Selling a Studio Flat
With all types of flats throughout the UK, you may be looking to sell a studio flat.
Top FAQ when selling a studio flat
✅ What are the typical characteristics of a studio flat?
Studio flats are usually just one large room, which may or may not have some dividing walls within it, that consist of a living room, bedroom and kitchen all in the same space, along with a separate bathroom. The size of studio flats can vary widely, but in London the general guideline is that a minimum size for such a property should be no smaller than 37 square meters.
✅ Why are studio flats considered harder to sell than other homes?
For several reasons, including the fact that the reduced size can be a turn-off to buyers who are looking for a larger property with a separate bedroom, even if they like the price of the unit. And some mortgage providers see studio flats as a risky option because it might be hard to sell the property in the future, so if a buyer can’t get a loan then their offer on your flat may fall through.
✅ Why do some mortgage lenders see studio flats as risky investments?
Because of the reduced demand for such properties, which makes many lenders question whether they’d be able to sell the home if needed in the future. If a borrower defaults on their mortgage then the lender will repossess the unit and try to sell it to clear the debt, but they might be unwilling to issue a loan if they feel the studio flat will be difficult to sell in that situation.
✅ Are there any benefits of owning a studio flat rather than other properties?
Yes, there are a few advantages that you’ll get with a studio flat, including that it’s much more manageable and simpler to clean and maintain than a larger property. Because of the reduced space, you’ll also have to spend less on heating and other utility bills. When you’re buying your first home, the lower price range can also make these units more affordable.
✅ Will I have to pay commission when selling my studio flat?
Not necessarily, you’ll only have to pay fees using certain methods of selling such an auctioneer or estate agent who will charge you commission for their effort in finding a buyer for your studio flat. You’ll have to subtract these fees from the sale total to get your net profit. But if you use a cash buyer to sell your home, the reputable companies won’t charge you any commission.
✅ What is the swiftest option to find a buyer for my studio flat?
Fast buyers are usually able to complete the purchase of studio flats within a few short weeks. With an auction, you’ll wait several weeks between the day you list your home for sale and the day of the auction, and a further wait of about 28 days after a successful auction for the buyer to complete their steps. Estate agents might take months or even a year to find a buyer.
✅ How can I trust an estate agent's valuation for my studio flat?
Some estate agents will quote a high sale price for your home that they may know is not attainable, because they want to secure your business. The best way to avoid this outcome is to get quotes from a number of estate agents and then calculate the average among those prices, because this can give you a much more accurate idea of your home’s potential sale value.
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