I am a property owner in the UAE and am looking to sell my unit. How important is it to stage my property before potential buyers come for property viewings? Does it help achieve my asking price?
Also, what is the benefit of listing my property with a single broker as opposed to multiple agents? KV, Dubai
Proper staging of a property, whether an apartment or villa, can be the difference between selling it or not.
If you are asking a full sales price and by this, I mean potentially higher than the expected price, going full tilt into a staging programme can indeed get you closer to your requested selling price.
While some buyers can see the potential of a blank canvas, or a vacant property, there are many who cannot. Therefore, showcasing a property with beautiful furniture, artwork and accessories in the correct places will definitely highlight the benefits of space within the unit.
When visiting a staged property, buyers can aspire to the whole experience and be swept away in the moment. Often, buyers will not be interested in buying only the property but the furniture, too, as it will showcase a complete lifestyle experience.
Staging is big business in countries such as the US, but it hasn’t taken off in the UAE as much as it should have. This could be down to the newness of the properties here, but a canny seller would do well to consider staging when trying to sell a unit.
I own a villa in a community in Dubai. Over the years, I have made a lot of improvements to it. Will these home improvements and renovations add to the property’s value and help me to achieve above market price when I try to sell it?
Is there anything I need to know that might dissuade potential homebuyers from purchasing my property? LM, Dubai
Improvements to any property will undoubtedly add value. However, it is important to see how the market is performing in general at the time of expenditure. For example, if the market is in decline, spending Dh100,000 on home improvements will not get you the money back once sold. It will make the property more desirable and, therefore, the chances of a sale more likely.
In a rising market, property owners have more chance of getting the equivalent spend back and in some cases, a lot more. Adding additional rooms or enlarging a space will make it attractive to a buyer, but remember to take a minimalist approach for the décor.
What you like may not be what another person prefers. So keep colours neutral and look at today’s trends when improving or updating kitchens and bathrooms.
Keeping up with what is popular will ensure you get the approval of potential buyers. Avoid garish colours and try to keep to a theme that will attract the majority of the buying public.
Lastly, ensure that you get approvals or no-objection certificates from the original developer for any home improvements because these will be required when you sell the property.
Mario Volpi is the sales and leasing manager at Engel & Volkers. He has worked in the property sector for more than 35 years in London and Dubai. The opinions expressed do not constitute legal advice and are provided for information only. Please send any questions to mario.volpi@engelvoelkers.com
