What happens when you’re preapproved for a loan that puts your finances in the one-bedroom territory? Rather than continue renting or buying nothing, consider purchasing an average market rate 1 bedroom condo citywide. You'll begin building equity and working on the homeownership ladder!
The condo market in San Francisco is still hot and happening, despite mortgage rates going up, with the average list price for a one-bedroom unit upwards of $875,000. The neighborhoods where you can find inventory include Diamond Heights Eureka Valley Pacific heights Hayes valley Mission Dolores Downtown/Financial District Nob Russian Hills Van Ness corridor SoMA South Beach among others!
Amenities vary depending upon how much you're willing to spend. For example, if your property is priced at the average rate then there will be parking and a washer/dryer available but not necessarily an appealing building design or landscaping in all areas of this type of complex.
There are many pros when it comes to purchasing a one-bedroom condo. You will have the freedom of being in charge and having complete control over your living space, but there may not be enough room for everyone who wants you as their significant other! The cons could lead them away from wanting this type of apartment at all because they don't want less than what's offered by bigger houses with multiple bedrooms; however, if we look back on our list before reaching conclusion then maybe some cons might become appealing instead? But really - let me tell ya these things right here...
Space Constraints: There is clearly a lack of space for guests and an office or nursery. You have to come to terms with this limitation, but if you can get past that then there may be other amenities such as a washer/dryer which would otherwise not be affordable in the property category alone!
One bedrooms with a little extra preferable: One-bedroom condos with a desk and/or pull-out couch can be more useful than just one large room. I've seen many such units in condominiums that offer enclosed spaces for guests, which makes them perfect if you're looking to rent your home or sell it quickly at some point down the line! These types of homes will also fare better during the resale time because they provide extra living space while being unused by new tenants who need their own private areas away from everyone else around them (especially parents).
One bedrooms in San Francisco have always been a strong market: Young professionals, empty nesters, and international buyers seek out the city for its pied-a terres. This means there are plenty of people around who could be happy with what is offered in terms of space--one-bedrooms tend to change hands more often than not too!
One bedrooms downtown sell and rent quickly: If you want to make an investment in real estate, this is the place to start. The obvious trade-off of is giving up some square footage, but it may be worth your while if what's around has been taken over by higher-income earners and one-bedroom condos are being made available on a more regular basis. If you buy in popular places like South Beach, SoMa, Mission Bay, the Mission, Russian Hill, Hayes Valley, and Pacific Heights, when it's time to move on, it will be easy to sell or rent.
Embrace the HOA's: One of the most important things to consider when looking for a new place is what is included in the HOA. Often it is earthquake insurance, lighting for the property, gardening, and other big-ticket maintenance items like a pool or an elevator. Even though the cost may seem high, when comparing it to the costs of maintaining a single-family home with the same amenities, you'll probably realize it is a bargain. Just make sure you consider these costs when determining what you can actually afford.
Avoid Single Family Home heavy neighborhoods: Single Family Home heavy neighborhoods generally cater to certain demographics. While it might be quaint and quiet, most buyers looking for 1 bedroom desire the hustle and bustle of neighborhoods that have more nightlife and activities.
In Summary: A one bedroom condo can be a great way to start off your real estate goals. Over time, one-bedrooms have appreciated in value just as much as other homes, and can provide a good asset to either sell or rent out when it's time for more space. Thos who bought a one-bedroom 5-10 years ago are now selling with $100,000's in their pocket and using that as their down payment on their single family homes, or renting them out with great cash flow.