Home staging versus remodeling is a topic of conversation often brought up by real estate sellers who are simply not sure how to best market their residences. While both home staging and home remodeling can make sweeping and drastic changes in the look and feel of your property, there is a crucial difference between the two possible paths to sales success.
Since the goal of the renovation or staging is to facilitate a faster and more profitable sale, there is no sense in spending more than you have to in order to accomplish your objective. This being said, the differences between home staging and home renovation begin to become increasingly obvious.
This essay will help property owners to better understand the differences between renovation and staging. We will discuss when each is appropriate and how both can create great returns on investment, given the proper circumstances.
Staging Versus Remodeling Comparison
There are many benefits of remodeling your home, since renovation can completely update and enhance the interior and exterior aspects of the property. However, when it comes to selling, the benefits of home staging are equal to renovation work statistically and many buyers actually prefer the universal appeal enacted by a quality staging design to the typically more taste-specific changes made by the property seller during renovation.
Both jobs being aesthetically equal in their application, it seems to be a tie between remodeling and staging, in terms of how much the buyers will value the changes made to the home, prior to listing it for sale.
Home Staging Versus Remodeling Costs
Here is the factor which separates the two possible ways of improving the décor of a residence more than any other. The cost of remodeling is incredibly high in most areas of the world. A single room renovation can cost over $100,000 in some real estate markets.
Renovation is a high price to pay to get buyers to take a look at your home. Besides, who knows if their choices you make will appeal to your buyer demographic. Wouldn’t it be a shame to spend all this money and fail to impress your potential buyers?
The cost of home staging, on the other hand is exponentially lower. Typically, the cost of staging a room is about 1% to 5% of the cost of renovating it. I really do not think I have to talk much more about the cost comparison here. Home staging is the hands-down winner.
Home Staging versus Remodeling Conclusions
You are selling. You are not investing long-term. It makes no sense at all to renovate, unless your home is such a disaster that it is literally falling down. I advise all prospective clients to stage their homes before listing to maximize the chances to sell fast and for the best price. I also advise them to take the extra money they make from the staged property sale and invest it by renovating their new home to fit their own tastes and preferences. This way, they will benefit from a completely remodeled décor in their brand new residence and they can save money when selling the old one.
Makes sense? I think you have this lesson covered. Just to be sure:
If you are selling a home, you need staging.
If you are keeping a home, then remodeling can be a great investment.
It is a simple formula for success, happiness and financial gain.