It’s one of the age-old debates in real estate – single story versus double story.
Both property styles have their own unique benefits and disadvantages which must be taken into account as you consider which type of property to purchase as an investment. Whether a one-story home is a better investment depends on many different factors, including personal taste, the local real estate market, and location.
Benefits of Single Story Properties
Some people believe that single level homes are more visually appealing than multi-story homes. However, this is highly subject to personal taste as well as the prevailing architectural style. From a more practical perspective, single story properties may be beneficial because sound travels easily between floors. Single story properties can also appeal to buyers who find stairs difficult or dangerous to navigate, such as older adults or those with disabilities. Families with young children also prefer to avoid stairs, which can be a safety hazard for curious toddlers. Although gates mitigate this problem, single story homes may be appealing to avoid the problem altogether. Staircases can also take up valuable space within a home which could be used for storage or living space.
Benefits of Double Story Properties
One of the first benefits of multi-story properties is that they tend to have larger yards. This depends on the area, but many will allocate a certain percentage of a lot size to the building structure. Single story homes tend to take up a higher percentage of a lot to fit in adequate square footage, leaving less room for garden space. Multi-story properties can build up, leaving more room for a yard. If you’re catering to buyers or renters who would find yard space important, such as families, then a double story property may have the advantage in this regard. If lot sizes are small to begin with, double story homes also allow you to make the most of your space.
Another advantage of double story properties is that although construction costs may be higher, they can be built on less expensive lots which could translate to affordable prices. Large single story properties require bigger blocks of land, which could lead to a high price tag.
There are pros and cons to both types of property. As land to build becomes increasingly scarce, particularly in inner and middle ring suburbs, double story homes are becoming increasingly popular. They allow you to build a large home on a small block of land. High-set homes can be more cost efficient than single-story living. Yet at the same time, single story properties remain a strong investment particularly in suburban areas. There are several reasons why they are consistently in high demand. Without the danger of stairs, they appeal to retired adults as well as families with young children. In the end, whether or not a single story is a better investment boils down to the taste and lifestyle needs of the buyers or renters you’re trying to attract.
"Is a single storey property a better investment?" Home Sales. 18 September 2015. https://homesales.com.au/news/latest/investing/is-a-single-storey-property-a-better-investment/