Financial pros/cons of single storey v/s 2-storey

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miyaraj354
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Financial pros/cons of single storey v/s 2-storey

Post by miyaraj354 »

Hi guys,

On a different thread, I read about the pros/cons of two storey v/s single storey. The opinions were mostly revolving around personal convenience. But I would like to know the pros/cons of a single storey from a financial perspective. Does one appreciate better than the other? When it comes to selling it, which one has more demand? I am ok with either from a likeability point of view.

Appreciate your inputs.
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jfn111
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Re: Financial pros/cons of single storey v/s 2-storey

Post by jfn111 »

That's a tough question because it's geographically specific. Are you the only 2 story in a sea of ramblers? Are you the only 1 story among mega mansions? One stories in our most expensive suburbs are being sold as tear downs to build bigger houses.
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Kenkat
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Re: Financial pros/cons of single storey v/s 2-storey

Post by Kenkat »

Cost per square foot will be generally higher for a single story home as the “footprint” is larger so things like foundation and roof are relatively larger for the same square footage. In our area, modern single story houses tend to be in demand but that varies by market.
livesoft
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Re: Financial pros/cons of single storey v/s 2-storey

Post by livesoft »

I think our 2-story home is more energy efficient than a similar square-footage home that is single story.
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FIREchief
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Re: Financial pros/cons of single storey v/s 2-storey

Post by FIREchief »

In my area single stories demand higher prices. A lot of people don’t like having to climb stairs.
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BarbBrooklyn
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Re: Financial pros/cons of single storey v/s 2-storey

Post by BarbBrooklyn »

Disregarding all else, one storey homes are going to be in demand for the "age in place" crowd.
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oldfort
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Re: Financial pros/cons of single storey v/s 2-storey

Post by oldfort »

Single story is better for people who may have difficulty climbing stairs. No stairs may be safer for either the elderly or those with young kids. Everything else the same, stairs tend to break up the flow of house, making everything more choppy, which goes against the HGTV style of big open floor plans.
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Watty
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Re: Financial pros/cons of single storey v/s 2-storey

Post by Watty »

One thing to keep in mind is that stairs, landings, and hallways use up floor space. A 2,000 square foot single family home will have more usable space than a 2,000 square foot two story house.

Heating and cooling a two story house is also more complicated since hot air rises.
BarbBrooklyn wrote: Thu Jul 23, 2020 9:16 pm Disregarding all else, one storey homes are going to be in demand for the "age in place" crowd.
Even if you are not older you need to consider how they will work if you are disabled. I know someone that was in a car accident who had to use a wheelchair temporarily. When they were discharged from the hospital they had to move into a rehabilitation center while their house was remodeled to make it at least somewhat accessible.
rich126
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Re: Financial pros/cons of single storey v/s 2-storey

Post by rich126 »

Heat rises. I had a 2 story back east with one ac and the thermostat with downstairs. Since I like my bedroom cooler I would have to set the temperature low to get the upstairs cool and waste money cooling an empty first level at night. I ended up putting in a window ac to save money.

Personally I strongly prefer one level.
vasu100
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Re: Financial pros/cons of single storey v/s 2-storey

Post by vasu100 »

If land is pricey (like CA) you will get a lot more backyard with a 2-story. Not sure how “financial roi” will be impacted. But from “livability roi on a 6000 sq-ft lot” you will get a lot more from a 2-story house.
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Nestegg_User
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Re: Financial pros/cons of single storey v/s 2-storey

Post by Nestegg_User »

when we sold our last (single level) house, the realtor (who was very experienced) noted that those looking for single levels will mostly only look at single levels, those looking for others will also look at single levels. we knew that, just like when we bought, the target market were likely to be looking only for single levels (expected the buyers to likely be retired and want an easier floor plan) and indeed that's who did buy it.

a house in a sea of houses with kids might not have the advantage of being single level with a significant premium, but one with a significant feature (such as a view of the ocean, mountains, lake, or valley) might be more valuable as a single level (as ours was). even an atrium ranch, with most features on one level, as long as the lower level allows easier exit, will still be more valuable than a standard multi level option.
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FIREchief
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Re: Financial pros/cons of single storey v/s 2-storey

Post by FIREchief »

oldfort wrote: Thu Jul 23, 2020 9:28 pm Single story is better for people who may have difficulty climbing stairs. No stairs may be safer for either the elderly or those with young kids.
Exactly. I'll add one more. People who might unexpectedly have a health issue (e.g. surgery, car accident, etc.) who may be unable to easily climb stairs for an extended recovery period. Our last house had three full bathrooms. All of them involved stairs. The house before that had 2 1/2 baths The two full baths involved stairs. Fortunately, we downsized to a ground level, newer construction rental that meets all current codes/ADA requirements (36" door ways, adequate access in the bathroom, etc.). 8-)

Point being, if you're a person who can guarantee that you won't be involved in a car accident, require surgery or experience other unexpected serious health issues, than a two story with all bedrooms and full bath(s) on the second floor should be fine. Of course, such a person doesn't exist.

I will also add that if somebody's plan is to simply move when they can no longer climb stairs, that if you can't climb stairs you're likely going to have a much more difficult time moving. :annoyed
Last edited by FIREchief on Fri Jul 24, 2020 12:09 pm, edited 1 time in total.
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Stoic9
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Re: Financial pros/cons of single storey v/s 2-storey

Post by Stoic9 »

My area single is high demand, aging population, and easier to care for. Our last two were one storey and sold the first day above asking (one just 3 weeks ago). All our rentals are single storey, in 25 years the longest time not rented is 30 days.
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