Are you considering relocating to Milton Keynes? It pays to plan for accommodation. There’re various accommodation options but it pays to buy your own flat especially when planning to live in this city much longer. You just have to find a property listing with good options for you to consider. Additionally, you need to understand the smart way to buy a flat. It pays to understand these 6 considerations before you buy a flat in Milton Keynes without mistakes and losing your money.
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Duration of the lease
Most leases are from 99 to 125 years. A property with a longer lease period is a good purchase. Avoid flats with a lease below 75 years. You’ll face problems when lending money through a mortgage. Even when seeking a mortgage, selling the property won’t come easy. The shot lease period will significantly affect the price of the property. find a property with 8 plus years on the lease.
Cost of ground rent
It’s money flat owners pay to the freeholder. The ground rent is paid to the freeholder who owns the plot where the flat sits. This fee is paid annually and might be about £50 although the freeholder can set a different figure. Luckily, ground rent is fixed by the terms of the lease. This ensures that the freeholder won’t increase ground rent any time he wants. When buying a flat, avoid those with a ground rent of more than £200 annually. This will have a negative effect when you decide to sell the flat in the future.
This varies from property to property although the cost might depend on various factors. Consider low maintenance options when evaluating flats for sale in Milton Keynes. Flats with expensive maintenance costs are harder to put back on the market. Additionally, you’re likely to miss doing necessary repairs putting your property at risk. Regardless of property size, it pays to invest in a flat that won’t make you go broke to maintain.
Nature of the roof
For leasehold flats, owners on the block have to pool resources for roof repairs. The average lifespan of flat roofs is about 15 years. Before buying a flat, ensure to find out when the last roof repairs were done. A flat with a roof that has just been repaired will ensure that you wait until 15 years before budgeting for roof maintenance.
To buy a flat where your pets can come requires freeholder’s permission in writing. Keep in mind that the permission can be revoked when your pets become a nuisance. In case you don’t have a pet, check if your neighbors have them. You wouldn’t feel comfortable living in a flat with barking dogs if you aren’t fun of those furry creatures.
Sound and noise proofing
Developers of modern flats understand the importance of sound proofing as a standard building regulation. However, when buying an older flat, ensure that it’s sound proofed well. Entry of noises from the outside is very inconveniencing. No wonder poor sound proofing is a huge turn off when selling your property in future.
Before putting pen to paper, keep the ideas above in mind to ensure you invest in a flat worth your money.
February 1, 2019