Home Buying in Bloomington>Question Details

Lorhen52, Home Owner in Gilbert, AZ

Considering buy a condo as our daughter will be attending IU to get her doctorate. Would it be better to purchase a 3 bed 2 bath or 2 b 2 ba?

Asked by Lorhen52, Gilbert, AZ Fri Jul 19, 2013

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9
I remember my parents faced the same dilemma. Usually with resale it is always a better selling point to have a 3 bedroom. It is best to do some homework and speak with a real estate agent to figure out what your options can be. Depending on price difference, down payment and monthly payment, it may work for you. Be sure to check with your financial advisor also.
1 vote Thank Flag Link Mon Jul 22, 2013
Call an real estate professional.
Flag Sun Sep 1, 2013
I think you should look at all your options available in your budget and lifestyle. Remember to consider the cost of the home owners association (typically $70-350/mo), Please email me the price range or monthly budget you are considering and I will email you all available options. My email is Juan@JuanSells.com and my number is 812-369-0785.
For an example of a high-end condo go to http://VillaGlen.JuanSells.com
For another example, go to http://www.bloomrealtypc.com/barrington.html
0 votes Thank Flag Link Mon Jul 22, 2013
As long as you have two bathrooms, you will probably be OK with either two or three bedrooms. A single bathroom makes for a hard resale. We have some really nice condo developments here. Give me a call if you would like me to take a look at what is currently available. My name is Robin Halpin Young. I am a realtor with FC Tucker and I can be reached at 812-369-9607.
0 votes Thank Flag Link Sun Jul 21, 2013
We suggest 3 bed 2 bath, as it will be easier to sell when your daughter is done with grad school.
0 votes Thank Flag Link Sat Jul 20, 2013
The operating expenses are only going to be marginally higher for the 3 BR, but income would be roughly 30% more, so I'd go with the 3 BR. Also, Investment rental property values are related to the gross income they generate--the more bedrooms, the more income, the higher the price . Use a annual Gross Rent Multiplier of 10 as a guideline for an approximate value. This Gross Rent Multiplier could be as high as 12 or 13 if the property is in exceptional condition and very close to campus.

Frank Kerker
RE/MAX
812 360-9088
"Here to Help, Not to Hassle"
0 votes Thank Flag Link Sat Jul 20, 2013
Depends on whether you are also, as many people decide to do, counting on rental income from roommates. That could make the third bedroom quite valuable. It's true that a 3bd in the same complex as a 2bd will have smaller rooms, but even if 2 people are staying there they often appreciate the third room at least for a study/another common area. I do tend to see more people preferring the 3BDs , where there is that choice in the neighborhood, sometimes even just because they believe it's the better resale choice.
0 votes Thank Flag Link Sat Jul 20, 2013
Both are marketable so you should buy a condo that meets your needs. As long as you maintain the property well you should be competitive on the market for resale when the time comes for that. Meanwhile, while you own the condo your daughter will be able to enjoy a property that best suits her lifestyle needs. You're welcome to contact me for market details. I welcome hearing from you.

Sincerely,

Mike Avila, Broker/Owner
Signature Realty Services
Bloomington, IN 47401
812-219-4829 cell/text
0 votes Thank Flag Link Sat Jul 20, 2013
I am a Realtor in Bloomington, IN. It all depends your needs. Generally the 2 bedroom units, depending on where they are and if you're comparing the same square footage within the same complex, have larger room sizes. For example, the same 1200 sqft condo/floor plan in a 2 bed configuration vs 3 bed, typically have larger bedroom sizes. It's common to have three bedrooms with one used as study. It all depends on what you're looking for, floor plan, and budget. 3 bedroom units usually have better resale. I'd be happy to help you out and answer any further questions.

Sincerely,
Aaron Steele
812-325-8207
http://www.realestatebysteele.com
realestatebysteele@gmail.com
0 votes Thank Flag Link Fri Jul 19, 2013
I can't speak specifically for the IU area. But assuming the costs aren't too different, I'd definitely go with the 3 bed/2 bath. That provides a lot more space, more opportunity to rent a room out, and a more desirable unit upon resale.

A Realtor who knows the area can better advise you. But I'd start off with the assumption that a 3/2 would be a better choice.

Hope that helps.
0 votes Thank Flag Link Fri Jul 19, 2013
Thanks, I figured a 3 bed 2 ba would be the way to go, it's just the price is higher. But for sure a better idea investment wise..
Flag Fri Jul 19, 2013
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
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