How Much Should you Spend to Stage Your Home?
Fees for Home Staging Services and What to Spend on Staging
With tight competition and sinking home prices should you save money and cut costs getting your home ready for the market? The simple answer is no! Staged homes sell faster and for more money than non-staged homes, so when you forego staging, the money you save today will cost you later.
Home staging improves home sale prices by an average of 6% and sells up to 50% faster according to statistics reported by the Home Staging Resource. That’s an incredible statistic no matter where you live. So, how much should you spend on staging?
Average Costs Vary from one Place to Another
The real estate market in your town, state or province can be dramatically different from other areas, so the fees for home staging services will vary depending on where you live. Your selling price, the state of your home and the demands of the market will all dictate what you need to spend.
According to the National Association of Realtors as quoted in the book The Complete Idiot’s Guide to Staging Your Home, sellers should budget for 1-3% of the selling price of their home for staging. This is recommended as the best return on investment ratio.
This means the return on staging should meet or exceed the cost of staging. For an average home price of $150,000 that would mean a budget of $1500 - $4500. Consider that the budget may include home improvements like painting, landscaping or repairs as well as furniture and decor.
What do Realtors Recommend?
Jessica Gopalakrishnan reported for the Home Gain blog on December 26th, 2007 “On a national level, agents reported that home staging costs between $400 and $600 on average, potentially resulting in a $1,900 to $2,500 increase to the home’s selling price, and making the return on investment over 340%.”
The 2007 Home Gain Survey also revealed that spending $5,000-$8,000 on staging and home improvements had an average 150% return. With these kind of numbers it’s obvious that staging is worth the investment.
How Can You Save Money on Staging?
Staging consultations typically range from $150-$500 depending on where you live. The consultation can save you money because the home stager will advise you on the best areas to spend your staging budget rather than wasting money on changes that won’t dramatically improve your home’s presentation.
You can also opt to work on projects yourself. Articles, books and websites that give homeowner’s advice on staging can assist you in focus on the right areas to stage and help you spend your time AND money wisely.
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