When it comes to selling your fix and flip, time is of the essence. Every day that the house sits on the market means more money out of your pocket. Carrying costs can really add up between the utility bills, insurance expenses and, of course, interest on your loan. So the sooner you can find an interested, qualified buyer for the property, the better.
In a previous blog post, we discussed pricing your fix and flip to sell. Revisit this post to refresh your knowledge of comparative market analyses (CMAs) and automated valuation models (AVMs), and figure out whether it makes sense for you to engage an experienced realtor.
Proper pricing is important but is there more you can do to make your flip more enticing to potential buyers? Perhaps you have considered investing in home staging. We can see why you would since, according to Realtor.com, staged homes sell 88% faster and for 20% more than non-staged homes. But staging isn’t cheap, and many real estate investors hesitate at the thought of spending hundreds if not thousands of dollars at this point in the game.
We hear you. Luckily, when it comes to staging, you have options that run the gamut from inexpensive to rather pricey.
Remove Clutter and Clean
We recommend starting with the low hanging fruit, especially because it’s FREE. Make sure that your property is freshly scrubbed since a clean house is an inviting house. When it comes to furnishings and decorations, less is more. Remember—clutter is not your friend. Take special care when it comes to any and all odors. Nothing scares off a buyer faster than a whiff of musty mildew. You may even want to consider adding a pleasant smell with scented potpourri or air freshener but make it subtle.
Consider Virtual Staging
If you are amenable to spending a modest amount of money, you may want to consider virtually staging your fix and flip. Relatively new to the market, virtual stagers fill your rooms electronically with virtual furniture rather than tangible casegoods. With just a few photographs and a few hundred dollars, it is possible to digitally furnish a home so that it shines on the MLS and other listing services. If your staging budget is tight, this is definitely something to consider.
Traditional Home Staging
If you’re feeling flush or if you expect a difficult sale, you may want to consult with a professional home stager. As reported by Realtor.com, most stagers charge an upfront consultation fee and then about $500 to $600 to actually furnish each room. So a typical 2000 square foot home may end up costing $2000 to $2400 per month. Take a close look at your budget to see whether this added expense makes sense for you.
Each project is unique so, ultimately, the decision to stage or not to stage it is up to you. Not sure what to do? NavCap is here to help so contact us for some expert advice. We offer personalized recommendations designed to push your project over the finish line. With competitive rates, flexible terms and a quick turnaround, we are everything a private lender should be and much more. Email us at info@gonavcap.com or call our office at 443-603-0193 for details.