What are the pros and cons of buying a studio apartment in NYC? Is it possible to convert a studio into a one-bedroom apartment? Is it easy to resell a studio apartment? Let’s start with the basics: why should you buy a studio apartment in NYC? Studio apartments are typically less expensive on a price per square foot basis when compared to apartments with true bedrooms. Studio apartments are also usually very small. The combination of a smaller space and a lower price per square foot means that studio apartments are usually quite affordable by New York City standards. Studio apartments also offer great flexibility and maximal use of space for New Yorkers. Studio apartments are especially appealing to single buyers or couples without children. This is because the lack of walls and separate bedrooms creates the perception of more space. It’s important to remember that studio apartments are not always small or cheap. Many of the city’s most expensive loft apartments are often configured as studios. Can a studio be converted to a one-bedroom apartment? A studio can sometimes be converted to a one bedroom apartment if there is sufficient space and windows in the floor plan to permit the addition of a legal bedroom. For a bedroom to be considered legal in New York City, it must have two means of egress – one of which is a window. Legal bedrooms in NYC also have minimum dimension requirements. Is a loft always a studio apartment? A loft is not necessarily a studio apartment. A loft can just as easily have separate bedrooms, although these are often created by adding new walls to an originally open layout. A loft is an apartment with an open layout and high ceilings, typically situated in a building that has been converted to residential use. Loft buildings may have been former factories or other commercial or industrial buildings. They are desirable because they often retain some of the original beams and ceilings. Is it easy to sell a studio apartment? A studio apartment is traditionally considered harder to sell than an apartment of comparable size with more bedrooms. This is primarily because the buyer base is larger for units with actual bedrooms. Buyers usually screen for listings which have a minimum number of bedrooms. Therefore, many buyers won’t ever see or consider studios, even if bedrooms can be added. With that said, there are many buyers who prefer buying a studio in NYC, especially if it is a loft. Is buying a studio apartment in NYC a good idea? Buying a studio apartment is only a good idea if you are comfortable with an open living space. Furthermore, it only makes sense to buy a studio apartment if you plan on keeping it for at least a few years. Buying a studio apartment only to have to sell it a year later is a bad idea. This is because closing costs in NYC are substantial and will take a bite out of your home equity every time you buy and sell. To estimate buyer and seller closing costs in NYC, visit Hauseit’s free closing cost calculators at www.hauseit.com. More questions about buying or selling real estate in New York City? Ask the community in Hauseit’s Forum, where buyers, sellers and New York real estate professionals come together to discuss the toughest questions in real estate.