Monday, February 17, 2014
New developments are now offering more compact homes at affordable prices. These are viable options for buying a weekday home, or if you’re living alone or with a partner. Two of the most compact types of homes on the market today are the studio unit and the one bedroom condo unit.
Most home buyers who are considering the first option are also considering the other. Know the substantial factors you need to consider with these two options…
Typically, studio units are smaller than one bedroom units. The living and sleeping areas are combined into one open space. A small kitchen is also part of this space, usually just divided by a counter or situated in an unobtrusive corner or along a wall.
While the limited space may not be ideal for most, it can be a cost-effective alternative for the lone home buyer on a budget.
On the other hand, a one bedroom unit has a separate bedroom from the living areas. This option offers more privacy, particularly if you have guests over. It offers a better space for entertaining or simple get-togethers. It also provides a better living situation, since you have more room for storage and cooking smells won’t waft into your bed space.
Studio units are generally less expensive than one bedroom units. However, you also get less space, so essentially, you get more space for paying more. The price of the unit is an obvious consideration in this decision, but a common factor home buyers tend to overlook is the hidden costs.
Bigger spaces account for higher expenses when it comes to bills and dues. It uses up more resources to cool, clean and maintain a bigger home, so water bills, energy bills and cleaning costs will cost more. Condominium buildings also have homeowner’s associations that require monthly dues for common area maintenance. Bigger units have higher dues too. Check the rates with your sales agent before you commit to the purchase.