Should I Buy a 1 Bed or 2 Bed Flat?

Picture this: you're standing at a crossroads contemplating the question, should I buy a 1 bed or 2 bed flat? Choose the cozy 1 bed, or go all out for that spacious 2 bed flat. It's a decision that can shape your future, both in terms of comfort and financial investment.

As someone who has personally experienced the joys of living in a 1 bed flat for four wonderful years, I know the thrills and challenges that come with it.

But here's the twist: What if I told you there's more to this decision than meets the eye?

In this insight, I aim to aid your decision-making process when looking at buying flats. We consider personal considerations, considerations for investment purposes, and the national statistics that back up the arguments on which you should buy.

Key Takeaways

• When deciding on your best option consider your budget and future needs. A 1 bed flat is more affordable, while a 2 bed flat allows for growth and flexibility.
• Factor in ongoing expenses such as utility bills, council tax, and maintenance costs, which may be higher for a 2 bed flat.
• Consider your current and future space needs. A 1 bed flat suits singles or couples, while a 2 bed flat accommodates families or home offices.
• For investment purposes, weigh the rental potential and investment value of both options based on market demand and appreciation rates.

Should I Buy a 1 Bed or 2 Bed Flat?

When deciding between a 1 bed or 2 bed flat, consider your budget, future plans, space requirements, and lifestyle preferences.

A 1 bed flat is more affordable starter home and requires less maintenance, but may have limited space and may be harder to sell.

A 2 bed flat offers room for growth and potential rental income, but can be more expensive. 

What to Consider When Deciding on a 1 Bed or 2 Bed Flat

When deciding between a 1 bed or 2 bed flat, it's important to consider various factors that can influence your decision. Here are some key points to keep in mind:

Budget

One of the most significant factors is your budget. Generally, 1 bed flats are more affordable than 2 bed flats, both in terms of the purchase price and ongoing expenses. If you have a limited budget or are a first-time buyer, a 1 bed flat may be a more realistic option for you, especially if you need a mortgage.

Space Requirements

Consider your current and future space needs. If you're single or a couple without immediate plans for a family, a 1 bed flat may provide enough space. However, if you anticipate your family growing or need a home office, a 2 bed flat offers more flexibility and room for expansion.

Lifestyle and Guests

Your lifestyle and personal preferences should also play a role in your decision. A 1 bed flat can be an excellent choice for individuals or couples who value simplicity and ease of maintenance. It requires less cleaning and upkeep, allowing you to focus on other aspects of your life.

While a 2 bed flat offers more room for flexibility and can comfortably accommodate guests or family members who may visit, it's worth noting that even in a 1 bed flat, it is possible to host guests.

In fact, I have personally managed to host guests in my own 1 bed flat by using smart furniture solutions, such as a pull-out sofa bed. This allows me to provide an extra sleeping space when needed without needing a 2 bed.

Although it's not ideal, we make it work for a few days a year. Even if you opt for a 1 bed flat, rest assured that there are practical ways to accommodate guests effectively.

Rental Potential and Investment Value

If you're considering purchasing a flat as an investment property, it's important to think about the rental potential and investment value.

In certain areas, 1 bed flats may be in high demand, especially in city centres where young professionals and students seek affordable housing options.

However, 2 bed flats have their advantages too. They can attract a wider range of tenants, including small families and professionals looking for extra space. Additionally, 2 bed flats tend to appreciate in value more quickly compared to 1 bed flats, making them a potentially more lucrative long-term investment.

Ultimately, it's important to assess your financial situation, future plans, and personal preferences before making a decision on the number of bedrooms in your flat.

According to the Office of National Statistics, a 2 bedroom property achieves a median £174 extra per month in rent than a 1 bed property. From an investment point of view, consider the difference in property prices and the impact the additional income would have on the property yield.

Based on the stats, I wouldn't say it is always worth it the extra room as the income difference doesn't seem enough. 

However, it does depend on much more than the national median. For example, some properties will have unique features that fetch a high rental income for a cheaper purchase price, such as a large outdoor space in a city. If you can find the diamond in the rough, you can really find a gem of a Buy to Let.

Advantages and Disadvantages of 1 and 2 Bed Flats

Is a 1 Bed Flat a Good Investment?

Determining whether a 1 bed flat is a good or bad investment is influenced by several factors, including market conditions, location, and individual circumstances.

Firstly, it is important to assess the market demand for 1 bed flats in the specific location.

Areas with high demand from young professionals or students seeking affordable housing options can make 1 bed flats a potentially lucrative investment.

Another aspect to consider is the rental income potential of a 1 bed flat. Conduct thorough research on the local rental market and rental prices to ensure that the potential rental income aligns with your investment goals. 

However, when it comes to selling the property, despite it potentially being more affordable, a 1 bed flat will be suitable for less people. That could harm the potential for growth in value.

Deciding Between a 1 Bed or 2 Bed Flat

so, should i buy a 1 bed or 2 bed flat? There is no definitive answer as to whether a one-bedroom or two-bedroom flat is a better choice for you, as there are pros and cons to both. Ultimately, the decision between a 1 bed and 2 bed flat depends on your priorities and needs. Consider your budget, future plans, space requirements, and lifestyle preferences. Assess the potential rental income and investment value, as well as the market trends and demand in your desired location.