Updating your home is one of the best ways of generating buyer interest when the property is placed up for sale. A dated residence is usually a sales liability, since potential buyers realize that there will be a lot of work to do once they purchase your home. An outdated home can be an asset or deterrent, depending on the needs and wants of the buyers, but statistically works out to be a problematic concern far more than a promising idea.
This discussion delves into the benefits of updating the fixtures and finishes in your home as part of a property staging project.
Updating Your Home Statistics
Some buyers are looking to build instant equity by investing in a “fixer-upper”. While it is certainly possible to find this type of buyer, you surely know that the trade-off is a far lower asking price than you could otherwise achieve by completing a few basic updates. I advise my clients to spend some money to get their homes out of the dark ages and into a more contemporary feel.
Home staging statistics show an incredible and even exponential return on investment when the costs are kept low and the projects are chosen carefully. Leaving your home in “as-is” condition is simply inviting buyers to low-ball you into practically giving the house away.
Updating Your Home Solutions
It is true that many upgrades can be prohibitively expensive. However, there is usually no need to get involved with huge renovations and costly makeovers, when many home staging techniques can be used for fast and cheap fixes.
I have seen as little as $1000 make a tremendous difference in an older and well-worn home. This is especially true if the seller is interested in using DIY staging to optimize the aesthetic appeal of their home, while saving most of the cost of full service property enhancement.
Using fundamental tactics such as staging with lighting, staging with furniture and staging with paint, an old and dated home can come to life anew. The residence can become attractive and captivating to an entirely different type of prospective buyer with a bit of concerted effort. This kind of buyer loves the home and sees that there is not that much work to do. This type of buyer will also pay well for the privilege of owning such a well-maintained property as their own.
Best Practices for Updating Your Home
I bought my first home as a “fixer-upper” in a great neighborhood. I did all the work myself and loved living in the home for 3 years. When I listed it, I used DIY staging to set the idyllic atmosphere to appeal to my buyers and sold the home in a few days. Best of all is that my sale price was just short of double what I paid 3 years before. This is the power of some simple home repairs and effective home staging.
My current home also needed some work and is in the process of achieving greatness. I know that when I sell it, it will be a great windfall and I can bankroll my continuing real estate investment ambitions with the profits.
To learn how you too can make some real money selling your home, contact a qualified home stager today or consider your DIY staging options carefully.