Hi guys, I am curious what you guys would do!
If you were starting out and financially could afford to buy either a 1 bedroom unit and renovate it or buy a 2 bedroom unit without renovating (because of the lack of extra cash to renovate it) What would you choose?
Options
a. 1 bedroom unit - (I would cosmetically renovate)
Total cost to purchase and renovate $230 K- $240 K
b. 2 bedroom unit
Total cost to purchase $240 - $260
Wouldnt be able to renovate a 2 bed though due to lack of cash.
What would you choose to buy if you were a beginner? Option A or B
My sister and brother in law think I'd be better off buying the 2 bed. I think Option A could be the way to go, but not sure.
I will see the mortgage broker on Monday and hopefully in a couple of weeks will know for sure how much I can borrow. I think I will be approved for a $240K property or $250 K. But not sure.
If you were starting out and financially could afford to buy either a 1 bedroom unit and renovate it or buy a 2 bedroom unit without renovating (because of the lack of extra cash to renovate it) What would you choose?
Options
a. 1 bedroom unit - (I would cosmetically renovate)
Total cost to purchase and renovate $230 K- $240 K
b. 2 bedroom unit
Total cost to purchase $240 - $260
Wouldnt be able to renovate a 2 bed though due to lack of cash.
What would you choose to buy if you were a beginner? Option A or B
My sister and brother in law think I'd be better off buying the 2 bed. I think Option A could be the way to go, but not sure.
I will see the mortgage broker on Monday and hopefully in a couple of weeks will know for sure how much I can borrow. I think I will be approved for a $240K property or $250 K. But not sure.