What are some of the pros of purchasing a studio apartment? We reached out to our RE/MAX Influencers – a panel consisting of RE/MAX Sales Associates throughout Canada – to answer this question.
Affordability & Location
“Location and cost. Most people buying are young professionals or out of town professionals that come into town on a regular basis and rather than rent a hotel room, prefer this arrangement.” – Lowell Martens, Broker Owner, RE/MAX Real Estate (Mountain View), Calgary, AB
One advantage of studio apartments is that they are more affordable, and therefore can be a great way to “get in” to the market. Studio apartments also give you the opportunity to live and own in desirable locations with higher price points than you might not be able to afford otherwise.
Something to keep in mind when purchasing is that you should ensure the apartment has parking and storage.
“Helps to live minimally, low cost, location is often ideal, urban living, and it helps make home ownership easier for one person” – Amanda Jones, RE/MAX Performance Realty, Winnipeg, MB
Studio apartments are great if you want to use them as a rental property as they are easy to rent, inexpensive to renovate, and often the lowest price option.
Quite often, singles or couples will start with a studio apartment with the goal of moving up later and retaining the studio apartment as an investment.
Open Concept, Less Clutter, Easy Cleaning
“Low maintenance for a busy lifestyle” – Adam Wilson, RE/MAX Real Estate, Spruce Grove, AB
Another pro is that due to the size, studio apartments are easier to clean and maintain, typically have lower condo fees, and require a smaller investment in furniture and decorating. They also eliminate the regular maintenance that goes along with owning a single-family home, like yard and exterior maintenance for example.
“Typically, more affordable to purchase, heat and decorate. Encourages you to keep the space tidy (versus possibly having messy rooms behind closed doors) and the lack of walls can also allow better light into the space.” – Jeff Clarke, RE/MAX Kelowna, Kelowna, BC