The serviced apartment industry is growing rapidly and the initial reason for them has changed quite radically. They’re no longer just for visitors, travellers or people who need a second base for their work. In the last decade, they’re being used more and more by people who are relocating.
With chains in-house buying becoming more precarious – if just one link in the chain fails, then it’s back to the drawing board for all parties concerned – homeowners are looking for greater flexibility, and are therefore selling their property before they buy the next one, and moving into rented accommodation whilst looking for their dream home. This has largely come about because of a rapid increase in demand in the property market. Buyers realised that if they sold their home and went into rented accommodation while they searched for their next house, they were putting themselves in prime position in terms of finances and speed of activity – being chain free, they could move quickly and often found themselves being a seller’s prefered choice, even if they were offering less than other buyers.
If you’re renting a house whilst you go through this process, you’ll be tied into a contract, usually for six months. This restricts you in terms of timescale and you may lose money by having to pay rent for some months when you’re also having to pay your mortgage.
By renting a serviced apartment, you’ll be entirely flexible and will not have to continue paying rent even a day longer than necessary.
If a seller knows you’re in a serviced apartments, they’ll know you have the ability to move as soon as possible – for a vendor looking for a quick sale, this will be a very attractive plus point. Why wait for someone else who has to wait out their lease or even sell their own home when you’re keen and ready to move in tomorrow!
Serviced apartments also provide a good starting point if you’re moving to a brand new city. Before you commit to a mortgage, you can take your time to recce the area and ask around about the best (and worst) areas to live in.