What Are the Costs of Home Staging?

Ever wonder about the costs of home staging?

Every Toronto homeowner who decides to put their home on the market for sale wants to get the most money from it. Not only that, they also want their homes to sell quickly, instead of waiting impatiently for an offer to come in that’s exactly what they’re looking for.

While there are plenty of factors that go into strategically marketing and listing a home for sale, one of the most tried and true ways to get top dollar upon the sale of a home and get it off the market quickly is to have it staged by a professional. Experienced real estate agents will recommend having their clients’ homes staged, but the most popular deterrent to actually engaging in staging is the perceived cost.

Home sellers are already likely concerned about the cost associated with selling their homes. From real estate agent commissions, to lawyer fees, to closing costs and beyond, home staging is simply thought of as another cost that sellers don’t want to have to dish out for.

Bt the truth is, the costs of home staging pale in comparison to the amount of money that can realistically be brought in as a result.

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Home Staging Costs

Many homeowners who are on the brink of selling often wonder what the costs of home staging are.

The answer will depend on the listing price of your home, and how much work needs to go into improving its esthetics to please the specific type of buyer that is looking to buy in your neighbourhood.

The general rule of thumb is that the costs of home staging hover around 1% to 3% of your home’s listing price. Using a home that’s listed for $800,000 as an example, you could be spending anywhere between $8,000 to $24,000 on average to prepare your property for sale, though the price can deviate from such a range.

Depending on the list price of the home, competition in the neighbourhood and the overall condition of the property the required upgrades could include painting, general repairs and household upgrades such as lighting, minor bathroom and kitchen renovations along with the cost of staging the home. Of course, the price point you’re looking at spending will depend on the overall condition of your home, how many upgrades are required and the amount of staging inventory and labour needed to get the job done.

If these numbers scare you, don’t let them. The truth is, you’ll most likely get back that money – and then some – after you sell your home. Why? Because you’ll be able to sell for more money compared to trying to sell the place without having it staged.

Home Staging – Helping You Sell Your Home For More Money

According to the National Association of Realtors’ Profile of Buyers and Sellers, 1% to 3% investment in professional home staging can bring in about an 8% to 10% of an increase in the sale price of a home!

Using the above numbers again, you can realistically expect to get as much as $50,000 more after you sell! If you only spend $5,000 in the costs of home staging, you can get thousands of dollars more when you sell! Not a bad return for a simple investment.

Home Staging – Lower the Risk of Price Reductions

Selling a home can be stressful, especially if it sits on the market for what seems like forever without a decent offer coming in. At some point, some sellers may need to lower the listing price of their home just to get more attention from buyers.

In the GTA, price reductions are generally recommended after about 3 or 4 weeks on the market without any offers, which is intended to generate demand and increase traffic. And the average price reduction in the GTA ranges from $10,000 up to $100,000, depending on the listing price of the property. This reason is enough proof to justify the costs of home staging!

Home Staging – Selling Your Home Faster

If you stage you home for sale, you’ll likely never need to resort to reducing the price of your home to gain attention. Homes that are staged often do not stay on the market long enough to warrant a price reduction. Once again, the costs of home staging are well worth the effort and upfront fees.

What Does Toronto Home Staging Involve?

There are plenty of components to professionally staging your Toronto home, and typically include:

•De-cluttering

•Neutralizing colours

•De-personalizing

•Appropriate furniture arrangement

•Improving curb appeal

•Maximizing flow of the space

•Optimizing use of the space

•Furnishing vacant homes

•Minimizing flaws and highlighting positive features

If this list seems like a lot of work to you, don’t worry. Your professional home stager from Hope Designs will bear the brunt of the load to make sure the staging process is a smooth and streamlined one.

The Bottom Line

Of course, the initial costs of home staging can seem intimidating at first. But when you consider how much more money you can sell for, and how much faster you can get your home off the market, home staging just makes sense. Think of the big picture when it comes to paying for home staging services, including a serious reduction in price involved in a stale listing that’s getting no offers! The costs of home staging are simply worth it at the end of the day.

At Hope Designs, we’ve managed to help home sellers sell their homes for an average of 3% OVER the asking price! In fact, homes that Hope Designs has staged have sold anywhere between $10,000 to $300,000 over the list price and some with multiple offers!

We are a professional home staging and interior decor firm helping clients all over the GTA and surrounding areas, including the Toronto core, Mississauga, Oakville, Richmond Hill, Thornhill, North York, Etobicoke, Woodbridge, Bolton, Caledon, Vaughan and beyond. We are always successful at getting clients’ homes ready for the market, and are highly skilled at making homes more saleable. Our track record speaks for itself: our staged homes sell faster and for more money. We want you to have the same level of success.

Staging your home with Hope Designs is worth the investment!

Book Your Consultation Today!