The power of a well-presented home translates to money in investors’ pockets. That really is the bottom
line when it comes to investing in staging your property. A Maritz* survey says that 63% of buyers will pay more for move-in ready homes. Renters are also willing to pay more for a property that is well-cared for.
Staging is no longer a luxury; it is mandatory to maximize your equity and it makes good business sense for investors, like you!
We have worked with numerous investors over the years and it always surprises me how little thought is given to staging. From house flippers to new construction investments, we consistently come across people who fail to work staging into their marketing budget. So, after all the money is spent on purchasing costs and renovations, there is next to nothing left for staging.
What happens if the property doesn’t sell immediately?
The only leverage you have is to lower your asking price, and typically we’re talking a minimum of $5,000–
$10,000, which is almost always more than the cost of staging! Add in carrying costs for another month and the profits shrink at a rapid rate.
Top Staging Tips:
- Paiting - This is the cheapest renovation with the highest return!
• More often than not, ceilings and trim don’t need painting – just the walls – which will save on painting costs.
• Bold colours are great for living, but not for selling.
• Stick with a warm, neutral palette like tans, taupes and greys.
• Rule of thumb: if the walls haven’t been painted in over two years, now is the time!
- Lighting - Light and bright always sells!
• Consider changing existing light fixtures to ensure all hallways and bedrooms have 2-bulb, flush-mount fixtures.
• Getting rid of dated fixtures can help modernize a property instantly.
• Compact fluorescent bulbs are great for saving energy, but we recommend changing them to the old-fashioned incandescent bulbs while on the market. They are brighter and give off a much
warmer light (it’s only for a short term!).
- Kitchen and Bathroom Upgrades - Kitchens and bathrooms sell houses!
• If your budget is limited, changing cabinetry hardware to brushed nickel or silver knobs and handles will give it an immediate appeal.
• Consider painting dated cabinetry instead of replacing them and, yes, you can even paint over melamine!
• Depending on the price point of your property, it is often worthwhile to install stone counters. This immediately adds value and is very durable for long-term use. The added touch of luxury greatly increases the appeal for renters.
• If stone is not in the budget, consider a ‘stone-like’ laminate counter. There are some great products on the market that will save your reno dollars but increase your kitchen’s marketability.
- Flooring - Another area that always increases the value of your home!
• It will ALWAYS cost you less to replace worn carpet or
add new flooring than to leave it to the new homeowners. Most purchasers
are looking for reasons to discount their offers. Flooring is one of
the first things buyers see when they walk in. If their first thought is
“I will need to replace these floors”, I guarantee they will discount
their offers by $5,000–$10,000 for condos and $7,000–$15,000 for houses.
To read a staging case study on investing and staging, please read our post
Investors and Staging ... Do they Mix?
Staging your property for sale or to rent is what separates you from the competition, and garners the top end value your property is worth. Whether you’re attracting premium tenants or looking for a quick sale, investing in these key areas will get you results. So is it worth it? Absolutely.
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There you will find great info, links and quotes from our clients. We
are continually posting new pictures of our staging jobs on our Facebook
page too.
*Maritz Research 2006
