Staging to Stay

Home staging to stay is a great compliment to staging to go

When we are staging a home for sale and the home owner has already purchased another home we are often asked by the client to come and view the property they have just bought. They are looking for suggestions as simple as paint colors or as complex as a kitchen renovation.

But when it comes to home renovations you must understand that not all renovations will increase the value of your home. But with planning it is possible to both increase the value of your home and profit from your home renovations.

Renovations do not have to be extensive or expensive to earn a high rate of return. In fact, one of the cheapest and simplest improvements yields one of the highest paybacks. According to a study (1999 Renovations and Home Value Survey) by the Appraisal Institute of Canada (AIC), a fresh coat of paint on interior walls returns an average 73 percent payback. So, a $1,500 paintjob could be expected to increase a home's selling price by $2,625 (a $1,125 profit).

To maximize salability ensure that your new décor is modern and tasteful. Choose shades of white and tame versions of popular colors. Steer away from too many personal touches and custom work if you plan to re-sell. It is unlikely that your investment will be recouped and it may prevent the quick sale of your home. Also, try to keep renovations in harmony with the fashion of your neighborhood.

The kitchen and bathroom are key areas to focus your renovation attentions. With average paybacks of 72 and 68 percent respectively, new fixtures, cabinets and tiles could be well worth the money and/or time and effort.

The AIC's study highlighted the top ten renovations and the average rate of return:

• Interior painting and décor - 73%
• Kitchen renovation - 72%
• Bathroom renovation - 68%
• Exterior paint - 65%
• Flooring upgrades - 62%
• Window/door replacement - 57%
• Main floor family room addition - 51%
• Fireplace addition - 50%
• Basement renovation - 49%
• Furnace/heating system replacement - 48%
  

According to other studies (Prepare to Sell by HomeGain.com in California) smaller changes to a home can also reap hefty rewards. Any addition that brightens your home (such as new light fixtures) should be returned in the selling price by an average 84% of the cost of the renovation. The Home Gain study also suggests cleaning and de-cluttering (594% return) and landscaping (266% return).

For more information regarding Staging To Stay services, please contact Cheryle LaCroix via email, cheryle@hushdesignedtosell.com, or call (780) 720-2861.