Buying a 2 bedroom condo and renting out one room, or buying a one bedroom
We would like to buy a condo in downtown Toronto. We (a couple) can either buy a one bedroom condo, or buy a 2 bedroom and rent out one one the rooms. In both scenarios what we pay out of our pocket each month is more or less the same (more mortgage in case of 2 bedroom, but we also get rent). However, we have more equity at the end of the month if we buy a 2 bedroom. The downside is we have less privacy, and potential hardships of living with someone else!
What do you think? Is it a good idea to buy a 2 bedroom?! Do you have any experience in a similar situation?
Any feedback is highly appreciated :-)
PS: I think buying a 1bedroom, and maybe another studio as an investment property would be more expensive overall, and getting a mortgage for the second property is more difficult!