Are one bed apartments hard to sell?

djm1234

I'm looking to sell a one bed apartment, tired of being an accidental landlord.

Agent is advising that one bed apartments are very hard to sell - no home office, can't rent a spare room.

2 beds & small houses are the thing now, it seems!

Would be interested to know if my agent's view is widely shared. Thought there would always be a demand for them as a starter home or investment vehicle.

herbalplants

I would think your agent is right. Most people will try to squeeze another 50k from somewhere to buy a 2 bedrooms place... There is not much monetary difference between one bed and 2 beds

riclad

There's a shortage of housing in most city's it's likely depends on location you simply put it on market see what other apartments are going for in the area , many single people can't get mortgage approval for a house they have no choice but to buy an apartment

It's true most people would like to buy a 2 bed apartment if they can afford it

But you only need one buyer who has mortgage approval

It's true it'll probably take longer to find a buyer

bluelamp

https://www.boards.ie/discussion/2058287627/are-one-bed-apartments-hard-to-sell

Some banks won't give a mortgage on a one bed apartment, and those that do often won't give 90% LTV.. usually max 80%, so a first time borrower would need double the usual deposit percentage.

blackdog1

https://www.boards.ie/discussion/2058287627/are-one-bed-apartments-hard-to-sell

Don't listen to him, there is a big market for them from single people who can't get a big mortgage and want to stop spending 'dead' money on rent.

Caranica

Councils should be biting your hand off to buy this, there's always a huge demand for one bed units but so few being built

PSFarrell

I imagine location matters but in my case I sold my 1 bed apartment in December in D7. Sold it for 5k over asking after first viewing as I was looking for a quick sale. My agent told me he had housing associations lined up to purchase but I heard anecdotely they can take long to close. Lots of options out there I would not get worried

Marcusm

https://www.boards.ie/discussion/2058287627/are-one-bed-apartments-hard-to-sell

Is the prospective agent saying they don’t want the sale at all? If stated as baldly as you have there then it sounds like someone who is not willing to make sufficient effort. 2 bed apartments have a wider market that can include families but many young couples will still prefer a one bed so that they don’t have to deal with the hassle of sharing. Nothing is ever simple but I would gauge the agent’s attitude. If it’s just a caution that it might not run out the door then that’s fine. If he’s saying I’m doing you a favour by taking this on then choose another one.

RichardAnd

You will not struggle to sell anything in the current market.

endofrainbow

perhaps it's time to get another Agent.

Claw Hammer

The three most important factors are loctaion, location and location. If they are right, no problem. If not, problem.

o1s1n

A 1 bed in my apartment complex (in Dublin 1) sold for 270K at Christmas. About double what they were going for 7-8 years ago. Definitely a market for it if it's in a desirable location.

d mc

https://www.boards.ie/discussion/comment/120338094#Comment_120338094

Other owners / residents in same development might unfriend you on facebook tho...

tinytobe

I'd say, it depends on the location and the floor plans.

In a city an one bedroom is probably an easy sale, out in the country people would expect a bit more in terms of rooms and size.

Mr Hindley

This one-bed in Blackrock has just dropped 20% in price, which isn't a good sign... https://www.myhome.ie/residential/brochure/apt-94-rockford-manor-stradbrook-road-blackrock-dublin/4332391

But it was probably a bit overpriced to start with.

ongarite

Sold my 1 bed apartment in D15 2 years ago.

Put up for sale at price recommended by auctioneer, got asking price offer less than 2 weeks later. Strong demand if in right area.

Marcusm

https://www.boards.ie/discussion/comment/120342309#Comment_120342309

Not a single photo of the apartment means it probably didn’t get much interest. I wonder do they even want to sell.

Jorge Jorgesson

My two most recent rental vacations were from one bedroom apartments. Each were sold very quickly and had lots of interested parties according to my landlord.

ec18

depends where it is banks have different rules around mortgages for them. When I was looking back in 2013 at them. Some of ther banks had a sliding scale, if you were in dublin you could get a 90% mortgage, the the further out you went the lower the LTV went till eventually they didn't offer them essentially

DirectorKrennic

The estate agent is right. I'm a first time buyer in my early 30's and I started talking to the banks about a mortgage about a year ago. At first I was interested in a one bed apartment however all the main banks told me that one bed apartments are hard to re-sell and to focus on buying a two bed. They all said it was a 10% deposit for a 2 bed apartment however for a 1 bed apartment some wanted a deposit of 20% and one of them actually wanted a deposit of 30% because the apartment I was interested in was not in Dublin. I think young couples will prefer houses and single people will prefer 2 bed apartments over 1 beds. I hope you have success selling your apartment but yes apparently they are harder to sell if only one bed.

Long Sean Silver

Ignore your EA. In today's market there's a buyer for practically everything. I own a 1 bed in DL and I've lost count of the amount of times tenants/prospective tenants have asked me if I would sell it.

I would guess they are particularly suited to older, retired or separated/widowed people, who want to trade down to a smaller property with less or no maintenance.

Slightly off topic, but one of the biggest mistakes we (Govt) made imo was to abolish bedsits. Again not for everyone, but offer any of the unfortunate people facing eviction, if they would have a problem with one and my guess is you'd have a queue forming in no time.

Kurooi

Yes and no, in today's market you can sell a garden shed as a family home for 4.

But the market may shift, lenders have in the past refused to lend for a 1 bed apartment I had that clause with Ulster bank. If those rules cut potential buyers out for you, supply and demand dictates you're losing value. You just won't see that right now because there is a massive undersupply, 20 takers for every property and 3 lenders for each of them willing to take the business.

niva*sis

Hi, I bought a one bed apartment last year, my first home purchase. I have a small mortgage in my 30’s. In the space of a year the value has increased. Also if renting out the rent I would get is double what my mortgage actually is (before rental tax) Also it is a ground floor apartment, which I found is very sought after for retirees. I don’t think you will have any problem selling as they are very sought after and one beds are actually quiet scarce. Best of luck with it.

DownByTheGarden

https://www.boards.ie/discussion/comment/120337764#Comment_120337764

You are correct. My sister just sold 2 one bed apartments in Feb. I know several people who are buying one bed apartments. Its the easiest way out of paying rent. Sometimes you cant stretch any further but you will buy a one bed to get out of renting.

Councils and charities are buying them up like mad too, though my sister woudlnt sell to the council for various reasons.

I am currently sale a greed with a 2 bed to the council and the solicitor was telling me they are buying all 1 and 2 bed apartments they can get their hands on.

I think you wont have any problem selling a 1 bed

dublinborn81

I disagree,

I am in the process of selling a 1 bed in Dublin and while I'm experiencing legal/paperwork issues - one thing I didn't struggle with was getting offers.

1 beds are attractive to single people - more affordable

older/retires/widowed people - less maintenance

investments - always easy to rent

I had one sale fall through though as the buyers mortgage approval didn't cover a 1-bed - which is a weird clause but that was it