As long as people have been buying and selling, there has been the persistent question of "should I go to the bother of doing the work or can't I just offer the buyer a credit to do it themselves?"
As staging becomes more prevelant, and we see the results and outcome on both sides of that argument, we can say with certainty that in almost every scenario, YES Sellers, you should do the work yourself!
That comes with only a few qualifications ... in a $300,000 home you probably should not gut and replace the entire kitchen at a cost of $30,000, but there are facelift projects and updates that will take you a long way. And you won't undertake to finish an unfinished basement, although you might complete a basement project which is already half way along.
Sellers need to find the best way to maximize the return on their investment and protect the equity in their home, and in most cases that is by rolling up their sleeves (or hiring someone that will), and putting in some effort on the front end so that their realtor isn't having to negotiate a value for that work on the back end. The cost of a few cans of paint to do three bedrooms and the front foyer is far less than it would be once a parent has to listen to the wails of their 8 year old son refusing to move into the shocking pink bedroom. Convincing themselves that the house is perfect for them is much more difficult once a buyer has experienced a negative emotional response, and the seller will end up paying dearly to make the problem go away.
Perhaps the carpet hasn't been replaced since 1985, its worn, threadbare and stained. Have you met the buyer yet that says, "just give us the money for an inexpensive beige carpet, we're fine with that"... ? Probably not, but if it was done for them most buyers wouldn't complain and in fact would appreciate the house even more because it now feels fresh and new.
It's hard to go wrong by doing the work before listing. Sellers shouldn't have to offer a credit to offset a buyer's emotional reaction to their house, and so be reducing the likelihood of a negative response at the front end, they will have protected their own equity and financial investment at the back end.
At New View Home Staging, this is what we recommend to our staging clients.
Christine....it really is all about ROI!! GREAT post I hope a lot of sellers and agents see and digest this info!!
Christine, Good post. Those smaller updates can make all the difference in the sale of a home.