Is a 3-bedroom worth it?
And I found that well laid out 3BR’s in prime nabes hold their value exceedingly well due to their rarity.
Miguel
in Real Estate - General 13 years and 1 month ago
8
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8 replies
slope2009 | 13 years and 1 month ago
Hi, We’re looking for an apartment to buy for our family — we have 2 kids and don’t mind if they share a room, but ideally are interested in a 3-bedroom. Putting aside the question of our budget and what we can afford, etc., it just seems like the jump in price from a 2-bedroom to a real 3-bedroom (in Park Slope in District 15 school zone) is huge. Psychologically, I can accept a huge price jump from apartment to house, for instance (plus you’re getting usually more space, backyard, etc. in addition to other differences between the two). But the difference in prices between 2 and 3-bedrooms seems so vast. I know the question of what something is worth – objectively and personally – is complicated, and the question of scarcity/inventory keeps prices of 3-bedrooms higher, but is it worth it? Aside from the extra value of having the space and enjoying it while you live there, is it a good investment? Thanks in advance for your thoughts!
brucef | 13 years and 1 month ago
I have pondered this question myself. In drawing up plans for a renovation, we have a few opportunities to create elegant, spacious two bedroom units, or cramped and compromised three bedroom. From a selling perspective, it’s a no brianer. But from a design or being able to sleep at night perspective it is miserable. Money talks, evryone else walks.
brucef | 13 years and 1 month ago
That’s brain, not brian. And everyone, not evryone. WHen i type in this window, I lose cursor control. And apparently other keystrokes don’t make it properly. I did capitalize the i, but not the H
brokelin | 13 years and 1 month ago
if you feel you want the extra space, or might want it in the future, it is totally worth it. I looked at a million two bedrooms, and bought a three, and never regretted it. even if your kids are small and share a room, you can use the extra space for so much…desks, sewing, guests, playroom, a place for an extra wardrobe or dresser in the decor to store stuff that does not fit in your closets. Of course, mine was of the extra long floor of a four story building variety…the price was higher than a two bedroom, but the maintenance was not. In an elevator apartment building, that would not be the case. but if you can swing it, go for it. the scarcity alone makes your investment sound…it will be in demand when you go to sell. also, your kids will grow, and you may want them to have some privacy when they are older. I shared a room until I was sixteeen and would not force any theoretical kids of mine to do that once they were adolescent unless finances forced it. Yes, you may plan to sell before then, but things happen. People in apartments, with or without growing kids, often wish they ended up buying another room….they never complain they have too much space. you can have too much space in a house, but not in a three bedroom apartment.
curiositykilledthecat | 13 years and 1 month ago
There are only two of us in my family, and we never regret having that third bedroom. In the last 8 years, it has been a guest room for long-term guests, a yoga room, an extra storage space, and a place to lay out hand-washed clothes to dry. Does this make us exceedingly spoiled? Yes. But that wasn’t the question. Good luck.
sudi | 13 years and 1 month ago
Many who love Park Slope move out because of the lack of space. So if you can afford it definitely go for it. Because of its rareness (is that a word?) I think it will hold value. Of course if Spain defaults and the world goes to hell then all bets are off. Consider also apartments that are 2BR but with a basement/rec room. You can make half the basement into a play area an dother half into a 3rd bedroom. If you are open to this then on NY Times real state search using Square Footage…it will gie you options you may not see if you strictly look for 3BRs.
slopemope | 13 years and 1 month ago
same thing in manhattan. try to go from a 2br to a house there, you will see why more scarce 3brs are bid up. its not easy living in the land of the rich.
Miguel | 13 years and 1 month ago
Plenty of reasons 3BR’s is vastly preferable, especially if one of you needs office space. We used to have a 3BR apt (before the bstone) with a tiny 3rd BR. But, we used the smaller BR for office space, which meant keeping a lot of clutter out of the other roooms.