Without a doubt, it’s worth the expense to stage a home. The question is whether you really need to hire a professional or if you can stage a home with the help of family and friends. If you are in the business of flipping homes to make a profit, consider recycling the same décor items, art pieces, mirrors, rugs, and furniture pieces. Make it easy, find the look that sells and then replicate it. With furniture, you can stick to the basic browns, whites and blacks so it’s easier to change interior paint colors as the trends change over time. As far as how to stage a home to attract more offers, there are a few tips you can use such as touring new model homes for ideas. According to an article by U.S. News & World Report, the extra money you spend to prepare your flip pays off in terms of final sale price and how quickly the home sells.
Giving buyers a move-in ready experience
While a staged home is not as important to an investor who wants to use your finished product as a rental home, it is inspiring to first-time home buyers and retirees who aren’t looking for a renovation project. Decide whether your target is an owner occupant or an investor. With investors who intend to rent out the home, the more important priorities include providing a washer and dryer, dishwasher, laminate or upgraded flooring and nice kitchen. To appeal to owner occupant buyer, stage the home to give them ideas of how to use the space. Use a mix of traditional and modern furnishings or an eclectic look that appeals to a broad range of potential buyers of any age.
Standing out in a competitive market
If you flip homes in competitive housing markets such as Arizona, North Carolina, Texas, Florida, Georgia, Virginia, California, Colorado, Washington State or Utah, you get an edge by staging your home. In most cases, you will attract higher offers because of the perceived value. You also stand out with some buyers looking at new construction homes that often display all the latest styles. Experts recommend creating an emotional connection with well selected décor items and furniture. The Real Estate Staging Association reports most staged homes get grabbed up quicker by buyers compared to other homes.
Getting the bidding war going
When you stage a home, it’s easier to market the home because the photographs and videos look more like a magazine photo spread. Using a wide-angle lens helps as well as using appropriate lighting. The purpose of home staging is to get a bidding war going instead of wasting time with low-ball offers. As a home flipper, you not only make strategic improvements, but make the home stand out with a little creativity. Showcase your home properly and you will maximize your potential for success.
Choosing an on-trend look
When it comes to staging, go for the current "in" look and not for what’s about to be trendy. Trendy styles do not appeal to many potential buyers who are not even aware they should like a trend that’s hot in another part of the country or world. When decorating, let the architecture of the home itself provide the guideline. How you stage a contemporary home with high ceilings is not the same as how you stage a cozy cottage with stained glass windows and fireplaces.
At Center Street Lending, we can answer your questions about how to stage a home and attract more offers. We are a private money lender that provides loans in as little as 24-hours. We require very little documentation and have a quick and easy application process. For more tips on staging your non-owner occupied investment properties, please contact us.
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