Flats are a highly effective way to get onto the property ladder.
Living in a flat has many advantages, whether you are a first-time buyer, a young family, or even an older couple looking to downsize.
A flat is ideal for many different types of buyers.
There are many different types of flats, each with advantages and drawbacks. We have outlined all of this below.
1. Studio flats
A studio flat is typically the smallest, and thus the least expensive, type of flat. It is ideal for someone on a small budget.
You will find studio flats in almost all parts of the country that fall beneath the £200,000 price range.
A studio combines all aspects of a flat into a single room. This means the following all make up the same room:
- Kitchen
- Bedroom
- Living area.
There is usually one separate area for the bathroom. (However, in extreme circumstances, this can also be part of the same shared area).
You can find studios in almost all major cities and towns. This could be ideal if you want to live in an urban area with a small budget. You’ll need to be comfortable living in a small space though.
Studios are ideal for one person living on their own. But they can be tricky when two or more people live together.
Storage space is almost non-existent, and the bathroom tends to be small.
These sometimes come in the form of converted flats. These are flats that have been created within buildings that used to be houses.
2. One-bedroom flats
A one-bedroom flat is arguably the most common type of property (and therefore flat) in the UK.
It is typically larger than a studio and – as the name suggests – comes with one bedroom. So, it is ideal for one person living on their own.
There are usually separate rooms for:
- A bathroom
- A living area
- A kitchen.
You will have more storage space than a studio, too.
A one-bedroom flat is all on the same floor and typically part of a larger apartment building.
This means that you can access it through a shared entrance area. You often need to go upstairs or take a lift.
Couples often cohabit in one-bedroom flats.
3. Maisonettes
A maisonette is considered the next step up from a one-bedroom flat. It is a self-contained flat spread over two floors. This means that it has its own entrance and stairway.
You often find maisonettes in a terraced building or a semi-detached property. It is not commonly found in a large apartment block.
Maisonettes give more privacy to the residents than other flats. You will also benefit from more security because you have your own door. This makes it easier to take deliveries or install security systems.
On the other hand, maisonettes are usually priced higher than smaller types of flats. You are less likely to find them in major cities with limited space.
There might be more maintenance involved. Ground floor owners are often responsible for the foundations.
Meanwhile, upper-floor owners are responsible for the roof and gutters.
4. Bedsits
A bedsit is a single room in a shared property. It acts as both a bedroom and a living area for the tenant.
The person living there often shares a kitchen and bathroom with others on the property.
Bedsits are yet another budget-friendly option. They are not technically the same as a ‘House of Multiple Occupation’ (HMO).
While an HMO often refers to an entire building, a bedsit only involves one shared unit within a building.
A bedsit is low maintenance for the people living there. In many cases, your energy and electricity bills will also be covered by the landlord. It is an effective use of space and is thus common in towns and cities.
However, it does not have the privacy of other flat types.
You cannot guarantee that you will get along with the other inhabitants. And they might be noisy or messy, too.
5. Penthouses
The word ‘penthouse’ carries plenty of status and esteem. It is often the most expensive flat in a large residential building.
It tends to have lots of space and incredible views over the surrounding area.
There are plenty of other features that you can find with a penthouse. These include:
- High ceilings
- Upgraded appliances
- Excellent security
- Lots of privacy
- Large windows (lots of natural lighting)
- Private entrance and/or lift
- A balcony.
Many people living in flats complain about the residents above them being noisy.
This isn’t a concern when you live in a penthouse because you are at the top of the building.
You will pay a premium to live in a penthouse. But it is a far more luxurious option for people on a larger budget.
6. Student accommodation
Most university towns across the UK have designated student accommodation.
This is a building or series of flats the owner has designated for the students in the area.
Student accommodation almost always has shared areas. This could be just the kitchen, or it might also include the living area and bathrooms. They tend to be part of an HMO.
Private landlords might own student accommodation, or the university could own it.
They will be located close to the university campus or lecture halls. The students living there are often responsible for paying bills and keeping it clean and tidy.
Students usually only live in these flats for one or two years. When their course ends, a new set of students moves in.
7. Two-storey flats
A two-storey flat (sometimes known as a duplex flat) is spread across two floors. It offers more living space and storage options for the people living there.
It is thus ideal if you are a young family with children. It often has two or more bedrooms as well.
Two-storey flats tend to have a private entrance. Some of their key features crossover with maisonettes.
As you would expect, they are pricier than an equivalent one-storey flat in the same area.
8. Serviced accommodation
Serviced accommodation tends to be a short-term rental option, although not always.
The landlord offers amenities to the person who lives in the flat. This is included as part of the cost. Common examples include:
- Furniture
- Appliances
- Room service
- Laundry facilities
- TV, movie or sports streaming
- High-speed broadband
- Cleaning and/or housekeeping
- Gym.
It is a popular option for people staying in an area for a shorter period (those visiting on business, for example).
However, some people choose to live in these apartment blocks permanently as they enjoy the easy access to amenities.
You may encounter a strong sense of community amongst the people who live there full-time.
You will need to budget more for this type of flat, though, as providing these extra amenities comes at a cost.
Which type of flat should you buy?
When buying a flat, the type you choose will often be dictated by cost.
And the cost will often be dictated by several factors, especially market conditions and location.
That said, in general, there are some general principles to consider, including:
- Whether the flat is freehold or leasehold: These two different ownership models will impact living costs and a flat’s value later.
- Amenities and facilities: More modern flats might be part of a compound designed to attract buyers with gyms, security, shared grounds, and more.
- The future value of the flat. Many buy property as an investment. A flat’s future value is essential.
