You are ready to buy a property and you consider a studio apartment. Will it be a good place to live? Does it have good rental income potential? Will it be suitable for you in the long term? Get the answers to these and other important questions from the list of pros and cons of studio apartments.
Before we move on to the good and not so good sides of owning a studio, it’s worth defining this type of property. This is an apartment consisting of a single living space, meaning you will have no walls between the kitchen, living room and bedroom. The bathroom is separate, of course, and has a door, which usually can be locked too. Let’s get down to the evaluation of this type of property now.
It’s cheap to buy – This is the least expensive type of property to purchase, all other things being equal. If you have little money now, a studio apartment could be the only choice for you. Since property prices are historically on the rise, despite cyclical drops, you can expect to be on the winning side moneywise.
It’s super affordable to live in – When you have a smaller living space, the bills for heating and cooling are lower. You will not have to spend a lot of money on furniture either
Easy maintenance – It’s much easier and quicker to clean a single living space compared to a place where there’s at least one bedroom. You’ll have more free time to enjoy the comfort of your home and the fun activities in and outside of it. Since you’ll live in an apartment building, you won’t have to worry about things like mowing the lawn or washing the driveway.
Great rental potential – If you decide to rent out your studio apartment, you can expect a high demand, especially if you live in a college town. A lot of people want to rent this type of property because it cheaper and this helps to push the rental rates up in reality.
The Not So Good
Not much privacy – If you live alone, this shouldn’t be a huge problem. However, if you are sharing the studio with your partner, it can easily get a bit claustrophobic. The situation could be even trickier in case you have a roommate.
Limited room for living and for storage – While you don’t need much living space if you send your days mostly outside, you have to think about where you will put your stuff. Most studio apartments have limited storage space and you have to come up with ingenious tricks to get a little bit more. If you have a lot of possessions, this is a major factor to take into account when deciding on whether to go for this type of property.
A studio apartment could make a wonderful home, especially for a single person, and could also be a lucrative property investment. When it comes to living in such a place, you have to weigh the pros and cons from your own perspective.