Posted by Joel Gwillim on Monday, February 25th, 2013 at 1:30pm.
A question I frequently get from buyers, friends, investors is “should I buy a one or two bedroom condo?”
My answer generally is, if you can afford a two bedroom, go for it! But try not to sacrifice location on doing so. Your location plays a big factor into value, salability and future rental income potential. There will be times where a one bedroom unit will rent or sell better than a two bedroom unit in a different location. All long term factors should be considered. [how long you plan to stay there, whether you plan on using the unit as a rental, etc]
A two bedroom condo will definitely give you more options. If you want a spare room for guests/family, like to have a home office, require extra storage, or want to rent out the room as a mortgage helper, then a 2 bedroom is your ideal choice. Having more square footage and more bedrooms will always create lasting value in Real Estate.
But let's not cut out a one bedroom condo, because it will also do the trick. If working with a budget, or willing to sacrifice size for location [always an acceptable trade], then a one bedroom could be your best and only option. But don’t worry, the main thing is that you’re getting into the market as soon as you can and building equity. And remember, there will always be that person in your shoes at any given time in Real Estate. So if looking to sell down the road, you’ll continuously have an ideal candidate for any condo unit you choose.
So regardless of what you purchase, remember to always look for the most value in the best location. If you’re buying a functional floor plan in a solid building + location, you typically can’t go wrong. Have a thorough checklist going into your search, and aim to achieve most to all of the things in your criteria.
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