How to Save for a Two-Bedroom Home? With the Tax Benefits and Equity Gains From a One-Bedroom Home.
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Call it the perfect starter home in San Francisco: a cozy one-bedroom abode to call your own. Many of our clients start their homeownership journey with a one-bedroom property for a variety of reasons, all of which start with a dollar sign and end with a debt-to-income ratio that calls within their lender’s guidelines.
It may be tempting to wait to buy until a two-bedroom home is an affordable option, but we’d like to introduce you to your two new best friends: Tax Benefits and Equity Gains. There are no guarantees in life except for death and taxes, as the saying goes, but investing in San Francisco real estate has, over the years, proven to be a solid way to grow your net worth. Yes, our market has had its up and downs, but — knock any available wood — so far all downs have been followed by solid ups.
Once you’ve made the decision to purchase a one-bedroom home, your next decisions will be about location, amenities, the maximum homeowners’ association dues you’re willing to pay, if you need a parking space, and some of the nice-to-have options like being on a high floor or having good light. You’ll notice I mentioned HOA dues — this is because it’s pretty much guaranteed that you’ll be buying a condo. It’s a rare single-family home in San Francisco that contains only one bedroom. So get ready for condo living.
We’ve heard from a few clients’ parents who refuse to believe a one-bedroom condo is a good investment. So we did the math. The good news is: it’s a good investment! San Francisco seems to have a never-ending supply of entry-level buyers who have outgrown living with roommates and/or paying the landlord’s mortgage. That one-bedroom condo that’ll be your home for the next few years, until you partner up, have a kid, or just want some more elbow room, will provide the same to the newbie following in your footsteps.
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One -Bedrooms homes span an incredibly large price range.
How large?
The most expensive one-bedroom home to sell in San Francisco is a one-bedroom single-family home in Pacific Heights designed by Julia Morgan. The property last sold in 2015 for $3,700,000.
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No need to spend that much on your own luxury one-bedroom home, though. The currently listed most expensive luxury one-bedroom homes for sale in San Francisco are:
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And The Least Expensive?
When viewing one-bedroom homes for sale, beware bargains that seem too good to be true. There are homes in San Francisco with deed restrictions because of the below market rate inclusionary housing program or because it is a Senior Development with a (legal) requirement that owners be over the age of 55.
One clue you’re looking at a listing for a BMR home in San Francisco? They often have “quirky” and precise to the dollar prices like $345,321 instead of the rounded to the nearest ten thousand approach of most Realtors. Best practice is to include that information in the listing description, but it doesn’t always happen. The best advice we can offer is read the marketing description thoroughly and review disclosures completely.
If you are thinking of a one-bedroom home as an investment, be sure to also verify that the building hasn’t reached a rental cap or have other restrictions that would impair your ability to rent the home.
The least expensive market rate one-bedroom home in San Francisco is currently:
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