One choice you will probably face as a property investor is whether you should invest your money in a one storey house or a two storey house. To help you in this predicament, we’ve listed some pros and cons for each.
Pros and Cons of a One Storey House
A one storey house can be a good investment idea if you’re planning to invest in an area where retired people will likely be your tenants. One storey houses can be appealing to older people, or to those with physical disabilities because moving around the house is a lot easier if don’t need to worry about getting up and down stairs.
Some families with toddlers are also more attracted to one storey houses because they make it easier for them to keep an eye on their kids and avoid staircase accidents. These type of houses can be a good investment if you’re on a budget because they tend to be more affordable than two storey houses.
Pros and Cons of a Two Storey House
When investing in a two storey house, the location and the lot size should be your first priority. If the area you’re looking to invest in is densely populated or just has small block sizes, a two storey house is a good investment idea because it lets you maximise the space you have helping you attract prospective renters.
Additionally, two storey homes tend to have larger yards. This can mean that families may find it attractive to rent your investment property so their kids can have more space to play in the yard. However, they often cost more because they are more expensive to build.
The Bottom Line
The really is no one-size-fits-all answer to what type of investment property you should invest in. Things you need to consider are the location you’re investing in, the demographics of your prospective renters, and the affordability of the house. Weighing up the pros and cons may help, but it still boils down to your personal situation.
You can also check out our home investment loans to see which loan product would work best for you so you can start investing.