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Studio Apartments

Discussion in 'The Pub' started by Paulstar3, Jul 26, 2010.

  1. Does anyone have one? live in one? bought and sold one?

    I'm tempted in the next year to buy one in Sydney close to CBD and live in it as long as i work in CBD / rent it out if i work elsewhere but no idea what they are like to live with etc. Apparently they are hard to sell and impossible to get finance for?

    Any experiences?

  2. All depends what you are happy to live in!.

    Mate of mine got one near to the Uni. He was never going to live in it himself and got it purely as an investmenet property. There has NEVER been any probs letting it out to students or working people.

    Don't recall there being a problem with getting the loan at all.

    It was being renovated in between tennats one time and I went along to have a look at it!!...IT WAS TINY!!!! Lounge doubled as bedroom with fold out bed, stove & fridge one end and minute bathroom at the other.

    BUT it did serve the need for people. Apparently a couple lived there for a few years!!.. can't work out how they fitted in!!.... :rofl:
  3. I looked at one recently. It would be like living in a cupboard.
  4. mmm, they do look small! I havent inspected any yet...having always lived in 3/4 bedroom suburban houses it'd be a big shift but its damn tempting to not have to commute to work, close to night life away from boring suburbs
  5. Lived in one for a couple of years, it was okay but my god I was glad to get out and have some more space!
  6. It's like living in a dormitory at Uni, totally dependant on what sort of people you are living with (the other tenants I mean). Can be cool, can seriously suck.

    With no common room you'll get claustrophobic, so you'll go out a shitload.
  7. On the finance front, some big lenders have issues providing finance for places with less than 50sq.m of living space - Not liekly to be as much of a problem if you have a large deposit or other security to offer.

    On living... I've never lived in one, but if you think you could happily live in a hotel room that nyou had to service yourself - then you'd be fine.
  8. I lived in a studio apartment when I first moved out of home (yes yes I know... that was a LONG time ago) but the sizes haven't altered.

    Positives -:

    Cleaning up the place took almost no time at all (I hate cleaning but I do it),

    I didn't have to worry about if one room of furniture clashed with another room (I'm decor impaired and it cost bugger all to furnish due to only being 1 room).

    People didn't visit much due to the lack of socializing space (that was a plus for me but I'm an introvert, if you're an extrovert that would be a negative).

    I ended up getting rid of a lot of junk which I didn't use much and paring back the rest to the essentials. If you're a hoarder that bit will hurt but I don't get emotionally attached to stuff so I saw it as a positive. If you collect stuff you may not have space to store or display things.


    Noisy neighbours mean no place to escape from the noise.

    If family and friends visit it's cramped.

    Cooking stuff meant the whole placed smelled and not just the kitchen (coz the whole place is the kitchen basically!). That's good if you get things right but not so good when you stuff up (not the worlds best cook).

    If you don't keep right on top of things like garbage and dirty washing then your whole place ends up smelling, you can't just leave the garbage until next time.

    That's all that comes to mind at the moment...

    Oh yeah, I had to park on the street because the studio apartment didn't come with a car space but some do (ask maybe, but I suspect the ones with car spaces will cost more).
  9. The deposit is getting there.

    The noisy neighbours worry me a little bit. I've stayed in a serviced apartment on holidays before and there was a noisy woman who would sit in the corridor and SKYPE at the top of her voice ](*,)

    I think the negatives outweight the positives =D>

    I've never lived in a unit, only houses. I guess things like painting would be fine, if i want a new kitchen or bathroom does that have to be approved by strata?

    I'd be looking for one with a car space
  10. strata only concerns changes to the spaces outside the apartment. internally you can do what you want, although You better use licensed trades people for insurance, and That is normally a requirement of any body corporate. Also you might want to get a look at the buildings rules and reg's, and make sure you know what the body corporate costs are per quarter and if there is going to be any extra expense to be undertaken at owners expense(Like a building maintenance job which cannot be covered by the body corp. itself).
  11. Studio apartment = motel room with a stove.

    Personally, I don't do high density living any more, and won't, until I can get hold of a Thompson, or build myself a Sten.

    Seriously though, i think ZRX1200R has said all that can be said.
  12. Studio apartments are not a good real estate investment.

    Paul. if you can, to assist you in enjoying a lifestyle.......
    Buy a two bedroom apartment in the outer suburbs.
    Rent it out and arrange to pay the mortgage by direct debit, plus outgoings.
    With the remainder of your disposable income, rent a studio apartment and have a great time!
  13. I had also considered this option =D> the decision to get a studio would be primarily lifestyle motivated, and the lack of investment return sort of irks me.
  14. Think the lack of investment return on a studio apt would irk you more in, say 7 years time. buy the 2 bed flat in the outer suburbs. They are not making any more land out that way, these days.
  15. How outer are we talking here? in terms of suburbs.. 8-[
  16. Pests can be a serious issue in high density housing such as studio apartments. I lived in a studio apartment for a short while for Uni before realising it was infested with bed bugs. It's also a problem because if one person brings them in (which is very likely in a place full of studios as they're rented out usually short term) it's highly likely that they'll spread throughout the place and into your room too.

    If you get bed bugs in your place you are ****ed thirty times over. They're next to impossible to get rid of entirely (also costs thousands of dollars to get rid of) and they can come back two weeks later when some dipshit brings them in again, or doesn't bother to get their part of the place you're living in cleaned. You will also have to wash and dry EVERY piece of clothing you have in the place and possibly throw out beds and mattresses too. You can't ignore them either as the bite marks are very visible and extremely itchy.

    This is what they looked like when I squashed a few of them on a piece of A4 paper


    Oh yeah. They bite you hundreds of times in a night without you feeling a thing. The bites last for days. They are much more itchy than mosquito bites. They bite you three or four times in a straight line ALL over you. If you work in sales or anywhere where your appearance matters this is very bad because you will have these everywhere.
  17. =D> I don't think a real estate agent would ever let that slip.. lol im glad that i waited till my cereal was eaten before i clicked that link :-s