Yields from last year tended to be at least 1% more than for a standard buy to let property. Granted there may be more AST Agreements in place than for a single-family living in a house, but this is good news for investors. During the first quarter of last year, the yield was nearly 1.5% more. This is substantial if you are in it for the long term.
Blocks of flats finance certainly isn’t difficult although the rate may be slightly higher than a standard house for example. This wouldn’t put off the most experienced investor due to previous experience with yields and a potential high sale value further down the line. Blocks of flats are normally in developed or developing areas – chances of picking one up and that urban area sprawling out even further, then chances are that area will be in more demand than when you first purchased it. When things are in high demand, their stock goes up. This is what long-term investors bank on.
Buildings insurance for Flats
Buildings insurance for flats is sold widespread and is a huge market within the UK Insurance Industry. Converted flats have been a huge market for insurers for the past 20 years as there are now many older houses with substantial square footage that enable a conversion to be an extremely feasible proposition. Converting a house into 3 different units can increase property owners rental income and vastly! Rates for such properties are competitive, as to with purpose-built blocks of flats insurance policies. Purpose Built Blocks of Flats are now more often constructed with concrete floors, which can lead to even greater rating discounts due to considerable decrease in risk from the effect of Fire or Escape of water for example.
Property Insurance Centre Building Insurance for Flats
Property Insurance Centre Blocks of flats insurance policies can cover both converted houses and purpose-built blocks of flats. Many of our policyholders purchased houses and converted them to flats, as our policies allow for construction works to take place up to generous limits and also allow for periods of unoccupancy. This allows for policyholders to take out one single policy instead of having to take out two – one to allow for the works and after the works finish a second policy taken out for when it becomes occupied. Property Insurance Centre Blocks of Flats Insurance policies are flexible and modern – the way the modern investor needs them to be.
If you have an empty block of flats being converted or a purpose-built block of flats and require buildings insurance for flats then give us a call. We will find the right policy at the right premium. Call us on 0800 085 3761 or fill in an online form.