I’m 26 y/o and finally moving out of my parents’ for the first time. I make $65–70k, have nearly $40k saved, and qualify for a down payment assistance program ($80k interest-free loan + $13k grant). My monthly income is $3700. Hopefully, the salary should increase over the years. South Florida, west of Ft. Lauderdale.
I’ve been looking at condos and I’m really torn between two options:
2 bed / 2 bath ($200k)
– HOA: ~$600
– Monthly all-in: $1,700+
– Left over: ~$300-$400
1 bed / 1 bath ($160–170k)
– HOA: ~$500’s
– Monthly all-in: ~$1,500
– Left over: $~650
– This is a rough estimate, haven’t crunched the 1-1 numbers yet.
My parents are strongly pushing me towards the 2-2, saying it’s a better long-term investment and more future-proof. I’m not sure I’ll have kids atm, but a partner moving in could justify the extra space. They’re even offering to help out by paying for my car insurance. My friend is suggesting to go 1-1 and invest the difference instead.
I think I’m leaning toward the 1-1 because the numbers feel safer, but I keep second-guessing myself because of the pressure from my family. They say everyone they know regrets getting a 1 bedroom and I trust them more than my friend. I could always get a roommate if things get tough. I live below my means, but who wouldn’t mind having extra cash for vacationing?
For those of you who live alone:
Did you regret going smaller or were you glad you had the lower expenses? How important is having that extra room really?
I’d really appreciate any perspective, I should be ready to buy soon and this has been stressing me out. Thank you 🫡🙏
Posted by iamthehankhill
19 Comments
I agree with your parents.
If the difference between the two is a $1,700 vs. $1,500 monthly payment – you should go with the two bedroom.
If $200 is going to make a difference where you’re talking about getting a roommate if things get tough, you’re probably not in the financial position to buy a home yet.
Listen to your papas
2 for sure. I think it there are very few reasons to buy a 1 bedroom place unless your in like San Francisco or nyc.
2 will always have better resale.
Where are you. Is it that much more to buy a house and not have the giant HOA? 600 a month is a lot more of principal!
If a $200-$300 difference has you in such strong contemplation, maybe you’re not ready to buy anything.
I’ll say more than the extra room, I appreciate having more than one toilet for emergencies. Could you put an extra half-bath into the 1/1? How do the sqft compare, and the yards? Is there any ability to expand at all if you get stuck there? How does the storage space compare? The commute?
It’s a tough gamble. If you keep your job and get cost of living increases or more every year, eventually the 2/2 mortgage will be quite comfortable. That’s why most people say to go bigger — the economy has generally trended up in the past few decades. But the economy is rough right now and if you have a bad time, you’d appreciate the smaller mortgage.
I will say it’s not a huge monthly difference, so you would be getting much more bang for your buck in the 2/2.
If that leftover is the money after you pay all your bills every month I think both options are cutting it too close. That said, I agree with your parents. Get the 2/2 and get a roommate until your salary catches up and you’re a little more comfortable with your purchase. If you really get into trouble, the 2/2 will also generate better rent than the one bedroom and you could always move back in with your parents and rent out your house. I am all about living in the minimal space you need, but the flexibility of the two bedroom is worth it given the minimal price difference.
Don’t be a slave. Find something without an HOA. Own what you own without someone else telling you what you can and can’t do with YOUR property.
2 person hands down. Better resale, generally better appreciation, having a guest room or office is always useful, and you will grow out of the 1 bedroom a lot sooner. Plus, in a pinch you can always take on a roommate in the 2 bedroom, making it the safer play.
The difference is too small not try to do the 2/2. Don’t even CONSIDER longer than a 15-year mortgage
Two bedrooms are easier to sell too, when the time comes.
Definitely 2 bedroom and the difference is just 30k. You can rent it out easily if you need to move for some reason bc having a 2 br/2 ba vastly improves the renters pool! While you are staying there, keep the master bath to yourself, let any guest or family use the other bath. You can use the other room as office if you need to! If it helps set aside some of your savings and dont blow it all on the home. Your parents speak from experience, so. Good Luck.
2/2 for sure.
2/2 will have better resale and you can get a roommate to help pay off that mortgage and give you some breathing room.
I’m in a smaller 1-1, but if it was a 30k difference I would go for the 2 bedroom every time. 1 bedroom is absolutely fine to live in, just take forever to sell here.
Having that much of my income going towards mortgage/hoa would stress me out though.
I suggest rent
Why not 2/2 and a roommate
dont forget insurance
Have you thought about renting first? There’s something to be said about retaining your flexibility in your twenties. Who knows, what if you get a job offer and have to move in two years, would you be okay taking a loss on the property if you had to sell?
I’d say be careful thinking about it as an investment, it’s really just a hedge against inflation, your money would be better spent in the market imo