Should you choose a 2 bedroomed or 3 bedroomed property?

by on 1st October 2019

We posted a status on our active Facebook and Twitter channel recently asking this very question: should you buy or invest in a 2 bedroomed or 3 bedroomed home?

In high density areas of populations, like the suburbs we serve like Burmantofts, Harehills, Gipton and Beeston, it’s not always possible to add a single or double storey extension to a home as space is often at a premium.

If you want to live or invest in Leeds city centre, your choice generally is 1 or 2 bedrooms, with 3 bedrooms being in penthouse and Monopoly money.

All things being equally though, our advice is to look at 2 bedroomed properties and those with 3 bedrooms. If you see extension potential in a 2 bed home, you have to weigh up those costs and the ROI (return on investment). Your property you see has something called a “ceiling price”. It is a level for a street and postcode that has a limit.

If a street in East End Park has an average selling price for a 2 bedroomed property of, for example, £92,500, with a 3 bedroomed achieving £104,000 hypothetically, you would be hard pressed to extend that £92,500 home for just over 11k.

You need to do your homework.

There is no doubt that 3 bedroomed properties in Leeds and elsewhere are in greatest demand.

But the difference in price nationally is vast: on average you pay £69,000 more for a 3 bedroomed home, or a 29% premium.

There is higher demand though as there is greater flexibility in a 3 bedroomed property, as On the Market state:

 “Upgrading to a decent sized three-bedroom family home has long been the aspiration of homeowners.

“They are a practical choice for growing families and young couples who want to guarantee themselves a future-proof purchase.

“But with popularity comes hefty premiums even while the housing market remains generally static.”

If you’re looking for an accurate valuation on your 2 or 3 bedroomed home in Leeds with expert market advice on upsizing, contact Hogan’s today.


Call Now Button
Visit Us On FacebookVisit Us On TwitterVisit Us On PinterestVisit Us On LinkedinVisit Us On Instagram