Good sized 1 bedroom flat? Or 2 tiny bedrooms?

[NarrowGate]

If you were in the market for a small but desirably located London flat, would you prefer 1 large(ish) bedroom or 2 small ones?

I have moved in with my partner and initially kept my flat as a stopgap in case things didn’t work out, but luckily they have, and I’m planning to sell as I can’t really afford the extravagance of having a second home, and I definitely have no interest in becoming a landlord.

The flat is very tired, and having spoken to agents it will need some upgrade work on it to maximise its appeal. Partner is in the trade so it’s tempting to do this work ourselves.

I just can’t decide whether it would be more appealing as a luxe one-bedder instead of the two bedrooms each with tiny 4ft so-called doubles that I had it configured as during my time living there with a lodger. The area has gentrified beyond all recognition and the agents reckon buyers will be Bank of Mum and Dad or people wanting a smart London crash pad for work. According to the agents there are fewer of the latter, but they are less price-sensitive, so not much in it.

So what would you prefer, and why? I just want to get it sold, but at its best price because it’s my only real financial asset. I have a paltry pension started much too late in life.

Definitely two bed ,and much easier for someone to knock down a wall than put one up.

Are you sure it's worth doing anything? Will whatever you do add as much value as you spend.

I'd also keep two bedrooms as potential for lodgers or for separate office etc...

I had a two bed flat so I had a lodger. When she moved out I enjoyed having a study.

Regarding whether it’s worth doing the work, it’s in a bit of London and in a proposed price bracket where people don’t like DIY, I was told by the agents.

It needs a new kitchen and bathroom plus decoration throughout. DH reckons £20k at cost, and it would take us into the “smart flat” bracket rather than appealing only to FTBs who are very thin on the ground.

Very slow at typing so hadn’t seen the replies!

2 beds seems unanimous, but would you still think this if I told you neither of the two bedrooms can fit in a proper sized double bed and twin bedside tables? A 4ft double bed is tiny - more of a generous single.

Two flats have sold recently where I live.

Flat 1 - put in two new bathrooms at a cost of £21k

Flat 2 - needed work

Flat 1 sold for £10k more than flat 2. The price of the new bathrooms did not get reflected in the selling price in entirety, and it was hassle.

I would do the minimum and sell.

Where in London is it?

I think you need to look at how much local flats have sold for?

It’s very tempting to do nothing and put it on, believe me! All the agents were clear though - selling at the moment is an uphill task anyway, and nobody wants a project any more.

Holland Park but closer to SB than KP!

Not many people would want a flat with 2 very small bedrooms. People want a proper double or maybe even a King sized bed in their main bedroom, even those buying a 1 bed in London. If the room is big enough they could put a desk in it in front of the window to work from home.

I would turn it into a 1 bed luxury flat.

Unless there are extenuating circumstances like a mezzanine or similar. I’d always say 2 bedrooms. You want to appeal to landlords as well as FTBs and retirees and the difference in rent yield is stark.
I recommend you consider talking to another agent. A well priced flat that is ready to be done up is often as attractive as a perfect one at a higher price once you include labour and materials cost. More people can afford it and like the challenge of DIY, even if they never get around to it! Also in London many younger people have high standards so like high-end appliances and finishing- anything cheaper could be a deterrent.
(I have a lot of experience of the London market but clearly it’s a big place so can’t speak of specifics).

Agents - I’ve spoken to the full spectrum - have all said it will be hard to shift without some investment. I bought when this area was considered a bit downmarket and never had the means to do anything beyond a lick of paint so the kitchen is 20+ years old and needs to be reconfigured to have space for a dishwasher etc. It’s basically either do the work or have it spend months on the market with few viewings. It’s a very different London market to the old boom days.

Apparently the buy to let game is well and truly over and nobody wants an investment property unless buying for their kids.

Could you split it differently? Have a large bedroom and an area that could be used as a study, dressing room or even a nursery?

It doesn't sound large enough for two proper bedrooms and I wouldn't want somewhere that doesn't fit a double bed.

But I would see extra separate, flexible space as an advantage so I didn't have to work in my bedroom or could get though the very earliest child years there while on mat pay before moving up. That would elevate it above other one beds even if it wasn't officially a two bed.

Wow thanks @Calmdown14 that’s a really good idea actually.