Five Things to Consider when Pricing Home Staging

The decision has been made and you are going to sell your property! You know you need a home stager because the thought of all the things that need to […]

The decision has been made and you are going to sell your property! You know you need a home stager because the thought of all the things that need to be done before you put the house on the market is totally overwhelming. Staging is the 1st thing that needs to be done.

Before hiring a stager you need to research stagers in your area and their varying pricing structures. How much does home staging cost? Is it affordable? What do the prices include?

Here are 5 things to consider:

1. The cost of home staging is less than the cost of a price reduction! When a property sits on the market unsold for an extended length of time the seller and realtor will typically discuss the need to reduce the price. The reduction could be $10,000 to $20,000 (or more) in order to entice more potential buyers to get the house sold.

2. Home staging also costs less than the carrying costs for an unsold property sitting for several months. For example four months carrying costs could potentially be $6,000 or more (($1,088 monthly *mortgage payment + $289 monthly **property taxes + approximately $200 monthly utilities) X 4 months = $6,308). The longer it sits the more it will cost.

3. It is recommended that sellers budget 3 – 5% of the property value to prepare a property for market. Money guru ***Gail Vaz-Oxlade also recommends that home owners budget 3 – 5% annually for home maintenance and repairs. An updated property in good repair is viewed as well maintained. Buyers are willing to pay more for well maintained properties.

4. Staging prices are dependent on square footage and the number of rooms being staged. The cost can be $2,000 and up, for full-service staging and furniture rentals. Stagers have different pricing and business models so it is important to find out what is and isn’t included in the price. In an occupied home some stagers use only furnishings currently in the home, which are sometimes dated and look tired. Other stagers bring in lots of fresh contemporary accessories, accent pillows, artwork, plants, lamps, carpets and include it in the pricing. When hiring a stager be sure to ask what’s included. Also ask about monthly rental fees for furniture and accessories. Find out if there are additional delivery charges? And lastly, are there any other hidden costs?

5. As with everything you get what you pay for. Much thought should be taken before considering hiring a “discount” stager. What credentials do low cost stagers have? Do they carry liability insurance? What training have they received? What experience do they have? What value do they bring? Before hiring a stager carefully weigh the risks, pros and cons.

As previously stated a home owner should expect to spend 3 – 5% of the value of the property to prepare to sell. If you are serious about selling your home faster and for more money it is important to remember the true cost of staging. The cost is much less than what you could lose on the first price reduction or the carrying costs when your property doesn’t move for several months.

Things are not always what they seem. Sellers need to understand what individual stagers include and what isn’t included in their pricing. It is important to inquire and investigate in order to hire a reputable stager with proper credentials. Think twice before hiring a “low priced discount” stager. Do you really want to trust an untrained, uninsured discount stager to handle valuable belongings and furnishings in your home?

( *Mortgage payment calculated using average single family residential home approximately $286,000 – Niagara & Hamilton boards – assuming 80% LTV & 3% interest 25 year amortization. **Property taxes calculated based on $286,000 property located in West Lincoln – per Niagara Region Property Tax Calculator. ***Financial writer and television personality host of the Canadian television series Til Debt Do Us Part, Princess and Money Moron. )

CMD Home Staging is a staging & organizing company located in St. Catharines, ON servicing the Niagara Region and surrounding areas including: Niagara Falls, Niagara on the Lake, St. Catharines, Port Dalhousie, Thorold, Welland, Port Colbourne, Fort Erie, Fonthill, Pelham, Ridgeville, Beamsville, Vineland, Jordan, Dunnville, Wainfleet, Smithville, Grimsby, Stoney Creek, Ancaster, Brantford, Hamilton, Burlington, Oakville, Milton, Mississauga and Toronto west.

Contact Niagara Home Stager Colleen Donovan to schedule a home staging consultation.
http://cmdhomestaging.com/

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About Colleen Donovan

CMD Home Staging is located in St. Catharines, ON servicing the Niagara Region and surrounding areas including: Niagara Falls, Niagara on the Lake, St. Catharines, Port Dalhousie, Thorold, Welland, Port Colborne, Stevensville, Fort Erie, Fonthill, Pelham, Ridgeville, Beamsville, Lincoln, West Lincoln, Vineland, Jordan, Smithville, Dunnville, Wainfleet, Grimsby, Stoney Creek, Ancaster, Brantford, Hamilton, GTHA, Burlington, Oakville, Milton, Mississauga and GTA Toronto west. Contact Niagara Home Stager Colleen Donovan to schedule a home staging consultation.