Thoughts on buying 1 bed flats?

Get a 1 bedroom you can afford so you'll never need to rely on a roommate. Something you can afford by yourself is key. Get into the market as soon as you can. This leg up has been huge for me. Plus, 1 bedrooms always sell. The market can barely keep up with them.

I have a 1 bedroom and den in one of the most expensive cities on earth. I can ride out any market fluctuations and I'm accumulating equity at roughly $1000 a month. When covid hit, I didn't need to worry about an idiot sharing my space or leaving me in a jam.

Since buying, I've accumulated over $150K in equity in about 4 years. Don't wait.

When buying property go for the best location you can afford - even if that means a 1 bed instead of a 2 bed. A bigger property in a shittier area won't appreciate any value, whereas a cute little 1 bed somewhere nice could attract an elderly person who needs to downsize, or another young person with financial restrictions.

Buy the one bed. Get on the property ladder! All houses, even specialty houses which this isn’t really, do sell. I’ve sold a 20’x30’ manufactured home in Los Angeles as well as a one bed/one bath finished cabin/compact home that had to be moved. Buy it! Upvoting the other comment too. Buying means it's yours and no landlord can up the rent or evict you.

Get the two bed, do a background check, have women only as renters if you can (never say this outright), and make sure she cleans after herself. See what others are charging similarly for roommates in a two bedroom apartment. Good luck!

I'd rather own a one bedroom, than rent a larger one and run the risk of being kicked out by my landowner to squeeze in a friend or something equally unpredictable. If shit hits the fan, I’d rather have a safe space to come back to.

I rent out my spare bedroom for cash. While it's nice to have the money and my current lodger is a gem, it's not difficult to share a house with someone who turns out to be unsuitable. I was lucky and found a decent flat with 2 beds for cheap because the equity company wanted to turn it around quickly.

I went through a few lodgers and there were months in between while I waited for someone suitable. You cannot rely on the income, it's a bonus to save up with.

Also British. This is a terrible time to get a mortgage however, rates are likely not to return to what we have had for the past 14 years. There is a saying that the best time to buy a house is today. You can’t try to time the market. I bought my flat with no family support, at the age of 30. I saved for 10 years to get enough deposit. Buy a one bed in the best area you can afford, look at moving areas. I bought in one of our most expensive cities but don’t regret it for a second. Look into shared ownership for buying a two bed. Shared ownership is a bit hit and miss, if your career trajectory is upward, they can be good starter homes. I would not prioritise driving lessons until you have your own place. Having rented a room out to many different people, it is risky and you can’t put a price on your safety and peace so I prefer living on my own.

Brit here. MOST property purchase is a great idea. I have a 2-bed and have rented out my other room since January with mixed results *but* the second room has brought me certain financial benefits - separate to reselling: - extra income - I could host friends who came for weekends when the room was unoccupied -friendship and company from good lodgers -awkwardness from bad ones 🤪 - the ability for me to rent out the property as a holiday letting to families of four when I’ve been out of the country. This has been lucrative Ultimately you will find the property that makes you say ‘yes’ and it will likely be a gut response irrespective of its size. Worth saying that a second bedroom can bring you financial benefits when you’re in it irrespective of when you move on. But that’s a consideration too X