Wednesday, 13 August 2008

One bed or two?

Looking for a property to purchase is surely never simple. This is my first time but I'm sure the dilemmas are no different whether like me you can't decide if you should stretch to a 2 bed or go for a more keenly priced one bed, or if you can't decide between the 5 or 6 bed house. There always has to be compromise.

I am currently speaking to mortgage brokers and estate agents about if I can afford anything in the area I would like! However it does seem with the softening in the market that some 2 bed flats are becoming within my reach. However it would be my extended, more highly mortgaged reach.

I am by nature cautious about this kind of thing but the security of having an extra room to potentially let out if needed feels attractive on the one hand. On the other of course I have read that it's 2 bedroom flats that the country as a whole is over supplied with. Added to that were I to sell a one bed might be more attractive to the first time buyers I would be most likely to sell on to.

An estate agent told me during the boom times that a one bedroom flat was the best investment because people were always looking for them. However given that at the time I was clearly a single person who might potentially be looking to purchase a broom cupboard perhaps that's what he would have said...

So this weekend I have two to view, a one bed and a two, oh what would be best to do!

There should be one of those guides for dummies on property, or an equation. First time buyer+ low attitude to risk+ uncertain economic outlook=

But what would the equation say- 1 bed or 2?

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