Is It a Bad Idea to Buy a 2 Bedroom Townhouse.... (4%, sales)
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Is it a bad idea to buy a 2 bedroom 1.5 bath townhouse for $200K, when if you pay $30K more, you can get a 3 bedroom 1.5 bath or even 2 bath townhouse?
The question comes to future resale value and ease.
Depending on the number of occupants...if it's more than one, definitely more than two, it's always easier to have 2 bathrooms. Especially if there is vision toward two or more people getting ready for work at the same time. Or for two single people living in the townhouse, one owning, one renting.
That said, some people who rent the home out, who like to keep an eye on overcrowding, love the fewer bedrooms and fewer bathroom facilities because that means the occupancy has to legally be lower. So there is the law on their side.
I'm thinking if you have a 1 1/2 bath option it is either an older home or in a smaller city/town. So you'd want to consider the norm of the area. I know a lot of people who grew up with, and now their kids still have, fewer bedrooms and bathrooms than their counterparts surrounding larger cities. Now, go into the cities and the units can be smaller just because of age, custom, lack of space.
Resale...again, what's the norm in your area? Have you asked a good realtor in your area these questions?
Sometimes people are surprised at how little a hike in sales price adds to their monthly payment. Depends on how you feel about it. For example, $30,000 loan for 30 years at 4% in round numbers would be about $140 a month.
I am single now, so a 2 bedrooms/1.5 bath is more than enough for me and even space for out of town visitors. My question is, whether or not the $30K extra is worth it considering the future resale value and my potential future need to add 1 bedroom/1 bathroom.
I think it would be worth it to move up. Resale is the biggest factor, three bedroom is much more desirable than two. Bedrooms have a law of diminishing returns that starts around 5. There is a huge difference between a 2/3 bed but not so much between a 12/13 bed.
Lots of people these days work from home. They want a bedroom to make into an office. Three br gives them a bedroom, a guest bedroom and an office.
A 3/2 is definitely worth more down the line! While a 2/1.5 is good for a single person or a couple, having a 3/2 will widen the pool of buyers to also include couples with one or more kids. More full baths is definitely a plus. I followed my own advice years ago when I purchased my first condo in NYC. I purchased a 2 bedroom plus closed off den that could be turned into a third bedroom with 2 full bathrooms, one of which was en-suite. It was more expensive but more than made up for it at resale. I got multiple offers on the first day of showing.
If it is a single level, older retired couples will be a huge part of your resale market, and many of them will be fine with a 2 bedroom, 1.5 bath.
If it is a 2 story, then I'd definitely go for the 3rd bedroom.
I'm in a 2 bedroom townhouse, but it does have a separate small office room as well, so it is really a 2+, and it has 2 full baths. Honestly, I'd almost rather it was a 1.5 bath. In the 12 years I've lived there, I think we've used the second shower once. Just something else to clean. But I'm sure it will help for resale.
As Lacerta indicates. Depends on your area for one thing. You really need a good solid realtor in your area. When you are talking about resale value, you are not talking about your being single. You are talking about the demographics of your immediate area. And the comparative property values among the various size homes if there is a great variety of sizes.
In areas I'm familiar with there are 2/ 1 1/2 or 2/1 here and there for singles or couples starting out and staying near family. Or the same for students or elderly. Someone always wants or needs the smaller units so why bother growing them bigger in those areas.
Elsewhere, pretty much every home has been upgraded to somehow adding on at least that second bathroom if not a third bedroom.
Some places the size is secondary to the terrific location. Some places have been discovered by creative people and eventually all the smaller places are upgraded in some manner.
IMO, the # of baths is more important than the # of bedrooms. When I bought a condo, and then a house, I had a "must have" list and a "wish" list. For both, I had 2 bathrooms on the "must have" list. Nonnegotiable.
Look at who buys the townhomes in your area: older couples, or young couples with kids. The older couples might go for a 2/1.5, but a young couple with kids needs 2 baths, for sure.
In both, most people, I think, need a space for office or computer work. A place to put the modem, the desktop computers, office supplies, etc. This can be put into a closet, actually, if there are a lot of closets.
3/2 is the norm for single standing homes. I think it's more acceptable to go down in bedroom count in townhomes, though. I COULD make do with 1 1/2 baths, but I'd prefer not. I want my own bath that I don't have to share with overnight guests, who need a place to shower.
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