
The downside is that flats aren’t ideal for families or pets. The lack of garden means there’s no area for children or pets to stretch their legs on nice days. Depending on the size of the block, too, there can be some accessibility issues if the flat is higher up. For single professionals or working couples, flats can work perfectly. But for anyone with a larger family they might find it compromised.
Bungalows
The main benefit of a bungalow is that it’s somewhere between a house and a flat in terms of size. That means if you don’t need the space of a full sized house, but you require a garden or ground floor accommodation, a bungalow might just be ideal. They’re also generally easier to clean than a full sized house because, just like a flat, they’re usually much smaller. So, if you suffer from mobility issues or you’re away from home a lot, they could be perfect.
The drawback of bungalows is that they’re rarer than flats or houses. They generally appeal to a much smaller group of people, which means fewer are built in comparison. What this means is that you’re likely going to find it more difficult to settle on a bungalow you like in the right location. There may have to be some compromises made if you’re specifically looking for a bungalow.
Conversions
Conversions are becoming more popular than ever. This is because they offer a truly characterful alternative to a traditional home. Often times the new design will incorporate some original features of the barn, such as brickwork or wooden beams, to give a wonderful blend of new and old. If you’re looking for a home that has individuality and character, a conversion might be ideal.
The issue is that conversions are often expensive to carry out, and that development cost can often become a part of the purchase price. This makes conversions more costly usually than regular houses. You’re also often limited to rural locations if a barn or outbuilding has formed the basis of the conversion.