A Flat Life: no fizz or full of potential?
Category Blog
If given the choice of living in a flat or a house, many people might prefer a house. But there are several advantages to flat living, and certainly, they present a worthwhile investment for those people to whom these benefits appear preferable to managing the responsibilities and maintenance of a free-standing house.
While a higher number of flat dwellers are renting, buying a flat has many strategic advantages which should be seriously considered. For a single person a flat very often presents the perfect situation.
Security of tenure
If you buy your flat, you can be there forever. There's no landlord likely to chuck you out because he or she wants to renovate and sell, or hike the rental price. You are your own independent person in charge of your own independent space in a sturdy construction - yours, and yours to make as you wish.
Investment potential
However, if you are looking to invest in property but don't have a great deal of cash to do so, then purchasing a flat may be the answer; a flat can give you reasonable returns that are likely to increase with time, both with regard to the value of the flat itself, and with regard to the rental. Buying one or more flats over time and as you can afford them has made many people considerable amounts of money.
Security
Flat life is often more secure than living on your own in a free-standing house. You are surrounded by many other people, all within proximity and easy calling distance. Today's blocks often have surrounding security fences, electronic gates - and even foyer security on duty 24/7. Of course every flat will have further security of its own - such as a security door, burglar bars, and an alarm system. But essentially, among many, there is a greater sense of safety.
Financial savings
Depending on the block and location, buying a flat is usually considerably cheaper than a house. The money you save, you can spend on any renovations you feel necessary - whether major or minor. Either way, if you improve your flat over time, you will have an ever greater investment to boast about.
While there would be a levy to pay which you would not have to bother about in a house, it does package your expenses neatly and you know exactly what you're spending every month. A wise step would be to save money every month for any major changes or additions that the block as a whole will be required to pay for - such as a new lift, or increased security measures, or exterior painting.
Reduction of maintenance chores
Well, everybody likes this. Most blocks have a resident maintenance manager or have the right people on call for any emergency such as blocked drains. And some bills will not be for you! Apart from keeping your own flat clean, your levy should cover other maintenance issues, especially that of the building, cleaning, gardening, garage facilities, and any updating of features that enhance the environment.
Inclusive of amenities
Many blocks of flats have a communal swimming pool, a laundry facility, children's playground, landscaped gardens, tennis courts, braai areas, parking spaces and garages.
What's not to like? But of course, the more amenities, the higher the levy you will pay because all that infrastructure has to be looked after.
Proximity to conveniences
Following that glowing description, there are of course blocks of apartments which don't have much in the way of amenities - but you will find that often these blocks are often situated within proximity to a range of conveniences. Flats often occupy districts where there is much busyness - and you'll find that businesses of all sizes flourish around blocks of flats, such as: laundries, shopping centres, cinemas and other entertainment facilities, restaurants, transport hubs, medical suites, numerous food takeaways and delivery services.
Sense of community
While a downside maybe the closeness of noisy neighbours, and a feeling of a loss of privacy, there is still greater sense of association in a block of flats. You are more likely to bump into fellow dwellers than when living in a house in a quiet suburb where often you may never actually speak to your neighbours. A sense of community is built by the shared understanding of amenities use and upkeep, financial contributions, and the experience of living closely in the same managed and controlled spaces. The security factor is in itself, a basis for friendship and connection.
Leapfrog Property Group
Leapfrog Property Group offers a fresh and innovative approach to buying, selling, renting and property investments, ensuring the best property deals for clients across South Africa. Our agents are qualified, trained, experienced; our approach bold and spirited, driven by heart, generosity and honesty. It is our mission to advise, eliminate obstacles and save you unnecessary expense. Trust is our watchword. And value our motto. Armed with our combined credentials, we are the bright face of excellence in the South African market.
Author: Leapfrog Property Group
