Staging vs. Renovating; Which Will Sell Your House Faster?
If you are thinking about selling your home, you might be wondering whether it is prudent to renovate it prior to listing or simply stage the home. There are positives and negatives to each of these strategies. Let’s take a look at whether staging or renovating is the better approach to expedite a home sale.
The Case for Staging
Staging is the preparation of a home for sale. Most stagings require the assistance of a professional who understands how to present a home in the most marketable fashion. Staging will certainly help sell your home quickly yet it will cost some money if you hire a professional. In most cases, staging is worth the minor investment as it can spark interest in a home that would otherwise be looked over in favor of more aesthetically pleasing properties. Though staging a home will not enhance its appeal as much as a series of major renovations, staging is quite cheap compared to renovating.
Stage your home properly and you will be able to list it at a higher price. There is no guarantee you will receive a bid at this lofty asking price yet the fact that you were willing to stage the home justifies bumping up the price. Perhaps most importantly, staging a home in a highly strategic manner will help sell the property as quickly as possible. Selling a home sooner rather than later is helpful as it eliminates the need to reduce the price and also helps you transition to your new digs without delay. The best part is staging does not take nearly as much time, effort or money as extensive renovations.
Renovating a Home to be Sold
Renovate your home prior to listing it and you will be able to hike the selling price yet there is no guarantee anyone will pay what you are asking. Furthermore, there is no guarantee you will receive the money back that you invested in the renovations. Making matters worse is the fact that it will take significantly more time to perform renovations than stage the home. Most significant home renovations cost several thousands of dollars if not tens of thousands of dollars. If you invest this much in home improvement, your listing price will skyrocket and possibly decrease the pool of potential buyers.
The truth is small starter homes are uber-hot right now, partially because so many millennials are moving out of apartments and their parents’ houses in search of a place to live with their significant other. The societal trend is to have one or no children, live in a small home and hope the economy stays afloat. Those who shell out big bucks to renovate a home might find they inadvertently shrink the market.
Improve Everything or a few Things? That is the Question
In the end, the decision to renovate or stage a home to fast-track its sale depends on the market, the seller’s ability to finance potential renovations and his or her timetable. In most cases, staging a home will expedite the sale as it enhances the entirety of the home rather than a few aspects of the property. Staged homes sell 73% faster than homes without staging. There is little sense investing large sums of money improving something like hardwood floors or the kitchen when staging can present the home in a marketable fashion, speed up the sale and spur more than acceptable offers.