If you are keen to purchase a property at an affordable price, then converted flats may be a viable option. Converted flats are not uncommon throughout the UK and can provide a cheap way to buy your own place.
However, there are certain drawbacks to buying a converted flat, and you should always keep these in mind throughout the buying process.
But what is a converted flat? And what should you look out for when buying one? Read our blog below for an answer to these questions.
What is a Converted Flat?
When part of a house or other large building is converted into a flat, it is known as a ‘converted flat’. For example, there are many instances throughout the UK of a building which was previously used for commercial offices being converted into a residential flat.
Converted flats are not uncommon throughout the UK. If a developer has unused offices and is struggling to lease them out, they may consider turning them into unused flats. In this instance, the developer often does not need to get full planning permission to do so – developers only need to get ‘Prior Approval’, which is not as arduous to get.
Pros of buying converted flat
It is uncommon in the UK for converted flats to have shared spaces with other residents in the building. This is seen as an advantage by many people interested in buying a converted flat, because not everyone enjoys mingling with other residents while at home.
Secondly, converted flats are typically more affordable than higher quality or larger flats in other locations. While this may be due to there being other issues with the flat, such as a lack of space or sunlight, converted flats can nevertheless provide a lifeline for people keen to move out on a tight budget.
Cons of buying a converted flat
Ever since converted flats became increasingly popular (after 2013, when the UK government relaxed the rules and regulations in this area) there have been countless examples of extremely small, converted flats. Some developers are not always responsible when converting unused commercial space in residential flats, because they want to get the most amount of money possible from the space, and therefore create flats which are unreasonably small.
Furthermore, many converted flats in the UK are positioned on top of commercial buildings, such as a Newsagents. On occasion, depending on the business that is positioned underneath, this can create unwanted noise for the occupant from the busy business below. This issue is sometimes compounded by the converted flat being near a high street – which adds even more unwanted noise.
When developers convert office space into flats, it sometimes means that the property is in an industrial area, and therefore very far away from schools or shops. This can create another headache for residents, who cannot easily visit these important places.
Are converted flats cheaper?
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, ever since regulations were introduced by the UK government in 2020, providing strict guidelines for the size of converted flats, the price of these properties is starting to go up as they become more habitable.
Do flats increase in value?
Yes, it is likely that a flat will increase in value. Since these types of properties are usually cheaper in the first place, it is likely for them to increase in value.
Flats are always in high demand near large towns and cities, as students and workers are looking for someone to live which is close to where they study/work. This means that there is always a market in the UK for flats.
Sell your Flat with We Buy Any Home
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.