Is a studio apartment worth it?
Renting or buying a studio flat is a big decision, and one which comes with various benefits and risks. To give you a better idea of whether you should make the move, we’ve answered the burning question, ‘what is a studio flat?’, and offered the pros and cons of living in a studio apartment. So, is a studio apartment worth it?
What is a studio flat?
Found worldwide, a studio apartment is entirely self-contained and an example of one-room living, with a bed, kitchen, and relaxation area all combined within an open-plan layout. A studio apartment is a pragmatic solution to limited living space, with the minimum room dimensions measuring 37m2.
Unlike a traditional house or flat, which features very definite partitioning walls, dividers, and separated areas, living in a studio flat means having everything in one place. In fact, the only isolated room is the bathroom, where you can expect to find a neatly compacted shower, toilet, and basin.
The pros and cons of living in a studio apartment
Just as you’d find if you moved into a house, bungalow, or large flat, there are, naturally, pros and cons of living in a studio apartment. So, whether you end up renting or buying a studio flat is dependent upon your priorities. To offer clarity, we’ve outlined the benefits and drawbacks of renting or buying a studio flat.
The benefits of buying a studio flat
From straightforward maintenance to affordable living, there are numerous advantages to living in a studio flat. We’ve dug into the details of the main benefits.
- Convenient city centre living
As city centre populations continue to rise, the amount of available property becomes limited. So, it’s only natural that more individuals will begin to start living in a studio flat.
Whether it’s to be within walking distance of work, to have easy access to restaurants and bars, or enjoy close-by public transport links, people are prioritising city centre living, for its convenience and the amenities.
- Affordable rent
On average, living in a studio flat is roughly 25% cheaper than renting a one-bed flat, with recent estimates suggesting a £300 monthly saving in London. This is, of course, a major motivation for people looking for their next home.
- Strong yield for investors
Buying a studio flat can be a great investment opportunity, with high yield potential. Because city centres are experiencing rapid growth, studio apartments are in demand. Generally cheaper to buy than similarly located larger properties, studio apartments are estimated to yield around 6%, compared to a one-bed flat which brings in roughly 4% annually. If you’re thinking of buying a second property and stepping into the rental market, read up on how to be a good landlord.
- Reduces a tenant’s carbon footprint
Because a studio flat is so compact, it doesn’t require as much energy to heat up or cool down. In the summer months, for instance, it’s possible to lower the temperature of the entire studio by simply opening a window. Compared to a house or larger flat, this is far more eco-friendly. Similarly, because everything is kept within the one room, you’re unlikely to forgetfully leave any electrics running throughout the day.
- Easy to clean and furnish
It might be obvious, but the smaller the setting, the easier it is to clean and tidy. Because renting or buying a studio flat means enjoying a kitchen, bedroom, and living room within one area, it doesn’t take long to attend to mess. Similarly, furnishing your flat is made straightforward, with limited room to accumulate clutter. This doesn’t mean you can’t inject a little personality into your space, however, with room still to get creative with your interior design.
The drawbacks of living in a studio flat
- Rental value is debatable
While the cost of rent for living in a studio flat is lower than that of a one-bed flat, the overall value could be contended. Instead of enjoying a separate bedroom, living room, and kitchen, you’re having to work around all three within one space that’s overall smaller.
- Living in a couple could become difficult
Living in a studio flat might be a strong option if you’re single or on your own, but it’s unlikely to suit the needs of a couple. Not only will you find it more difficult to keep both of your belongings within such a small area, but you’ll likely find yourselves getting on top of each other, which can quickly become irritating. Before making the move into a flat together, make sure you’re familiar with your rights as a cohabiting couple.
- Space for socialising is limited
As highlighted, a studio flat is, by nature, a small living space. This can prove troublesome if you’re somebody who likes to have friends and family over. There may be room for a few friends to socialise, but nothing close to a party. Instead, you’ll become reliant on travelling to other households or local bars, restaurants, and outside areas. Before you commit to living in a studio flat, consider how heavily you value socialising at home.
- Home working becomes a struggle
Remote working in the UK has become much more commonplace in recent times, and many offices have introduced a flexible model, meaning that you’ll likely continue to spend some time working from home. This could quickly become a monotonous experience, as you move a matter of feet from bed to desk each morning, without the option of a change of scenery within your own home. if your job is heavy on remote working, it’s important to consider whether your new home is compatible.
- You’ll find it difficult to keep pets
Just like people, larger pets require sufficient space to wander freely. While you might take your dog out for a walk every day, for instance, it won’t benefit them to be stuck inside a small apartment while you’re at work. In a lot of instances, anyway, landlords will prohibit the keeping of pets when renting a studio flat.
Renting or buying a studio flat comes with various benefits and drawbacks, as any living situation does. Consider your lifestyle and priorities when making your decision. Wherever you’re looking to move, receive an immediate valuation of your current home for a quick sale, or explore even more expert property advice.