With cost of living being low, incredible job opportunities left and right, and a spectacular dining scene that’s rich with cheese and craft beer, Milwaukee is emerging as one of the fastest-growing cities in the Midwest. And since more and more young professionals are moving here, studio apartments have seen an immense surge in popularity in recent years.
The most attractive thing about studio apartments is that they’re inexpensive, so they’re great for both young professionals and couples that want to try living together. But before you take out a loan to purchase a studio apartment, you’ll probably consider the resale value, and it’s smart to do so.
In this post, we discuss the pros and cons of purchasing a studio apartment, and we share tips that you can use to sell a house fast in Milwaukee, even if it’s a tiny studio flat.
What Is A Studio Apartment?
Not to be confused with a one-bedroom unit, a studio apartment is one large room that’s divided into a kitchen, bathroom, and living room. It’s a compact residential unit that’s usually between 300 and 500 square feet. Studio flats are attractive to students, young working professionals who are living alone, recently married couples, individuals who’ve moved to a new city, among others.
Pros Of Owning A Studio Apartment
- These are excellent starter homes for grad students, young professionals, and couples just starting out.
- They’re affordable when compared to other options.
- Easy to maintain, as less time, effort, and money are spent keeping it clean.
Cons Of Owning A Studio Apartment
- Not ideal for large families.
- Not much storage space.
- Not suitable for entertaining or hosting parties, dinners, etc.
Are Studio Apartments Harder To Sell?
Mortgage companies consider studio flats a risky asset. Furthermore, the biggest advantage of a studio apartment is also its downside. That is, studio apartments often feel cramped, especially when more than one person is living in the space. In short, they’re not the best if you’re seeking a long-term accommodation.
Another challenge you might face when selling your studio apartment is that the sale depends on market conditions. When real estate prices are high, studio flats don’t sell quickly, as a lot of buyers are priced out of the market. And when a market is slow, studio apartments aren’t as interesting, as more buyers are looking to scoop up larger homes at bargain prices.
3 Popular Ways To Sell A Studio Apartment
Here are three things you can do to sell your studio flat:
1. Cash Buyers
The easiest way to sell a studio apartment is to connect with trusted cash home buyers in Milwaukee, like Sell House Fast MKE. Cash buyers don’t care all that much about the condition or location of your property. They guarantee a convenient, fast, and affordable sale.
If you’re interested in a cash sale, contact our team to receive a FREE cash offer and get the process started right away.
Another way to sell your studio flat is to auction it. In an auction, you set a minimum price for the property. Interested buyers bid against each other, ultimately raising the price, which benefits you. The disadvantage of an auction is that if no one is interested in the property, or there aren’t many buyers, the home can either remain unsold or sell for lower than you expected.
Plus, it’s time-consuming. You’ll have to wait for weeks or even months for the auction to be held, and you’ll also spend a lot of time filling out paperwork. Additionally, auction houses charge a commission, which will eat away at your profit.
3. Real Estate Agents
When it’s time to sell any property, including studio flats, the first option that most sellers think of is approaching a real estate agent. These professionals take complete control of the process when you bring them on, and they charge a hefty commission for their services—usually 5-6% of the sale price. And in addition to being more expensive, selling with an agent takes longer too.
Sell Your Studio Apartment Fast In Milwaukee
Contact our team if you have a studio flat that you’re hoping to sell quickly and for a fair price. As the #1 cash home buyer in Milwaukee, we’ll buy your studio apartment, regardless of its condition or location. The best part—we don’t charge a dime! We’ll cover all closing costs. Call us at (414) 488-0081 or fill out this form and we’ll get back to you ASAP.