Pacific Union GMAC Real Estate
The only time a one bath would be wise, would be if it were a one bedroom or studio condo. If you are looking at two bedroom condos, you definately need at least a 1.75 bath.
YOU may be fine with a one bath, but the next buyer will not be.............so look around a little more and find one with good re-sale value, otherwise it's not a good investment of your money. A two bedrom one bath will take FOREVER to sell and you will need to sell it at a "give away" price.
Create Yourself a Great Day! Nancy
A one bedroom one bathroom condo can be a great investment, but it definitely depends on where it is and what it's close to. You don't specify if you are looking in the Palm Springs area, but if you are, then you could definitely make a one bed/bath condo a lucrative investment by turning it into a vacation rental or other type of income property. Personally, I don't think ANY real estate investment purchased at this time in our economy could be a bad investment, but location, size, condition and proximity are definitely factors you should take into consideration when making a final decision.
You are a professional there and you are correct every market is different!
I will certainly refer anyone I know who is looking in the Palm Springs area as you certainly do know your market there, just like I know my market here in Temecula.
If this is the case then seek out the advice from a tax consultant. Sometimes renting can be a better tax advantage for you until you can afford something larger.
One bedroom, one bath condominiums do offer less in the way of resale value because there is a higher demand of two and three bedroom condominiums.
On the other hand if you need the tax advantages of purchasing and you want to keep your payments low then purchasing a small place may be alright for you.
It is always best to seek out advice from your tax accountant when deciding "If" you should buy.
Real Estate Agents can help you find out "what", to buy in your price range but offering any kind of legal advice or tax advice is better sought out by tax and legal consultants.
I have a tax consultant that I use here in Temecula, Fred Karma owner of Financial Accounting, but if you need one in Palm Springs then ask one of the local Realtors there in your area for a reference.
Good luck to you!