Converted flats are natural choice for buyers looking for an affordable option.
However, there are certain drawbacks to buying a converted flat. Understanding these will help you throughout the buying process.
But what is a converted flat? And what should you look out for when buying one? Read on to find out.
What is a converted flat?
A converted flat comes about when part of a house or other large building is converted into a flat.
For example, throughout the UK, many buildings that were previously used for commercial offices have been converted into a residential flat. This makes them converted flats.
Converted flats are not uncommon throughout the UK. Developers often do not need to get full planning permission to create them – they might only need to get ‘Prior Approval’.
Pros of buying converted flat
In the UK, converted flats often have shared spaces with other residents in the same building.
They are typically more affordable than higher quality or larger flats in other locations. This may be due to lack of space or sunlight, etc. However, converted flats are still appealing to those on a tight budget.
Cons of buying a converted flat
In 2013, converted flats became increasingly popular in the UK. This is because the government relaxed the rules and regulations on them.
However, not all developers have responsibly converted unused commercial space in residential flats. Their motivation to gain the maximum profit for space led to some arguably unreasonably small living spaces.
Furthermore, many converted flats in the UK are positioned on top of commercial buildings, such as newsagents or other stores. This has sometimes led to noisy environments for occupants, which can often be confounded further by noise from the nearby high street.
And in some cases, developers have converted office space in industrial areas into flats. This can create another headache for residents, who find themselves far from shops, schools, doctors, etc.
Are converted flats cheaper that regular flats?
In most cases, a converted flat is cheaper than a regular flat. This is because the average converted flat in the UK is smaller, with less daylight and high-quality facilities, than a regular flat.
However, in 2020, regulations were introduced by the UK government. These provided strict guidelines for the size and price of converted flats. As a result, the value of them is starting to go up as they become more habitable.
Do converted flats increase in value?
In general, flats are relatively easy to sell because they are cheaper than most other kinds of properties. In other words, there is generally a high demand for them.
This means that they offer unique advantages to buyers. And they have a range of potential buyers, including students, first-time buyers, and even local councils, which are often looking for flats to buy to use for social housing.
There are several factors to consider when calculating if any property will increase or decrease in value. However, in short, as long as a converted flats are in good condition and market conditions are good, they should increase in value.
Sell your flat with We Buy Any Home
We Buy Any Home are chain-free cash house buyers who can purchase your flat up-front and quickly, without hassle or stress. So, if you are wondering how to sell a converted flat quickly, we could be your perfect partner.
Using our own funds, we will purchase your flat at a set price, by a date of your choosing, fully managed from beginning to end.
We can also purchase flats that have cladding. If you have an EWS1 form completed, we will use the grade, and any itemised costs within it to make you as accurate an offer as possible. We can then purchase the flat in as little as 7 days.
If you have not had an EWS1 form completed, we can still purchase the apartment, however this would be at much less than the market value. Of course, should the EWS1 form be completed in the meantime, we would increase our offer to reflect the grading.
Fill in our enquiry form below if you are interested in getting a cash offer for your flat.
