How do you compare flats when buying? Separate budget, area and daily needs first
When comparing flats for sale, record the price, the area basis, the building's condition and your daily needs separately. Set a total outlay you can afford first, then check the flat and the transaction documents, so you do not decide on the asking price or the decoration alone.
What should the budget include?
Besides the purchase price, list the down payment, transaction-related costs, repairs and renovation, removal costs and day-to-day expenses after moving in. A mortgage calculation is only the result of a set of input assumptions; actual approval, the interest rate and the terms must be confirmed with the lender. Separate one-off costs from monthly costs, and set aside cash before comparing properties.
- Compare different flats with the same set of assumptions, and keep the calculation date and the quotations.
- In the renovation budget, separate essential works from items that can wait.
- If you do not understand a payment or transaction term, ask until it is clear before signing.
How do you compare area, building age and layout together?
Saleable area and gross floor area are measured on different bases, so prices per square foot worked out on the two cannot be compared directly. On site, measure the space your usual furniture needs, and note the corridors, door positions and storage. Building age is only one piece of information; you should also find out about the building's maintenance, common areas, lifts and any likely repair arrangements.
- Confirm which type of area the listing states, and ask the lister what it is based on.
- Work out the unit price on the same area basis, then see whether the layout suits you.
- Try the journey at weekday commuting times and record the door-to-door time.
What information needs professional checking?
Title, mortgages or other registered matters, permitted use and the transaction documents should not be judged from the listing description alone. Engage a suitable professional to check them, and set out clearly the arrangements for vacant possession, the fittings included and completion. The Estate Agents Authority's consumer publications are a starting point for understanding the sale and purchase process.
Common questions
Can you compare a price per square foot on gross floor area directly with one on saleable area?
No. The two use different area bases. Check the area information first, then compare on the same basis.
Is a mortgage calculator result the same as bank approval?
No. The calculator only works from the loan amount, term and interest rate entered; actual approval and terms must be confirmed by the lender.