Is buying a one bedroom home really THAT bad of an idea?

posted 3 years ago in Home
Post # 3
Member
1838 posts
Buzzing bee
  • Wedding: May 2013

@alt_bride:  idk about the rest of the world but i know i personally and most people i know wouldn’t be at all interested in a 1 bedroom house,so i’m inclined to think your family is right about the resale difficulties you could have.

Post # 4
Member
661 posts
Busy bee
  • Wedding: May 2012

@alt_bride:  I wouldn’t buy it… resale value is really important to me tho… Hubs and I would not buy anything less that 3 bedrooms with 2 full baths… Good luck with whatever you decide!

Post # 5
Member
1025 posts
Bumble bee
  • Wedding: September 2012

@alt_bride:  the problem is most people who need/want a one bedroom are in a place in their lives where renting makes more sense.  Are there other people out there who would buy a one bedroom? Sure, but they may be few and far between.  I would look at a couple of things:  

1) what is the real estate market like in general in your area? If you are in an area that 2 and 3 bedroom homes sit on the market a long time I would be very cautious about buying a house that could take even longer to sell.

2)  Is there any possibility you could purchase and live in the home now, and turn it into a rental down the road rather then selling?  A one bedroom house rental might appeal to a lot more people then a sale would, and the rental income could offset your new mortgage payments.

3) you mentioned doing some renovation.  Could the “office” you mentioned include a closet and be large enough to count as a second bedroom?  That could increase your resale potential.

While it is a risk buying a one bedroom, I don’t necessarily think its a bad idea.  Just do your research first so you don’t end up stuck there trying to start a family and unable to sell the place.  

Post # 6
Member
1344 posts
Bumble bee
  • Wedding: January 2015

I would tend to side with your family on this. Resale value is something to really consider. On the flip side, there are more singles than ever before. So maybe the market for one bedroom places will increase, but who knows! 

Post # 7
Member
643 posts
Busy bee

The standard goal is 3 bedroom, 2 bath and even that is too small for many families. I’ve honestly never seen a one bedroom home – condo, yes, but not house. Unless it was a couple retiring, I can’t imagine the resale market would be very good at all. 

I don’t see it as a good investment at all but only you know what is best for you. 

Post # 8
Member
3339 posts
Sugar bee
  • Wedding: October 2013

I think it would be extremely difficult to sell. Also, it’s so nice to have a place for guests to stay.

Post # 9
Member
8720 posts
Bumble Beekeeper
  • Wedding: September 2013

I didnt know one-bedroom homes existed. I thought it was only a condo type or maybe a townhome (which are like apartments IMO) that had maybe one room turned into an office. I would be worried about resale. 

Post # 10
Member
10384 posts
Sugar Beekeeper
  • Wedding: September 2010

I think it depends on where you live. Your profile says Ontario – is this in Toronto? I think a one bedroom house is a great alternative to a one bedroom condo, which is obviously a very viable and sought after type of property in Toronto. It’s the type of thing that people that have lived in an American suburd of medium to small city in the US wouldn’t be able to wrap their heads around – but it’s definitely a “thing” in the denser large coastal downtowns.

Post # 11
Member
2126 posts
Buzzing bee
  • Wedding: June 2015

Could you add a second bedroom in the basement since you have that extra space? If not, I don’t think a one bedroom house is worth it. I don’t think I’ve even seen a 1 bedroom house!

Post # 12
Member
6644 posts
Bee Keeper
  • Wedding: June 2011

No way would I even touch a 1 bedroom house. Why buy something like that when you can rent something the same?  I could see if it was a single person who doesn’t plan to live in that house for that long.

Your family is right there is really no resale value in a 1 bedroom house 

Post # 13
Member
6048 posts
Bee Keeper
  • Wedding: March 2012

Ok it’s newly renovated and all it needs is paint… and its way below your budget… why do you think that is?  Because it’s one bedroom.  I would listen to the experts in your families, they have YOUR best interests at heart…. if they didn’t they would just sell this to you. 

Post # 14
Member
42472 posts
Honey Beekeeper
  • Wedding: November 1999

A 1 bedroom condo or townhouse? Yes

A 1 bedroom detached home? No

The vast majority of (dare I say everyone but you) people looking for a detached home would want 2 bedrooms at the very minimum.

Post # 15
Member
560 posts
Busy bee
  • Wedding: December 2013

I think the house sounds perfect…if you are planning on living there a lot longer and/or you are financially comfortable enough that it doesn’t matter what the resale value is. 

I’d watch that price tag. The reason the house is so cheap may be because it’s impossible to sell. It hat might be why they renovated it– because no one ‘s biting. 

This doesn’t mean you shouldn’t buy it, but definitely don’t look at it in a “we’ll live there for 5 years, sell it, get our money back and buy our forever home” way. 

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