Studio apartments and smaller condominiums are not just for the extravagantly expensive markets such as San Francisco and New York City. Downtown Portland and especially the Pearl District has some very small studios that still pack a punch when it comes to maximizing space and utilizing the location. Many people find that they prefer to live in a specific area so they are willing to sacrifice on the size of the condominium or property.
Studio apartments can range anywhere from $1000 to over $3000 simply in monthly rent but to all these homes your mortgage payment could be far less. These smaller condominiums ranging in size from 400 ft.² to 700 ft.² can actually start at a more decent price at less than $200,000. This could bring your mortgage under the $1000 mark or close to it depending on your down payment and your interest rate. Additionally, if you plan on hanging onto this condominium you can certainly rented out and as you can see, gain a profit each month.
Of course, we still have to consider monthly homeowners dues. Most of these condominium complexes and buildings require monthly dues for maintenance, management, building insurance and common area maintenance of any amenities such as a fitness room, doorman or security. These fees can range anywhere from about $150 a month to $500 a month depending on the square footage of the unit. Smaller units pay less while larger units and penthouse units will pay the most in homeowners dues.
Making the most of your small Portland studio condo means maximizing the space and using the space for practical and multiple usage. Most storage can be utilized as something else such as storage underneath a window seat, in a coffee table or underneath the stairs in a loft. Most of the spaces go up rather than out making use of higher ceilings with cabinets that stretched to the ceiling or overhead shelving for books, kitchen tools, or just additional storage.
You also want to consider how often you're going to be in your home and if you prefer to spend most of your time there or do you spend most of your time out, at work or at play? If you simply using the space for sleeping, you can downsize on a lot of the unnecessary appliances and entertainment.
If you'd like to know more about these smaller studio condos in downtown Portland start your online search here or simply give me a call or contact me through my website and I would be happy to send you a customized list of properties that meet your search criteria and price. There are plenty of smaller condos especially in the Pearl District that might be ideal for your needs.