With the low cost of living, incredible job opportunities left and right, and a spectacular dining scene 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 and great for young professionals and couples wanting to try living together. But before you take out a loan to purchase a studio apartment, consider the resale value, and it’s wise to do so.
In this post, we discuss the pros and cons of purchasing a studio apartment and 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 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 living alone, recently married couples, and individuals who’ve moved to a new city.
Pros Of Owning A Studio Apartment
- These are excellent starter homes for grad students, young professionals, and couples just starting.
- 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, a studio apartment’s most significant advantage is 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. Studio flats sell slowly when real estate prices are high, as many buyers are priced out of the market. And when a market is slow, studio apartments aren’t as attractive, 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 only care a little about your property’s condition or location. 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 start the process immediately.
2. Auction
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 are few 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 spend a lot of time filling out paperwork. Additionally, auction houses charge a commission, which will eat your profit up.
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. In addition to being more expensive, selling with an agent takes longer as well.
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.