Selling Your Home: Is Home Staging Worth the Cost?
You’re thinking of selling your home. After speaking to friends, family and a few real estate agents, you’re left with more questions than answers.
One of those questions is whether or not to spend your hard-earned dollars on home staging.
Since I’m not an expert on either home staging or real estate, I contacted two people who are experts and convinced them to answer my questions about residential home staging.
Alex Capozzolo is the owner of the Brotherly Love Real Estate blog and a content writer for the real estate industry. Our focus is on helping people through one of the most important investment decisions of their lifetime by seamlessly providing fast, honest and professional real estate services.
Maria Saverino is the founder of Milagro Interiors. Maria is a Certified UltimateStager™, Professional Photographer and Graphic Designer. Maria can transform your spaces to get the best possible return on investment in the shortest amount of time. She works with homeowners and realtors creating life-changing experiences.
Question #1: Can you quantify how much styling/staging a home impacts the resale value of the home?
Alex’s answer: If the home is best suited for owner-occupants (versus investors and flippers), the proper staging of a home can impact the resale value by $10,000 - $20,000. This is from our experience here in Philadelphia, PA. If the staging is good, and you can attract enough buyers to start a bidding war on the property, that is where we see the biggest impact.
People buy on emotion. Emotion starts with the feeling people get seeing and walking through the home. If it is a high-end neighbourhood, and the buyers are families that plan to live there long-term, staging pays for itself and more.
Maria’s Answer: Staging = Marketing your home!
It definitely impacts the resale value of the property. It will allow you to sell it faster and for 6% to 25% more than asking price (2018 Home staging resources). For every $100 invested in staging the potential return is $400. The latest Home Gain survey, including more than 2000 realtors showed that investing in staging can generate up to 556% returns.
In addition, Staging will save you from a costly price reduction and from sitting on the market by 90%. A recent RESA survey showed that out of 1,081 un-staged homes they spent an average of 184 days on the market vs well-staged homes spending -23 days on the market. Staging is definitely the best investment for the resale value of the home.
Question 2: What aspects of staging/styling produce the biggest bang for the buck?
Alex’s answer: The kitchen, bathrooms, and living room are the 3 most important rooms to spend on staging. Specifically, items like centrepieces for tables. They attract buyers' eyes and make it feel homey. Secondly, mirrors are incredibly important to include during staging. It enhances the overall feel and can make a smaller place feel big.
Maria’s Answer: Smart decorating can accentuate the properties strengths. Using design elements; furniture and décor pieces such as artwork will direct the buyers to the strengths of the property. Changing Décor and painting (keeping neutral) will have a huge impact and will give you the best return on your investment. Decluttering and depersonalizing and the importance of furniture placement to creating flow and emphasize the functionality of the living space.
Staging a home will sell faster, which means your less likely to be subjected to a price reduction. According to a NARS survey a staged home sells for about 6% more than an un-staged home. Most sellers don’t think about doing the math of how much it costs to carry a house during the sale and closing period. For every dollar spent on staging, the return on investment would be $3 on the sale.
Check our website, www.milagrointeriors.ca and use our home staging calculator to calculate what costs you will be carrying if you don’t stage first.
Question 3: Can you compare the impact of having a professional stage a home vs a HOMEOWNER DIY?
Alex’s answer: The larger pieces of furniture provided by professional staging companies are arguably the most beneficial to the homeowner. For example, a staging company can provide a couch that hugs the wall of the living room better, therefore highlighting the size of that room more efficiently.
The overall theme is more difficult to master doing it yourself. You may be able to add cool staged items that you like, but not everyone else. Staging companies are masters at making a home seem trendy yet neutral.
Maria’s Answer: You will get a greater impact by hiring a pro. To increase the chance for a more profitable and faster sale, make sure you hire a stager that is certified and insured. Only 10% of home buyers can envision the potential of an un-staged home.
Buying a home is not only a financial decision it is also an emotional one. As a professional stager, I understand the psychology of buyers by creating appealing spaces to attract a wide variety of potential buyers so they envision themselves living there. I create the best first impression to incite an emotional connection with potential buyers by making the property look stunning. I understand the importance of furniture placement, flow, and colour theory. As a stager, I help accentuate the space, maximizing its strengths and minimizing its weaknesses. It is not just one aspect, everything combined will give it the effect it needs to attract potential buyers.
Real Estate is a time-restricted market, you don’t want your property to linger on the market, you want it to be hot and you want it to stand out! Your home is your biggest asset, so why not do what you can to increase your investment.
Question 4: Is there a difference between a simple stage (furniture, home decor, accessories, etc) vs a more involved styling...new paint, flooring, etc?
Alex’s answer:: A more thorough staging, that includes new paint and flooring may require different home accessories than the default, go-to items that staging companies use. It is much more involved, and requires an expert opinion and what to paint, what colour, and all other details.
Maria’s Answer: Yes Definitely. Having a home fully staged will give you a greater impact! Milagro Interiors has furniture rentals and unique accessories rentals from all over the world that will give you the wow factor! Repairs to a home such as flooring and painting are something a stager will suggest to have done, buyers are picky and anything can deter them from the sale or they may even ask for a price reduction. Milagro Interiors offers home staging packages that are affordable to accommodate to everyone’s needs from a home consultation DIY to staging a vacant property having it fully furnished.
About the Authors
Alex Capozzolo is the owner of the Brotherly Love Real Estate blog and a content writer for the real estate industry. Our focus is on helping people through one of the most important investment decisions of their lifetime by seamlessly providing fast, honest and professional real estate services.
Maria Saverino is the founder of Milagro Interiors.
She is a Certified UltimateStager™, Professional Photographer and Graphic Designer.
Her big skill set is a huge asset for her clients; helping them to sell their properties efficiently while maximizing the equity OR providing home styling which allows them to live in a comfortable and functional way. Maria’s has a keen eye for design and see the potential in spaces, she delivers passion and exceptional quality service that exceeds her clients’ expectations which makes them return continuously. Clients become family!
Maria will efficiently walk through your home to fully assess and provide you with detailed advice on how to best prepare to make a successful staging process. She is a natural and true designer at heart! Maria understands that home is where love resides, memories are created, friends always belong, and laughter never ends.
Want to know more about Maria Saverino & Milagro Interiors? Visit her social channels and check out all the services offered by Milagro Interiors. Subscribe to her YouTube channel where Maria offers weekly tips.
