Is It Worth It To Buy A Home or An Apartment with An Extra Guest Room In It?
Buying a home or apartment is a big investment, so you should be sure to weigh your options carefully when making a decision.
One common question is whether or not you should choose a property with an extra guest room. Of course, it will cost more than a smaller space, but is it worth the extra cost?
Having an extra room in your home or apartment offers a few advantages and disadvantages that should be seriously considered.
Let’s take a look at whether or not buying a home or apartment with an extra guest room a good idea.
Having an Extra Room: Advantages
First and foremost, let’s take a look at the pros of purchasing a property with an extra guest room.
Firstly, a home or apartment with an extra room will cost more, but it could also make it more valuable if you plan to sell it in the future. All else being the same, a property with an extra room is more valuable than a smaller property.
Moreover, it might seem unnecessary to choose a property with more rooms than you need; however, you should consider how ti might be useful in the future. It’s always convenient to have an extra room for friends or family members who need a place to stay.
An extra room can also potentially be converted into something practical, like a home office or home gym. Renovations like these can make your house more comfortable and convenient. Additionally, they can add value to your home or apartment — allowing you to sell your property at a higher price in the future.
Lastly, having an extra guest room always gives you the option to rent out the room to a tenant. If you’re comfortable renting out a room in your home to someone else, this can be a great opportunity to earn passive income without investing in a separate property.
Together, these benefits can make getting a home with an extra room a great option.
Having an Extra Room: Disadvantages
While these advantages are great, there are downsides to owning a larger house than necessary. Primarily, these disadvantages come down to your expenses.
The most obvious downside is that purchasing a larger property will increase your initial cost. If you don’t need the extra room to live comfortably, the higher cost may not be ideal.
In addition to this, you have to consider that owning a room will increase your ongoing expenses. Owning an extra guest room will increase your utility bill and maintenance expenses. These costs are ongoing and, while they won’t increase your rent or mortgage payments, it will affect your ownership costs.
Is Buying a Home With an Extra Guest Room Worth it?
Ultimately, this decision comes down to you.
If money is your primary concern, it may not be a great idea. It will come down to your willingness to rent out the extra room or renovate it to add value to your home for when you sell.
If money is not a primary factor, owning an extra guest room can give you more flexibility to host guests and add a functional gym or office space to your home.