One bedroom apartments vs two bedroom apartments, Which is better for the first home buyer?
It’s a delicate decision for the first time buyer, is it worth stretching the budget further for a second bedroom or having a little wiggle room and settling for one?
A second bedroom is not just about the additional space, the extra room can help earn its keep through rent, or by making an apartment easier to sell when the time comes to upgrade, second bedroom also means you’re more likely to have a second bathroom.
Two rooms are better than one
There are many advantages to having a second bedroom, for one the additional bedroom will offer greater resale value, lenders can often to be less likely to lend on smaller apartments, particularly anything under 50 square metres.
If you have any plans on starting a family a second bedroom may also allow you to stay in the property for longer, especially with only one child, reducing the need to upsize earlier.
If you have no immediate need for the second bedroom and don’t want to have the space unused, you may consider getting a flatmate or a family member to rent the room assisting with mortgage repayments.
With the rise of Airbnb it’s important from a rental perspective to consider the benefits of a second bedroom which in the mean time can also be used as a home office, workout room or guest room.
If you are looking to stay in the property a little longer is can be worth stretching the budget just a little to afford that second bedroom, buying unrenovated over renovated or going out a little further, otherwise if you buy smaller with the intention of the property suiting you for the time being you will be in the same position in say 18 months time. Thinking long term, maybe the next five years at least can save time and money down the track.
Or are they?
In some cases is less really more? Are you better off skipping the second bedroom, keeping to the budget and concentrating on buying for quality over quantity?
Focus may be better spent on a car park or balcony over a second bedroom if both bedrooms will be smaller, you want them to be the same size. Focusing on the quality of the finish can be more beneficial for resell than a second bedroom, as much as the additional space comes in handy in some cases you also want to catch the eye of a new buyer and have a space that is pleasant to live in.
There is definitely more demand for internal space over external however it does really come down to budget and of course location, if you are closer to the city there’s going to be a lot more interest in one bedroom quality apartments.
In the end it really is a question of quality over quantity – on a tight budget something may need to be sacrificed so ask yourself these questions and decide what is more important for you and your situation;
- How much are you willing to stretch the budget without leaving yourself short?
- How long are you looking to stay in this property?
- Is there a chance you may look to start or expand your family in that time?
- Is the additional space worth skimping on the amenities?
- Can you splash out for the extra room and afford to renovate a little yourself?