Post # 1
So, for just over a month, my SO and I have been looking at buying our first house. This house purchase is a first for both of us. Up until this point, he has only rented apartments and I live with my parents.
There are a few homes we really like so far, but there is one that we LOVE. I cannot even begin to scream how much we love this house. Not only that, but it is waaaay below our budget, which means we have the financial wiggle room to do a little bit of work, though the house really only needs paint because it is newly renovated. It may need a roof — it is really hard to tell with all the snow, and we haven’t yet pursued this house far enough to have an inspection — but like I said, it is so below our budget that a new roof wouldn’t be an issue.
Now for the problem… Despite how much we adore this house, my mother and brother in law (both very successful realtors in the city where we live, and who are helping my SO and I with purchasing our home) keep telling us we need to throw delusions of this place out the window. Despite how beautiful and perfect for us it is, the fact that the home is only a one bedroom — according to them — means that it has very poor resale value. Here is the thing… While I understand that resale value is important since we definitely don’t want this to be our forever home, we feel like we could be very comfortable here for at least five years — if not longer! It has everything we need. Huge kitchen (very important to both of us) with nicely sized open concept living room/dining room and super spacious bedroom. To make up for the lost space on the main floor (it is a rancher/bungalow), the basement is finished and has a second bathroom. We would turn this into a big entertainment room and possibly close off a portion of it to make an office.
While it may not be normal to hear of a one bedroom home, this is all the space we need right now. In fact, it ticks ALL of the boxes on our “must have” list. It certainly isn’t the home for a family, but it is perfect for a childless couple like us who doesn’t intend on having kids for many, many years.
While this type of home may alienate a number of buyers, there has to be others like us who this type of set up would be perfect for in, say, 5 years when we decide to sell, right? Or do you bees think we would be shooting ourselves in the foot by pursuing this property?
Post # 3
@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
@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
@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
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
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
I think it would be extremely difficult to sell. Also, it’s so nice to have a place for guests to stay.
Post # 9
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
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
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
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
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
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
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.
Post # 16
@nikkialys: I never considered making it a rental, but that is a great idea! I haven’t explored that; it is definitely something to consider.
Unfortunately, turning what would be an office into a second bedroom was something I had thought of that could fix the one bedroom issue, but unfortunately there are no windows in the basement. Therefore it would not be a “legal” bedroom. Of course, someone in the future could certainly use it as one, but because it isn’t a legal bedroom, it could still be listed as a one bedroom if we were to sell.
I’m not sure what the history of the home is prior to the renovation, but my mother and brother in law were both surprised at how odd it was to see a one bedroom home. They believe that it is possible the previous owner (who must have used up all their money doing the reno because it is now owned and being sold by the bank) had knocked out walls to a second, and possibly even a third, bedroom in order to create the huge kitchen, generous living room, and spacious master bedroom in what is otherwise a small home.