If you are contemplating selling your home, you probably know that the residential real estate market in New York City has rebounded dramatically since last year. However, to ensure the most successful sale in any market, it’s important to never lose sight of the importance of a home makeover.
Making the First Impression
Home “makeovers” or the art of “staging” is exactly what it sounds like; putting your home on a stage for your audience of buyers.Whether your property requires a minor staging, a major renovation, or something in between, the best presentation to the public is essential.
From the initial moment when a buyer enters a property, a first impression is immediately formed as to whether they would be excited to call it their home. As they continue to tour the entire residence, purchasers imagine themselves and the possibility of living there. If you are properly guided by an experienced broker who has expert vision and knows the best and widest audience to target, the additional effort to improve your home through staging can increase its market price by 10 to 30 percent. The ratio between your investment and return can vary widely, but the money spent to “makeover” a home can yield a return of 10 to 100 times the cost.
Selecting Your Target Audience
The New York market is unique, and a skilled broker will know how to tailor the right setting to the widest audience of intended buyers, while also being sensitive to your budget. From the deliberate color choices to the style of the décor and placement of the furniture, expert staging is imperative, even though the choices may not necessarily reflect your personal taste. For example, when targeting families, a room set up as a home office would be better staged as a bedroom that is more useful for couples with children. When appealing to a more affluent crowd, an important focus is creating an upscale and formal entertaining space. By focusing on the aesthetics of your home, as well as its livability, you will enhance your property’s value in the minds of the targeted market.
Modest Makeovers, Maximum Returns
One recent example that underscores this point involved a two-bedroom Manhattan apartment that was valued at $1.275 million. Just a couple of weeks before putting the property on the market, I convinced the sellers to allow me to redesign the layout into a three-bedroom, which required only minimal effort.