Deciding whether or not to leave a space empty seems like not such a big decision but it can seriously affect the saleability of your apartment.
Statistics show that 90% of buyers cannot visualise a space therefore they find it incredibly difficult to work out how your apartment would look. Or whether it would be the right size for their furniture and lifestyle.
In fact, if a space is left empty often people underestimate the size of the rooms, especially for bedrooms, thinking overall your property is too small.
Unless your apartment has top end finishings and is perfectly maintained you leave buyers looking at nothing but the details… are the walls perfectly even, is there paint chipping, is there any dirt in the bathroom?
Any of these maintenance issues buyers then use to negotiate the prices down further. Much further than if you had paid to get the maintenance work done yourself!
This doesn’t take into account the key factor in selling any home which is buyers don’t buy houses they buy a HOME. A place that they will create memories, that they build a life, and one where they bring their hopes and dreams. Having your apartment appeal to the aspirational lifestyle that buyers want is what sells properties and empty homes just don’t have that feeling. They feel lonely and a bit sad. Buyers are left wondering what happened here, why was it abandoned? Instead of focusing on falling in love and making an offer.
This is so important that Deanna Kory, a senior vice president at the Corcoran Group stated
“I won’t let people come on the market empty if I can help it… I have found that sellers with empty apartments can increase their selling price by at least 5 to 10 times the investment you’re going to make in staging ” (New York Times Article)
Developers are also catching on and understanding the power of building the lifestyle around their properties. For instance the London based developer Capital Properties (Capco) teamed up with the royal opera house in the hope of enticing culturally minded buyers to its convent garden apartments. Read more in the full article here.
If you are serious about getting the best price for your property home staging is something to consider. You can learn more about it here.