First Time home buyer with a tough decision

[jth6373]

Hello everyone!

I have been looking at purchasing a home for some time now however my status at work was not full time until a week ago, so I was now finally pre-approved for a mortgage. My issue is that I found a home in excellent condition ...except it is only two bedrooms. The house had all the windows replaced a year ago, a 1 year old electric water heater, 2 year old heat pump, 2 car garage, breezeway and newly remodeled kitchen and bathroom. It is in a quiet friendly neighborhood and is a .4 acre corner lot. I had a family member who is a certified home inspector check out the house and was very impressed with the house. The only thing that might be needed in a year is a repaved driveway. So I am very excited about getting this house for my fiance and I, however people keep telling me that I shouldnt get it because it is a poor investment since it is a two bedroom house. Any Advice?

Thanks !

[SellPropertyFast]

How many are you in the family? Also consider your long term plan if you can sustain to pay monthly payment for additional rooms.

[maui]

The number of bedrooms is by no means the only determinant to whether it is a good 'investment'. Location is much more indicative of its value (and potential for future appreciation). In my area a 2 bedroom house can be worth 3 times as much as a 4 bedroom property only a few miles away. Also take into account its current condition; a house in bad condition can be a money pit regardless of how many rooms. As far as it being a bad investment based on the bedroom quantity, that's not necessarily true (it only means that with lesser bedrooms, you will have a smaller pool of qualified buyers who could be interested). Best of luck and update when you can.

[jth6373]

Thanks for the info. There is currently only myself and fiance(will be wife in one month). In the next 5 years we are planning to have 1 child. I had asked another realtor in the area that I knew through a family member and they said not to buy it because I wouldnt be able to sell it when we would want to move after 5 or 6 years. He also said that being a concrete slab foundation, the floor will get really cold in the winter and when it snows it will feel damp...

[Bones]

There is certainly less demand for two bedroom homes, but whether or not it is a good deal can only be determined by a good market analysis.

[markbrian]

Considering the local REALTOR said to pass on it, it might be best to see what else is out there. Why not ask the local REALTOR if they know of anything else that would be about the same price but a better buy for you?

Good luck & best wishes!

[Partizannka]

Why not? Two-bedroom house is perfectly fine!! A good two bedroom house in a good condition... waht is wrong with it???? I say -- Nothing!!

[robertwhorner]

A two bedroom house will not be a problem to sell as long as there are not an oversupply of 2 bedrooms in your area.