The pros and cons of different property types

Flat

• Pros: Usually more affordable; suitable for city living; often part of a leasehold.
• Cons: Service charges; less privacy; noise from neighbours.

House

• Pros: More space and privacy; often a freehold.
• Cons: Higher purchase price; more maintenance.

Leasehold

• Pros: Often cheaper to buy initially; common in flats and apartments.
• Cons: Annual ground rent and service charges; restrictions on alterations; lease renewal costs.

Note: With a lease under 80 years, it's harder to get a mortgage and sell the property; extending a lease can be costly.

Freehold

• Pros: Complete ownership of the property and land; no ground rent or service charge (unless it's on an estate); more freedom to make alterations.
• Cons: Typically more expensive; full responsibility for maintenance.

New Build Warranty: Look for properties with a warranty (like NHBC), providing peace of mind for new constructions under 10 years old.

New Build (In General)

• Pros: Modern design and specs, energy-efficient, lower maintenance, sometimes access to Shared Ownership, Deposit Unlock, and First Homes schemes (see below).
• Cons: Initial teething issues, possible poor quality, premium pricing, larger deposit required without using schemes, quick 28-day exchange required, less established neighbourhoods, maintenance charges in new estates.

New Build (Off-Plan / Under Construction)

• Pros: Personalise before construction; modern specifications.
• Cons: Potential delays in construction; initial teething problems; premium price.

New Build (Already Built)

• Pros: Ready to move in; modern design and energy-efficient.
• Cons: Sometimes smaller rooms/spaces; premium price.

Pre-Owned Properties

• Pros: Often more character and larger rooms; established neighbourhoods.
• Cons: Potentially higher maintenance costs; less energy-efficient.

• Shared Ownership: Buy a share of a property and pay rent on the remaining share. Applies to some New Builds, or properties where the current owner bought through Shared Ownership.
• Deposit Unlock: Purchase a new build home with just 5% deposit. Only applies to certain developers, and only 3 lenders offer mortgages for this scheme.
• First Homes Scheme: Get 30-50% off the purchase price if you are a lower income, first time buyer. Councils set restrictions on who can access this scheme.

• Pros: Often in desirable locations; preserved surroundings.
• Cons: Restrictions on external changes; potential higher costs for approved materials.

• Pros: Historical significance; unique character.
• Cons: Strict controls on alterations and repairs; potentially higher maintenance costs.