You have finally made it. The plumbing, the electrical the permits the inspections are all complete. You are finally ready to list your flip for sale. There is just one last decision that needs to be made and you really don’t want to invest any more into the project. Should you stage your flip?
There are different perspectives on this topic and many of them have to do with the current state of the market. It’s a common belief that with supply being low and demand being strong that it’s a waste of money to stage a home when you may find yourself in a multiple offer situation in a short period of time.
I have been staging my flips since 2010 and fully believe in the value of showing the full potential of the spaces. With all the years I have been in this business I am consistently reminded of how challenging it can be for many home buyers to visualize living in certain spaces. That is where staging can truly set your flip apart.
Here are the three key benefits to staging:
1. Useful spaces translate into value
That odd porch at the back of the house off the dining room may just look like dead space but add a small sofa, coffee table and chair and now it’s another seating area. When you use staging to define and give purpose to spaces then buyers equate that to support the pricing. One of my favorite examples is a home I did for friend a couple of years ago. They had an odd area off their kitchen and kept getting feedback from showings that buyers were confused by it and thought it was odd. I brought in two low sofas and a coffee table to create a secondary seating area complete with cozy pillows and throws and an offer was received within a week.
2. The first time a buyer sees your house is online
Every buyer’s first showing of a property is now online. The photos they see determine whether or not they are going to schedule a tour. Make sure your flip is on the top of their list by staging the home and having professional photos selected to highlight the features and improvements of your flip.
3. Staging shows a buyer how they could live in the house
When a potential homebuyer walks into a house they are immediately thinking how the spaces could support their lifestyle. Where will the couch and TV go in the living room? How many people could we host in the dining room? Which room will fit a queen sized bed? These questions can all be answered immecdiately when you have a smart staking plan in place. The more uncertainly you can remove for those who are considering an offer the sooner you will be able to accept that purchase agreement.
If you are also planning to continue with your home flipping business it is a benefit to curate a portfolio of your projects. This can be useful when considering working with partners or private lenders as well as showing potential buyers and agents your work.
Overall staging is a strategy that helps to minimize market time by drawing interest to your flip. Creating demand for your home and the lifestyle it offers is key to your house flipping success.
So you’ve purchased a house to flip. Now what?
Want to buy a property and renovate it?
I have a freebie checklist that will help you — 8 Things I look for When Purchasing a Home. Just click here to download it.
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