Benefits Of A 1 Bedroom Plus DenWritten by Eric Skicki Thursday, August 8th, 2019
As the Mississauga Condo market continues to boom, 1 bedroom plus dens are growing in popularity. There are several reasons why the purchase of a 1 bedroom plus den is the obvious choice for so many. When purchasing either re-sale or pre-construction (more about that here), these units are always moving quick. It does not matter if you are a 1st time buyer, downsizing or an investor, these units are just popular for many reasons. Below we will outline several benefits of these suites.
Why Are They Popular?
First off, a 1 bedroom plus den, is always larger than a 1 bedroom unit. Some units also offer two washrooms, which is important to a lot of buyers. Many people simply do not wish to share their bathrooms with their guests and these units offer the best of both worlds to them.
The den obviously can act as a multipurpose space to accommodate the resident’s lifestyle. There are several older buildings in Square One that offer a Den with a door. Many will transform this into a 2nd bedroom, or private office to work from home. They will pay a lower purchase price and still reap the benefits of having a 2nd separate bedroom, minus the window and closet.
But for many, this is not an issue if they can save money and not purchase a 2 bedroom condo. Other condos come with large dens and different layouts. Some dens are at the front of the unit. This is great for an office space, a nursery, a home gym, a closet, or even a small space for a single bed and a desk. If the den is located just off the kitchen, many transform the space into a dining room or an extension of the kitchen with extra cabinetry space.
A 1 bedroom plus den can save you money in the long run. Not only is the purchase price of a 2 bedroom suite higher but, the maintenance fees are higher since you have more square footage in your home.
Secondly, what many forget is that property taxes are also based on the internal square footage of properties, making 2 bedrooms more unaffordable for many. Thirdly, we have to keep in mind that many condos do not include hydro costs. The difference between a 1 bedroom plus den and a 2 bedroom in hydro costs can sometimes be as much as $30 a month.
All of these extra small costs that we don’t necessarily think about, start adding up quickly to the household budget. And lastly, if we take a look at the purchase price, a 2 bedroom suite can be as much as $100,000 extra in the price compared to a 1 bedroom plus den.
1 bedroom plus dens also move quickly on both the re-sale market and on the pre-construction market. They are attractive to buyers for a few reasons. They are cheaper; they offer that extra space to transform into whatever your lifestyle needs and the numbers make sense when it comes to leasing the units out.
Investors like to purchase these units for that reason. Asides from the substantial price difference, some 1 bedroom plus dens rent for almost the same price as a 2 bedroom unit. The difference in monthly rent can sometimes be as little as $200.
Yet when you look at how much you are spending on the 2 bedrooms in the purchase price and monthly costs, the 1 bedroom plus den, starts looking a lot more attractive after the number breakdown and how much you are spending monthly on all the costs of owning that 1+ 1 bedroom.
If you are looking to purchase or sell your 1 bedroom plus den, please contact us here.
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Thursday, August 8th, 2019 and is filed