Homes that appeal to buyers - part II

What to do and how much to spend

In a previous issue of 123 Property News you could read how to visually prepare your property so that you would be able to sell it more quickly. We told you about the basic rules, which when applied correctly emphasize the attributes of your home that will appeal to buyers. Now we tell you about the next step - it’s time to start developing a budget and to prioritize what should be done.

How much should I spend?

One of the barriers to preparing the property for sale is that you need to spend cash up front. It is true – staging a home takes money. The good news is that you can use your imagination or the expertise of a professional home stager to reduce the home staging cost. However, keep in mind that the sooner you sell your home, the more likely you will receive a value closer to your properly evaluated asking price. Typically, the longer a property stays on the market, the lower the price it will achieve. If you decide to put your property on the market without staging it, and your home does not sell, you have just broken the first basic rule from the last article. Do you remember it? “Make a great first impression” – you won’t get a second chance to make it!

So, how much should you spend? This question does not have a set answer. It depends on the condition of your home, what needs to be done and how much you can afford. As a general rule it is usually from 1 to 3 percent of the value of your home.

Rooms that are money makers

As you probably know, some rooms are more important than others to the selling process. The two most important are the kitchen and the bathroom. Why? Because people know that these are the most expensive rooms to renovate. Therefore, if your budget is limited, you should concentrate first on these rooms. What does this mean? For example, if you need to update the kitchen worktop and replace the floor in the spare bedroom, but you can afford to do only one of these jobs, you should do the worktop.

After the kitchen and the bathroom, the next most important place in your home is the first room that buyers will see when they enter. They need to fall in love with your home right from the very beginning. So you need to make this first room as perfect as you can.

Can we just sum up?

• Staging costs money, but the great thing about staging is that with creativity you will find inexpensive solutions that can cut the cost of preparing your home for sale.
• As a guideline you should expect to spend from 1 to 3% of your asking price.
• Remember – the kitchen and bathroom are money maker rooms.
• Next on the staging list is the room that buyers will see first when entering your house.

Monika Bien-Konigsman

The article was published in 123 Property News, March 2008