In a competitive housing market, first impressions matter. So, how do you set your home apart?
Home staging marries marketing tactics with interior design. The goal is to create a positive impression by arranging the environment, furniture, and decor in a new and inviting way. While home staging might seem like an unnecessary expense research has shown how a space is organized can create meaning and spark action. Studies by the Real Estate Staging Association (RESA) report that staging a home can result in a faster sale and an increased purchase price.
Here’s everything you need to know about home staging to help you make an informed decision about whether it’s right for you.
What Is Home Staging?
Home staging is the process of furnishing and styling a room in preparation for potential buyers. Rather than trying to sell an empty house or a home filled with someone else’s personal belongings and clutter, home staging presents a thoughtful and ideal setting. Effective staging can create an emotional connection with buyers, helping them to see what their new home could look like.
Who Stages The Home?
When it comes to who stages your home, you have a few options, including:
1. Do-it-yourself (DIY)
If you have an eye for design and are not emotional about removing your photos and belongings, you might choose a DIY approach. You can start by doing things like decluttering, putting extra stuff in storage, rearranging your furniture, deep cleaning, and adding a fresh coat of paint.
Realtor
In some cases, your realtor might personally stage the home. A recent report from the National Association of Realtors (NAR) found that 22% of selling agents report personally staging a home.
Professional Stagers
The most common method for staging a home is for your or the selling realtor to hire a professional company. Professional stagers know all the tips and tricks to make a home look cleaner, larger, and more expensive.
How Much Does Home Staging Cost In Canada?
The cost to stage a home can vary based on many factors, including:
- Where you live
- The size of your home
- How many rooms you want to stage
- If you rent or purchase new furniture
- If you DIY or hire a professional stager
If you hire a professional stager, you can expect the costs to range anywhere from $150 to $600 for an initial walkthrough consultation, according to Remax.ca.
Asking a stager to do a consultation and organize your existing decor will run you closer to $800. Add in a redesign which involves rearranging furniture or painting kitchen cabinets, this can cost around $1,500.
If you want to rent decor or furniture, you can expect to pay around $500 to $600 per room, per month.
Who Pays For Staging A House?
There’s no one right answer to this question. Who pays to stage a house will depend on each scenario.
Your realtor might decide it’s worth it to take on the cost of staging your home to try and sell it faster and at a higher price point. Often realtors can accommodate for this cost by adjusting their commission. In some cases, your realtor’s firm might cover the cost of a home staging service.
Alternatively, if you see the benefit in staging your home and you’re motivated to sell quickly, you might decide to absorb the upfront costs, knowing you stand to make more money in the long run. You can think of it as a short-term investment to help you achieve the larger goal of selling your home for a higher price.
Ways To Pay For Home Staging Costs
If you’re considering home staging, you’ll want to think about your budget. How much can you afford to spend? Will you take on the cost or will your realtor? When it comes to how you’ll pay for home staging, you have a few options:
- Cash. If you have enough cash to pay for your staging up front, it can help you avoid paying interest or taking on new debt.
- Credit card. If you collect rewards or get cash back, you can pay for staging with your credit card. Before you charge it, make sure you have a plan in place to pay your credit card in full to avoid interest and debt.
- Personal loan. To avoid high interest rates on your credit card, consider a personal loan. You’ll typically need a strong credit score to qualify for the lowest rates and best terms.
- Payment plan. Another option is to ask the staging company if they offer a payment plan. You‘ll have to pay a fixed amount of money each month until your balance is gone. Make sure you ask about any interest charges and fees.
Benefits Of Home Staging
While staging your home for buyers can feel like an unnecessary expense, it can offer many benefits, including:
Increase Home Value And Sell Home Faster
A study by the Real Estate Staging Association (RESA) found that of 4,600 properties that were staged, 73% of them sold for over the listing price. The same study found that staged properties sold nine days faster than the average.
Help Buyers Visualize The Space
Reducing your clutter, cleaning and organizing your space, and rearranging or replacing your furniture can help to present your home in the best light. In a recent report by the National Association of Realtors (NAR), 81% of buying agents said that staging made it easier for buyers to visualize the property as their future home.
Creates Better Photos
Staging your home can also improve the appearance of your space in online marketing photos. Having quality photos can bring more eyes to your listing and can result in more showings.
Is Home Staging Worth It?
The main drawback of home staging is the cost. But there are things you can do to keep the price of staging down.
For instance, instead of staging your entire home, you can focus on key rooms, such as the kitchen, dining room, and primary bedroom. Moreover, instead of purchasing new decor or renting furniture, you can start by decluttering and rearranging your existing furniture.
When trying to decide if home staging is worth it for you, consider the following questions:
- How fast do you want to sell? Staged homes sell two to three times faster than unstaged homes, according to the RESA. If your home has been sitting on the market for months and you need it to sell, you might want to give staging a try.
- What is the state of the market? Is the current real estate market super competitive? If so, staging your home may help your home stand out in a crowd, both online in photos and in person.
- How much value will it add? You’ll have to weigh the costs and potential benefits of staging your home. Data from RESA suggests staging a home could help homeowners get offers up to 17% higher. But you’ll also need to consider if you can afford the upfront cost of staging or if your realtor is willing to absorb the cost.
Bottom Line
If you’re motivated to sell your home quickly, or it’s been sitting on the market and you need to make a change, consider home staging. It might seem like an unnecessary cost but home staging is an effective marketing tool that can help sell your home faster and for a higher price. While you should consider the upfront costs, there are strategies you can use to minimize expenses. In some cases, your realtor or their firm might cover the costs.
