Owning your own apartment is no less than a dream come true. The decision of purchasing an apartment is a real deal and can be very overwhelming at the time. Whether you are renting or buying an apartment you might have come across the term studio apartments, nowadays these flats are quite popular. A studio apartment is one room containing living space, a bedroom, and a kitchen, as well as a separate bathroom.
Why do you think studio apartments are so expensive even though they do not provide plenty of space? We have dedicated this blog to answering your queries regarding what studio apartments are and what makes them so pricey. Additionally, we will learn how they are different from other sorts of accommodations and whether they are even worth the hype.
What is a Studio Apartment?
The studio apartment is simply defined as a compact single-unit apartment consisting of a bedroom, living area, kitchen, and a separate bathroom inside the same unit. The word studio is basically used to represent music and art spots. Thus, these apartments are designed to fulfill the requirement of people who want to have a workspace inside their homes such as musicians and artists. Studio apartments might offer small areas but they do not have a deficit in offering amenities. These apartments come in a wide range of varieties in terms of price, size, and facilities. You can get a studio apartment for rent or buy the type of studio apartment based on your budget, requirement, and lifestyle. These apartments are highly preferred in areas with dense populations, business parks, and near universities.
The Layout of Studio Apartments
Depending on how the building is constructed, the layout of the studio apartments varies. While some apartments have an open floor plan with a bedroom, kitchen, living room, and bathroom, others have a partitioned space or “L” shaped room. For instance, the layout of some studio flats offers a layout that creates a partition such as a closet separating the kitchen area, or a loft bed separating the living room. These divisions not only improve the appearance of your space but also provide a certain amount of privacy and can prevent you from embarrassing yourself in front of visitors or guests by having a filthy kitchen.
Who Should Consider Buying a Studio Apartment
Why are studio apartments so popular? Whether you are renting or buying one, studio apartments are well-liked amongst young working professionals, couples, and scholars. These apartments are preferred by individuals because they are easy to maintain and likely to get less clustered as compared to bigger houses. Studio apartments offer generous accommodation for single people along with offering an affordable option for small families. Additionally, if you are interested in rental returns you may consider getting studio flats.
- People with a Modest Budget
Studio apartments are often more affordable than larger units, making them an attractive option for those with modest budgets. Depending on location, these spaces may cost significantly less than other homes of similar size. They may also be a practical solution for those who want to live in a more expensive area but cannot afford the associated rent and mortgage payments.
- Single Individuals
For many single individuals, studio apartments are the ideal choice. Without any family to share the space, a small but stylish apartment can be just as effective as a larger one. For those who frequently move due to work, studio apartments are also an excellent option since they take up less time and energy when packing up and leaving. Furthermore, most building owners will value long-term tenants over short-term ones, making studios desirable for those who have been with the same employer for many years.
- Couples Without Children
Studio apartments in Melbourne are becoming increasingly popular among young couples without children. With a small space, couples don’t have to worry about buying and maintaining multiple bedrooms or bathrooms which would be necessary with a larger two or three-bedroom apartment. Additionally, studios tend to be cheaper than larger layouts, especially if they are well located. While a studio may not guarantee much privacy due to the compact studio apartment design, this could be beneficial for those couples who are looking for an excuse to spend quality time together!
- Student Living
Students looking for budget-friendly housing may want to look into studio apartments. An obvious advantage of a studio is that it doesn’t require you to sign a long-term lease, so students who change schools or don’t plan on staying in one place for too long can rent month-to-month without having to worry about steep cancellation fees. Studios also tend to have lower start-up costs compared to their larger counterparts because many don’t come furnished, allowing students to utilize secondhand resources instead of buying all new furniture.
- Investors Looking to Buy Rental Property
For investors, buying a studio apartment can be a good way to generate consistent income. Studios typically rent for lower prices than larger apartments and naturally attract younger renters (like students) who are sometimes more likely to sign up for multiple-year leases. Since most studios come unfurnished, it’s also easy to change out furniture as needed without worrying about having to replace existing pieces. Moreover, many studios don’t require extra bedrooms or bathrooms which can dramatically lower the cost of repairs compared to other types of rental properties.
Difference Between Single-room Apartments and Studio Apartment
Even though both terms extract the same meaning, there are differences between studio apartments and single-room apartments. Single-room apartments feature a separate bedroom, living room, and kitchen compared to studio flats. Studio flats are slightly more spacious than one-bedroom apartments. Since the space in between the doors is enclosed by walls and doors, single-bedroom apartments provide privacy. The studio, however, does not provide the same level of privacy. Studio apartments limit your amenities as it does not offer much storage space for items like washing machines and other equipment in general. Additionally, if you are an outgoing or social individual inviting a guest over for dinner or a night out at your house might be challenging if you live in a studio apartment.
Why are Studio Apartments Popular and Are they Worth Buying
Studio apartments are in high demand because of their rising popularity among working professionals, immigrant scholars, and newly married couples. Studio apartments offer minimalist furniture and are highly customizable according to your need and requirement. These apartments are designed keeping in mind how to efficiently use the small space while providing all the amenities required for a comfortable livable space. The cost of utilities, power, and renovation is comparatively lower. It is easier to resell studio flats quickly because of their high demand. Additionally, compared to other flats, these are cozier, more pleasant, and much easier to maintain.
However, the worthiness of a studio apartment varies according to individual requirements because these flats have their own perks and drawbacks. The cost of studio apartments is higher based on several factors such as lack of privacy and lack of storage. If you are on a specific budget and trying to save money, buying or renting a studio apartment may not be a good idea. You can opt for a single-bedroom flat as they will cost less than studio apartments while maintaining privacy and will give you much more space for your belongings. Studio flats offer limited space which makes them cramped and unsuitable for family or social gatherings.
All though, the cost of studio apartments varies depending on the location and the facilities they have to offer. For instance, studio apartments in metropolitan cities will be relatively more expensive than apartments located far from the metropolitan area.
However, if you are single and looking for low-maintenance accommodation then a studio apartment may be a perfect pick for you.
Why Studio Apartments are Expensive
Now, you know what studio apartments actually are and how they differ from other apartments. And If you are wondering why these apartments are so expensive? Below we have mentioned the several factors that make studio apartments expensive even though they are small in size.
The main reason that makes studio apartments so pricey is the location, for example, If they are located in metropolitan cities or in other prime locations their prices will be high. These locations offer shopping complexes, entertainment spots, transportation facilities and other conveniences within a short distance. Studio apartments are trendy amongst students and young professional movers because they are mostly busy and want a space that demands low maintenance. As a result, increasing the demand for studio apartments further leads to an increase in their prices. So, if you are trying to find an affordable studio apartment in Melbourne consider looking a little far away from those prime locations.
- The View:
Another reason why these studio apartments are expensive is because of their view. Since these flats are situated in the primary location they offer stunning views which makes them even more expensive. If you are not bothered by the view you might be able to get an affordable deal. It will help you in saving a lot of money on your monthly rent.
- Size of Apartment:
The studio apartment is smaller in size than other kinds of flats which also make their furnishing difficult. As a result, it will demand more effort and money. Given the relatively small size of studio apartments, it is often that they come with a hefty price tag. Most studios measure between 300 and 500 square feet and are only big enough to fit the essential furniture that one needs – such as a sofa, bed, kitchen equipment, desk and TV. What’s more, developers rarely include additional features in studios as doing so is usually cost-prohibitive. As such, studio rentals may be more expensive than larger living spaces.
Thus, if you are looking for an economical studio apartment, you can consider sharing it with another person and can split the rent expenses to make it suitable for your pocket.
Some studio apartments come with a lot of amenities such as gyming and pool membership which makes their prices higher. So if you are searching for pocket-friendly studio flats you should opt for those that don’t come with these extra facilities that you don’t actually require. This will help you in reducing your monthly rent.
- Building Age & Condition Can Add Up:
The age and condition of the building can also significantly affect how much money a studio apartment costs. Older studios tend to lack essential amenities and may need more frequent repairs as well. Additionally, dated décor and worn-out finishes can lead to higher rents for certain units within the building, thus bumping up the overall price point for studio apartments.
- Demand May Increase Prices:
The demand for studio apartments often dictates how much a particular unit costs. In cities and towns with fewer rentals available, the cost of living rises as tenants compete for limited housing options. Likewise, if a building has many desirable features, such as modern fixtures or easy access to amenities, this can drive up its costs as tenants are willing to pay more in order to get better accommodations.
Things to Examine Before Choosing a Studio Apartment
- Budget: The budget is the most important factor when you are investing in real estate. The prices of the studio apartments differ based on facilities, size, and location. Studio apartments usually allocate rent payments to cover living expenses, such as water and electricity. However, you should factor in the additional costs of necessary items – furniture, kitchen appliances and supplies, blankets and linens – that you may need to purchase when moving into a new apartment. Look into what extra amenities are included too like laundry machines or card access systems. Determine a realistic budget for these items within your overall rent payment so there are no surprises when it comes time to move-in day. Thus, you should be first aware of your budget before starting to look for the space.
- Livable Area: A studio apartment consists of a single room that includes your living area, kitchen, bedroom, and a separate bathroom in the same unit. Thus, it’s important to check if the apartment has ample space for your comfortable stay, and has enough storage for your belongings.
- Infrastructure: You should check if you have all the basic infrastructure available near your location such as supermarkets, pharma stores, grocery, etc. These are our day-to-day necessities and should be easily accessible to you. If you are a scholar or a professional individual you should try looking for a studio apartment that is nearby your institute or workplace.
- Examine Amenities: Check whether the amenities offered by the developer are suitable for you and are fulfilling all your requirements. Various studio apartments offer fully furnished rooms with a lot of space and are luxurious. Also, see if the room is getting enough natural light as per your requirement.
- Building Rules and Policies: Before you commit to a studio apartment, make sure to learn about the building rules and policies. Read the rental agreement carefully so that you understand all of your rights as a tenant and your obligations for living in the apartment. Ask questions if something isn’t clear or takes away from what you’re comfortable with. It’s also important to familiarize yourself with any additional fees associated with breaking your lease or other conditions. Understanding these stipulations can help protect you in the long run if something unexpected occurs during your tenancy.
Studio apartments are popular because of their minimalistic style and comfort. Buying or renting a home is an important decision in one’s life, as it is the last resort to relax after a long tiring day. So it’s important to do thorough research before investing in a studio apartment. At last, it’s totally up to you to decide what kind of apartment you want to buy based on what you find suitable based on your lifestyle and your budget.