If you’re in the market for property, you’ve probably asked yourself this question over and over again. But what’s the answer? Which matters more: the number of bedrooms or square footage?
Well, it depends on the reasons why you’re buying the property in the first place.
If your plan is to simply purchase the property, renovate it, and then flip it, then the number of bedrooms is more important. That’s because keen buyers are more interested in the utility that a property provides, instead of its sheer size.
Think about it this way. Imagine you are a family of five – two parents and three children – looking for properties. Which would make more sense to you? The property with three bedrooms at 4,000 square feet, or the one with four bedrooms at 3,000 square feet?
Almost always, the extra bedroom is the deciding factor (even though adding a partition could easily solve the problem of sharing in the new home).
It’s a similar matter when it comes to rentability. However, in this case, size does usually matter a little more. People looking for shared accommodation want plenty of their own space, as well as large communal areas as well.
If you’re planning on setting up an HOA, then you want lots of large bedrooms, ideally. You can rent out smaller rooms, but it is harder, and your returns will likely go down a little.
You also need to consider the long-term renovation costs of adding either bedroom or square footage.
In most cases, adding a bedroom is actually much cheaper than building an extension. That’s because you can simply adjust the internal layout of the property.
Moving a non-load-bearing interior wall is a quick and cheap job that you can usually get done in a week or so. This way, you can add rentable units to the accommodation, theoretically increasing your return.
Doing the same by adding square footage is much more expensive. Any work you carry out could take years to pay for itself.
Lastly, you’ll want to think about the livability of the property if you’re considering living there yourself.
Yes — things like square footage are important, but you need to work out whether the property will suit your current and future lifestyle.
If you are planning on having children in the future, then you’ll want to make sure that you have enough bedrooms to accommodate them down the line.
However, if you’re planning on running a business, then look no further than square footage.
Often, you’ll need as much space as possible to keep stock, entertain clients or even sell products directly.
When it comes to property investing, both the number of bedrooms and square footage matter.
However, which one matters to you depends on your original purposes for investing in the property and what your potential clients might want.
Young professionals, for instance, are more likely to want properties close to the center of town, while families will prefer those in suburbia.
Always have your target market in mind when making real estate investment decisions.
(Disclaimer: This content is a partnered post. This material is provided as news and general information. It should not be construed as an endorsement of any investment service. The opinions expressed are the personal views and experience of the author, and no recommendation is made.)