Would you consider a 1 bed/1bath home?

[red92s]

I've been casually looking around at property in the Atlanta area as I'm contemplating a move back to the area next year sometime.

I stumbled upon this little cottage in a very cool in-town neighborhood. Walking distance to many cool parks and restaurants. I've rented in the area before and enjoyed it. It is definitley a "shotgun" house, much deeper than it is wide. There are many older homes in this area, and many are small as they used to house workers for the nearby cotton mill. This area is one of the few where you still see 1/1 homes, as most of the others have been destroyed and rebuilt.

A 2/1 loft conversion (in the aforementioned cotton mill) runs in the same price range, maybe closer to $200k. Very cool building with exposed brick and beam ceilings.

a 2/2 or 2/1 home is probably well out of my pricing comfort zone.

So, if you were a young twenty-something, no kids on the horizon what would you go for? My biggest reservation with a 1/1 home would be the much smaller buyer pool when it's time to sell. But, this isn't really a family neighborhood so it may not be an issue (lots of younger couples, artists, etc). Having a HOME and avoiding assoc. fees is a definite perk.

[disneysteve]

I guess it would depend on your situation. My first apartment was 0/1. It was a studio with one main room, a small dining area and kitchen and a bathroom. No bedroom. I slept on a sofa bed which I folded up during the day to have a sofa to sit on. That was fine for what I needed at the time. Not sure that I would have bought a condo like that, though. If I were going to buy, I would have wanted a lot more space.

[creditcardfree]

There is always a buyer from every property. It just depends on how quickly you find the buyer! The house looks beautiful, nicely updated.

I have to say being from the midwest I was stunned at the price. That is just a bit more than what I paid for our home 2.5 years ago. We have 3bed/2.5 baths, large yard, and attached garage.

Do you have the 20% down? Are your finances in order to make this purchase? If so, I say go for it!

[red92s]

Originally Posted by creditcardfree

There is always a buyer from every property. It just depends on how quickly you find the buyer! The house looks beautiful, nicely updated.

I have to say being from the midwest I was stunned at the price. That is just a bit more than what I paid for our home 2.5 years ago. We have 3bed/2.5 baths, large yard, and attached garage.

Do you have the 20% down? Are your finances in order to make this purchase? If so, I say go for it!

Yeah I imagine the price is a stunner for people in many areas. Location is a big factor in the price. This is maybe 3 or 4 miles from the downtown and midtown areas of Atlanta. It would essentially mean no-highway commuting. You could probably get 2 or 2.5 times the amount of space by going 20 miles outside the city . . . and then deal with 60 minute each-way commutes.

I do not have 20% down. My down payment savings is still in it's infancy. However, I am debt free and a couple hundred bucks away from having a fully-funded emergency fund. As I mentioned in my initial post, I doubt I'd be moving back for at least 12 months, and probably won't buy right away when I do. I just get bored enough on lazy sunday afternoons to browse . . .

[Ima saver]

I think it is cute!

[creditcardfree]

I'm glad you have a plan!

It would be nice to walk places and avoid crazy commute times. I hope something like this is available when you are ready to buy. It is really nice.

[wincrasher]

Well, you have more options than you think. There are suitable homes all along the metro lines. I'd start at each station and fan out around them and see what is available within a reasonable walk.

That house is mighty small - you'd probably outgrow it no time. But without 20% down, you are probably out of luck on a mortage any time soon.

[red92s]

Originally Posted by wincrasher

Well, you have more options than you think. There are suitable homes all along the metro lines. I'd start at each station and fan out around them and see what is available within a reasonable walk.

That house is mighty small - you'd probably outgrow it no time. But without 20% down, you are probably out of luck on a mortage any time soon.

I grew up in the metro area and have a pretty good idea of where I'd settle if/when I returned. Honestly the 'burbs don't really appeal to me at all. Most of my longtime friends are clustered on the east side of the city.

I understand that I'm SOL on a mortgage for some time yet until I have a substantial downpayment. This wasn't so much a "should I buy this house, right now?" question as "if you could choose between a 1/1 house and a 2/1 condo what direction would you go?".

[Seeker]

Originally Posted by red92s

I grew up in the metro area and have a pretty good idea of where I'd settle if/when I returned. Honestly the 'burbs don't really appeal to me at all. Most of my longtime friends are clustered on the east side of the city.

I understand that I'm SOL on a mortgage for some time yet until I have a substantial downpayment. This wasn't so much a "should I buy this house, right now?" question as "if you could choose between a 1/1 house and a 2/1 condo what direction would you go?".

Generally, I'd never purchase a 1/1. Even alone. Because it is more difficult to find a buyer when it becomes time to sell.

I agree that this is pretty and cozy and cute. I might have considered it as a retired elderly single person. But not really as a young person. Are the neighbors here mostly young? (Something to possibly look into).

As a young person, your life is ahead of you. You can meet someone, fall in love, and want to have a bigger space in no time at all. Then what?

[Goldy1]

My parents purchased a 1 bedroom 2 bath second home a few years ago in Florida. It is a condo. The 2/2 units there do not cost much more and are about the same size. I don' t know what they were thinking.

I went alone w/o dh to visit. I had to sleep on the couch and got woken up by my dad's walking around the place at the crack of dawn. I had to shower, change and apply make up in the bathroom without opening the door b/c the door opened near the kitchen and living room so it was all steamy and hot getting ready.
Now I have a son. I don't see how we all 3 can visit. I do not say much to them about it b/c it is a done deal and they bought the place for them so all that counts is they like it. But I can't imagine an easy buyer(my dad says everyone in the unit has kids visit yearly) but then my parents bought it lol
If I was single I would consider a 1/1 if the price was great.

[kork13]

I agree with Seeker... I'm 22, and have considered off-and-on buying a small-ish house at my next assignment. However, I don't think I would go for a 1/1 as you have here... It seems overly small, and if I'm gonna hold onto the house for a little while, I want it to be potentially able to adapt to getting married/having kids. I don't think I'd buy anything smaller than a 2/1, even if I had no plans for a family. Family considerations in mind, I'd probably go for a 2/2 or 3/2 as a 'first home'.

[LivingAlmostLarge]

My DH and I bought and lived in a 1/1 condo. It was fine for us. All we could afford. Smaller than the house and about the same price.

We sold to another couple starting out. In expensive areas it's unlikely people will turn down small homes.

I've found you grow to your space and if you only have 1/1 you MAKE do.