Are 1 bed apartments worth it?

antimatterx

Hey,

I'm looking to buy an apartment potentially next summer, and as much as I would love a 2 bed, a 1 bed would be about 70K cheaper. I currently have 25K saved, and I'm adding to that every month. The area I'm looking at has decent transport links and I live there currently with my folks.

1 beds range from between 185K - 220K, while 2 beds range from 240K - 285K. Are 1 beds worth it?

chicorytip

antimatterx wrote: »

Hey,

I'm looking to buy an apartment potentially next summer, and as much as I would love a 2 bed, a 1 bed would be about 70K cheaper. I currently have 25K saved, and I'm adding to that every month. The area I'm looking at has decent transport links and I live there currently with my folks.

1 beds range from between 185K - 220K, while 2 beds range from 240K - 285K. Are 1 beds worth it?

Yes. If you like the dwelling as opposed to being able to afford it then go for it particularly if it's located in a nice, well maintained development where there is an active management company in place. The only drawback I could see is a lack of storage space that a bigger unit could provide. You should have little difficulty selling it if you decide to move on in a few years. There will always be a demand for one bed units.

Hollybeg

antimatterx wrote: »

Hey,

I'm looking to buy an apartment potentially next summer, and as much as I would love a 2 bed, a 1 bed would be about 70K cheaper. I currently have 25K saved, and I'm adding to that every month. The area I'm looking at has decent transport links and I live there currently with my folks.

1 beds range from between 185K - 220K, while 2 beds range from 240K - 285K. Are 1 beds worth it?

You may need a 20% deposit for a 1 bed... certainly AIB do... been through this with one of the children in the last 12mths. Looking at the prices you've quoted, you'll need a hefty deposit of near 50 to 60k with other expenses such as stamp duty. Obviously a 2 bed gives you some rental options, the rent a room scheme allows up to 14k tax free rental income. However, I doubt any bank will take that into account. Also the deposit you need will likely come down to 10%. Of course all this depends on your income multiples and other factors.

Samuel T. Cogley

A one bed gives you no room to grow, no option to rent a room if needed, no provision for guests, no scope for a home office if needed. Furthermore selling them on is more difficult. Work out what the 70K is going to cost you per month and if the mortgage payments are affordable, go for a two bed. As has been said above, the deposit on a two bed is likely to be lower than a one bed.

Keep in mind you could potentially recoup some of the 70k by renting a 2nd bedroom.

For me personally, I wouldn't like a 1 bed as I feel there's no "personal space". Like a room away from the sitting room to take photos, draw pictures, lift weights, display model cars, make lego models, or whatever it is that you happen to be into.

Eire Go Brach

2 bed. If something happens you can rent the room out. But then again it’s not like years ago and mortgage where mental.

You never know how long you will be there. I got stung in the Celtic tiger. Bought at the worst time.

Now I have 2 kids. Lucky i have a 2 bed apt. Will be getting in the next year though.

Creamy Goodness

Personally I think you’d want a very strong reason to want a one bed especially in these times (sorry I know I hate the phrase but it’s apt).

1 bed apartment doesn’t give you space to separate your living and working area. Your living room is your office, your relaxation area, your gym etc. and it sounds like a nightmare to me. You also can’t have anyone over unless you invest in a sofa bed which are usually terrible to sit on and sleep on.

Add on the fact the mortgage deposit requirements are different for 1-beds.

I’m sure someone will come along and pick apart what I say, different stroke for different folks.

pinkypinky

Well, to put the opposite view.

In a one bedroom apartment, you won't have to rent out a second room (and share a small space with a stranger) because your mortgage won't be as high.

Not all one bed apartments are equal. Some have no storage, some have plenty. It's only in the city centre that you'll find tiny ones.

I have a 55sq m with lots of storage.

I'll grant you there's no room for a home office separate but I do have room for a desk and was able to work from home reasonably well during lockdown.

One beds are very rentable to single people or couples should you wish to move on some day.

There's a lot to be said for it.

Ultimately, nothing you buy has to be forever.

kooreczka

We're in similar situation looking for 1 bedroom apartment but there is very little on the market now and demand is huge. We're paying high rent so we would like to buy as soon as we can but in your case I think I would keep saving if you still leave at home and buy a bigger place. May I ask which location you looking to buy?

Sheep Shagger

Any change of circumstances with kids etc and you are pretty much screwed with a 1 bed.

You may say you'll never have kids now but if things change you'll be forced to sell regardless of the market at that time (or live on top of each other).

As a single person back in 2007 I bought an apartment, i went 2 bed as restricting myself to a 1 bed just wasn't something I wanted to lock myself into

antimatterx

chicorytip wrote: »

Yes. If you like the dwelling as opposed to being able to afford it then go for it particularly if it's located in a nice, well maintained development where there is an active management company in place. The only drawback I could see is a lack of storage space that a bigger unit could provide. You should have little difficulty selling it if you decide to move on in a few years. There will always be a demand for one bed units.

It's in the area I currently live. I probably could afford a 2 bed If I stay living at home for another 6 months, but it depends on the market.

Hollybeg wrote: »

You may need a 20% deposit for a 1 bed... certainly AIB do... been through this with one of the children in the last 12mths. Looking at the prices you've quoted, you'll need a hefty deposit of near 50 to 60k with other expenses such as stamp duty. Obviously a 2 bed gives you some rental options, the rent a room scheme allows up to 14k tax free rental income. However, I doubt any bank will take that into account. Also the deposit you need will likely come down to 10%. Of course all this depends on your income multiples and other factors.

I'm a FTB, and I intend on going in with 20% minimum. I need to get a salary bump first.

Samuel T. Cogley wrote: »

A one bed gives you no room to grow, no option to rent a room if needed, no provision for guests, no scope for a home office if needed. Furthermore selling them on is more difficult. Work out what the 70K is going to cost you per month and if the mortgage payments are affordable, go for a two bed. As has been said above, the deposit on a two bed is likely to be lower than a one bed.

The home office would be nice. I've been WFH in my room since COVID and a separate space would be great. The difference in repayments would be cheap, its just the cost of getting deposit + mortgage.

Deleted User wrote: »

Keep in mind you could potentially recoup some of the 70k by renting a 2nd bedroom.

For me personally, I wouldn't like a 1 bed as I feel there's no "personal space". Like a room away from the sitting room to take photos, draw pictures, lift weights, display model cars, make lego models, or whatever it is that you happen to be into.

I don't really want to move out, only to rent out a room. I want my own space. But I think you're right, it would be nice to have separate spaces.

Eire Go Brach wrote: »

2 bed. If something happens you can rent the room out. But then again it’s not like years ago and mortgage where mental.

You never know how long you will be there. I got stung in the Celtic tiger. Bought at the worst time.

Now I have 2 kids. Lucky i have a 2 bed apt. Will be getting in the next year though.

I'm probably not going to rent the room out. Maybe you're right, a 2 bed is safe in case I have kids.

Creamy Goodness wrote: »

Personally I think you’d want a very strong reason to want a one bed especially in these times (sorry I know I hate the phrase but it’s apt).

1 bed apartment doesn’t give you space to separate your living and working area. Your living room is your office, your relaxation area, your gym etc. and it sounds like a nightmare to me. You also can’t have anyone over unless you invest in a sofa bed which are usually terrible to sit on and sleep on.

Add on the fact the mortgage deposit requirements are different for 1-beds.

I’m sure someone will come along and pick apart what I say, different stroke for different folks.

I agree, although if for some reason the price of 1 beds became really cheap next year, I'd buy one then.

pinkypinky wrote: »

Well, to put the opposite view.

In a one bedroom apartment, you won't have to rent out a second room (and share a small space with a stranger) because your mortgage won't be as high.

Not all one bed apartments are equal. Some have no storage, some have plenty. It's only in the city centre that you'll find tiny ones.

I have a 55sq m with lots of storage.

I'll grant you there's no room for a home office separate but I do have room for a desk and was able to work from home reasonably well during lockdown.

One beds are very rentable to single people or couples should you wish to move on some day.

There's a lot to be said for it.

Ultimately, nothing you buy has to be forever.

My plan is to live here for the rest of my 20s (5 years), and then buy a house. It would be nice to have seperate space though. The properties I'm looking at very from 50 to 90 sqft.

kooreczka wrote: »

We're in similar situation looking for 1 bedroom apartment but there is very little on the market now and demand is huge. We're paying high rent so we would like to buy as soon as we can but in your case I think I would keep saving if you still leave at home and buy a bigger place. May I ask which location you looking to buy?

I'll PM you the location.

Sheep Shagger wrote: »

Any change of circumstances with kids etc and you are pretty much screwed with a 1 bed.

You may say you'll never have kids now but if things change you'll be forced to sell regardless of the market at that time (or live on top of each other).

As a single person back in 2007 I bought an apartment, i went 2 bed as restricting myself to a 1 bed just wasn't something I wanted to lock myself into

My only thing is, the 1 bed will be really cheap mortgage wise, which allows me to save up to upgrade if I need to.

JustAThought

the rent a room scheme allows you to rwnt a room out if you are also living in the place and get aprox 14,000 per annum - multiply that out and thats worth the extra. Plus it allows tou to
cut your itility bills in half every month, and you pupd alao additionally rent out the car parking spot - depending on demand and if you have 2 etc. More opportunity to save for the hoise.

Plus if you cannot sell it on in X years time for whatever reason, it then becomes far more attractive to rent out as a whole unit and you have a far better range of choices of people who may want to rent it.

God forbid one if the many things that can happen or go wrong in life happens to
you, with a 2 bedder you win’t lose your home (as quick). There are NO social welfare benefits available to help pay the mortgage if something goes wrong - with a 2 bedder this could simply save you. Ypu might struggle but with the dole/disability and a rent you
could just about make it work and live and pay bills. eg Mortgage aprox 800, SW payment aprox 800, nothing left over - with a room to rent this balance could become mortgage e800, SW payment e800, rental income e500 and they oay half the bills also. You’d be horrified at the number of people who fall ill, break a leg and can’t work, get a bad diagnosis that takes them out of work, get laid off umexpectedly and it takes them longer than expected to get another job, etc. A tenant can literally save the roof over your head.

Personally, seeing the way appartments and neighbourhoods run down and become a bit shabby and dalipitated from so called management companies being accountable to noone - I would say to hold out for a house. You will be able to resell, not have to worry about who is moving in or out of your block, maintenance etc and will be able to control and manage your own business and not have to worry about PEOPLE.!

Even a 2 bed house a bit out of the way is far far better than a 2 bed apartment IMO - I’d definately be going for that. I know a fair few people trapped with unsuitable or no longer desirable apartments - you don’t want to be in that level of life stress.

screamer

No, unless you’re old. Many people I know bought 1 even 2 beds before and ended up stuck with them, having to rent them out if they could whilst renting a house for themselves and their new families. I’d advise against buying an apartment full stop.

Sheep Shagger

If the difference between saving for a 1 or 2 bed is 6 months more then do the 6 months, you will never regret it

If you buy a 1 bed then there's a high chance you will later.

As for the mortgage, either extend the term or look a big further out so you can afford the 2 bed, it will be worth it.

bobbyy gee

In years to come if you want to raise family you will regret buying a 1 or 2 bedroom
Buy a 3 bed house and rent out rooms
With covid people will start working from home for. Next 2 years
So no need for transport prices should start dropping and a recession in likely in 2021

antimatterx

antimatterx wrote: »

I would love a 2 bed

I think this is really the only factor that matters. If a 2-bed is what you want, and it's achievable, then don't settle for a 1-bed. It would be a €200k transaction and a serious debt commitment for something you can't quite put your heart into.

If you had said you can't afford a 2-bed at all, or it would put you under severe financial strain, that would be a different story. A 1-bed is perfect for a lot of people. But if you want 2, get 2.

0gac3yjefb5sv7

Do what suits your needs. If you plan to have many kids in the next few years don't get a 1 bed. But apartments have their advantages over houses. If it suits you and affordable for the next 5 to 10 years, then go for it.

antimatterx

bobbyy gee wrote: »

In years to come if you want to raise family you will regret buying a 1 or 2 bedroom
Buy a 3 bed house and rent out rooms
With covid people will start working from home for. Next 2 years
So no need for transport prices should start dropping and a recession in likely in 2021

Not a bad idea to wait it out. I work in tech, so hopefully it's recession proof.

antimatterx

MattS1 wrote: »

Do what suits your needs. If you plan to have many kids in the next few years don't get a 1 bed. But apartments have their advantages over houses. If it suits you and affordable for the next 5 to 10 years, then go for it.

I don't plan to have kids for ~10 years. But who knows what life will throw at me.

chicorytip

A lot would depend on the type of one bed apartment you were looking at, as a previous poster referred. Duplex style units - where you have your own private entrance door and, usually, a back yard and/or storage shed - might be more attractive to you and represent a better investment than a unit in a block.

Darc19

Samuel T. Cogley wrote: »

A one bed gives you no room to grow, no option to rent a room if needed, no provision for guests

They could be points in favor too

Spanish Eyes

Given the Covid situ, I would insist on some outside space, even a tiny balcony. I cannot understand developments that have no such thing.

Two bed is a winner for a six month wait time to gather more funds.

Best of luck.

jayjay2010

2 Bed all the way, if you can afford it of course.

The rent-a-room potential of the 2nd bedroom cannot be understated. I could rent (and have rented) a room in my place for €700 per month, that's €8,400 tax-free income per year, which I overpay the mortgage with, saving me thousands of mortgage interest.

Ultimately, if you lost your job for any reason, you have the option of renting a room to take some financial pressure of you if your only income was social welfare, for example. It could be a life saver.

If your budget can only stretch to a 1 bed then of course go ahead. But 2nd bedroom will give a back up plan if you need some extra cash for any reason.

brisan

pinkypinky wrote: »

Well, to put the opposite view.

In a one bedroom apartment, you won't have to rent out a second room (and share a small space with a stranger) because your mortgage won't be as high.

Not all one bed apartments are equal. Some have no storage, some have plenty. It's only in the city centre that you'll find tiny ones.

I have a 55sq m with lots of storage.

I'll grant you there's no room for a home office separate but I do have room for a desk and was able to work from home reasonably well during lockdown.

One beds are very rentable to single people or couples should you wish to move on some day.

There's a lot to be said for it.

Ultimately, nothing you buy has to be forever.

If the OP has to move in a few years how much will the move cost
Better of taking the pain now if he can afford it ,even if it means renting out a room .
One bed apartments are rarely forever homes for young people

JimmyVik

I lived in a 1 bed for years. Lived in a 2 bed for years.
Honestly I had no problems in either.
If I was buying one to live in and the 1 bed was €70k cheaper than a 2 bed I would choose the 1 bed. A bedroom is not worth €70k to me.
Also the management charges on a 1 bed would probably be much cheaper than on a 2 bed.
Example of 2 apartments in the same place my brothers and I flipped a few years ago : 1 bed management charge €800. 2 bed management charge €1200.

And the square footage is usually not that much bigger in a 2 bed from a 1 bed. Certainly not €70k worth.

Also ignore the rent a room thing. Once you are living on your own for a few years , no way will you even think about renting a room to someone else in your apartment. You might as well go back to a house share if you get to that point. It makes a lot of people comfortable to know that the option is there, but noone ever does it after having their own place for a while.

JustAThought

most 2 bedders are required by planning laws to have larger kitchen/living room areas to facilitate the second persons space needs. They often have (marginally) larger balconies and outside areas, as well as having more space for storage. 2 bedder - for security and stability, and preferably not an apartment in Ireland but a house. You will often get a second car
parking space too which can also be rented out - more safety net and less risk - definately not a one bed in Dublin/Ireland.

Also with the new trend for work from home you might need it - or be able to rent ti out under the rent a room scheme as a work from home space
for someone to use who may want to get away from their partner watching TV/ fscreaming kids in their 1 bed apartment & need some peace.

PhoenixParker

JustAThought wrote: »

most 2 bedders are required by planning laws to have larger kitchen/living room areas to facilitate the second persons space needs. They often have (marginally) larger balconies and outside areas, as well as having more space for storage.

Really depends on when it was built. What's been built since about 2006 is typically much bigger than pre 2006 as the building regs changed.

There are lots of 60sqm 2 beds in Dublin whereas a new build 1 bed will be that size or bigger and have bigger rooms though fewer of them. The newer ones must have built in storage and have outside space too which wasn't required before.

pinkypinky

JimmyVik wrote: »

I lived in a 1 bed for years. Lived in a 2 bed for years.

Also ignore the rent a room thing. Once you are living on your own for a few years , no way will you even think about renting a room to someone else in your apartment. You might as well go back to a house share if you get to that point. It makes a lot of people comfortable to know that the option is there, but noone ever does it after having their own place for a while.

This point is so valid.

Also, the living space in a 2 bed may be larger, but the bedrooms are usually smaller to compensate. If you have to share with someone, you'll spend more time in your bedroom...

brisan

https://www.myhome.ie/residential/results?localities=1276|7931|1367|1255&region=1454&types=97&maxprice=300000
Not sure what area you are looking in but 2-3 -bed houses are within your budget

Samuel T. Cogley

brisan wrote: »

https://www.myhome.ie/residential/results?localities=1276|7931|1367|1255&region=1454&types=97&maxprice=300000
Not sure what area you are looking in but 2-3 -bed houses are within your budget

D13 is a grand spot imho. Working class but generally pretty quiet.

If I had it to do over I would have got myself up to the eyeballs on a tracker for somewhere in D5 / D13 and bought a house. Instead I'm stuck being an accidental LL.

brisan

Samuel T. Cogley wrote: »

D13 is a grand spot imho. Working class but generally pretty quiet.

If I had it to do over I would have got myself up to the eyeballs on a tracker for somewhere in D5 / D13 and bought a house. Instead I'm stuck being an accidental LL.

Grew up in D13 (Donaghmede area) and spent a large part of my married life there
In D5 now
D 13 is grand once you are near the DART
Although Howth and Sutton are D13 AND HARDLY WORKING CLASS