To style or not to style, that is the question

Hi all

I'm thinking of selling my two bedroom apartment (glen iris 3146, 69 sqm) and was wondering if I should style it or not before putting it on the market. The end game really is to attract first home buyers and make them fall in love with the property and "hopefully" they'll pay a bit more.

However the property is currently tenanted at $425 pw, which is around $1822 per month.

If I choose to style the place, I will need to remove the tenants, meaning a loss of income of $1822 a month. And assuming it takes me 4/5 months to sell the place (including settlement period), that's a loss of income of $9110 ($1822x5). Also taking into account the styling cost (assuming $5000), that a fall back of nearly 14k. On the other hand I'm hoping by styling it, it will fetch me a higher price and make up for the 14k investment.

The reason for the styling is because the apartment is small and with the tenants things in there, it feels even smaller and "messy".

In summary

Why to style:
1. Place looks small and messy with tenants furniture and things.
2. Want to attract first home buyers rather than investors
3. Increase chances of getting a better price
4. Most of the apartments in the area for sale have styling according to Real estate website

Why not to style:
1. 14K loss of income
2. No guarantee of higher sale price
3. Feel locked into selling after removing tenants

Let me know your thoughts.

Thanks

 

Staging a property will achieve you a higher sales price in a quicker time. Hanging onto messy tenants will cost you a lot more than a little bit of lost rent.

 

I'd style it - it makes a world of difference.

We're styling a property right now - the cost was $3k for a 5 bedroom house so $5k seems a bit steep for an apartment. Maybe shop around and see if you can get a better deal.

Cheers

Jamie

 

Messy tenants and cramped properties always cause the sales price to suffer, and rental price for that matter if you were trying to lease it.

Definitely go with styling, the investment should be worth it and will give the prospective buyers a picture of what will fit in the rooms, whilst maximizing space and light.

 

100% styling works. Vacant properties, in my experience, always look smaller and a little sad. Best of luck with it all

 

Staging no more than 2-3k for 6 weeks. Maybe less given small size/rooms requiring staging.

Agree with the others, tenants out & stage for sale.
Empty also means the agents can show through potential buyers at any time that suits not when it suits tenants.

 

Definitely style the property is that's an option for you. Even more so if you're targeting owner occupiers and not investors. Staging the property makes it look bigger and helps create an emotional connection that attracts the highest price.

 

Thanks for your feedback guys, the only person advising me against styling is my real estate agent. He advised that the price difference between styling and not styling for small apartments is not considerable and not worth it. I mean it's a no-brainer if by "investing" 10K (lost of income and styling cost) it gets me another 30/40K. The answer really is that no one know how much my place will sell.

 

The agent gets paid regardless of whether you style or not. True?

 

I am also in the midst of selling my 2 bedders, 2 bathrooms apartment in Parkville. I am going for styling but it is costing $3.3k from the 2 quotes I received. I think it is a good investment.

 

Hi CliCli

would love to know whether you did end up styling and how the sale went? I know that the broader cost of the sale process definitely has to be considered. You can do things like asking the agent to do a tighter sale campaign period ie 3-5 weeks at most.