Tag Archives: Home Staging Minneapolis MN

Finishing Your Lower Level to Sell Your Home – Part 2

If you didn’t catch Finishing Your Lower Level to Sell Your Home – Part 1″  please click the link to check that out. Along with the new bedroom and bath photos is gives an explanation as to why you may or may not want to finish off your lower level prior to selling.

This post continues to show you the before and after photos of my finished lower level. Besides the added bedroom and bath (on previous post), I was able to add 3 additional living areas. The TV area, the game/eating area, and my favorite…..the cozy fireplace sitting area.

For 20 years this lower level had been a dumping ground to put whatever we didn’t want to deal with at the time (you didn’t see the half of it!) and a place for 1-3 Saint Bernards to come in from the backyard and not have to worry about the mud and dirt.

As with the bedroom and bath, decisions were made on the fact that it is a lower level and will be sold in five years. Luxury Vinyl Planks were put on the floor for durability for us with Saint Bernards but also the the fact it is water proof for a lower level with a sump pump and walk out to a pond.

The flooring was continued throughout the entire space including the bedroom and bath making it one continuous space. The durability and look will be a selling feature as well. The goal was a budget of a lower level but a finished space that doesn’t look like a lower level. 🙂

 

Before and After TV Area (aka my hubby’s area):

 

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Before and After Game/Dining Area (tough to move the big dog; her favorite spot):

 

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The Hearth Area (my spot and personal favorite):

 

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With the cost savings mentioned in the first post due to being my own general contractor, it has been determined that the added bedroom, bath and living areas will increase my selling price at least equal to what we spent; and hopefully it will continue to increase. Plus we get at least five years to enjoy it before we move. Win Win!!

So if you are looking to finish off your lower level to sell your home you need to:

  1. Determine how many years until you sell.
  2. Discuss the added value for the additional square footage with a Realtor that works in your area.
  3. Get bids from all contractors and vendors to determine the total costs.
  4. Research costs on ALL materials such as hardware, paint, trim, faucet, toilet etc. that may not be included in any of the contractor or vendor quotes.

At this point you can begin to make some decisions and move forward if it makes sense. My big caution to you: DO NOT OVER BUILD FOR YOUR AREA AND TIME FRAME. Meaning, there is only so much you can get for your square footage and don’t go all out and with a massive wish list. If you notice, I did not do any built-ins as I was not going to get the return on my investment within the 5 year projected sale date.

It’s a big decision but one we decided to make at this point for us. Be sure to bring in trained and certified professionals to guide you through the process.

 

Do I Need to Stage My Home When It’s a Seller’s Market?

I know many people are asking that question and wondering if home staging is needed when inventory is low and homes are selling quickly. The answer may depend a bit but if you don’t stage, may you be leaving some money on the table?  Money on the Table

Let’s say you list your home ‘as is’ and you put the asking price a bit lower so you don’t have to do much of anything. You get an offer within a few weeks, maybe a few thousand below list but overall the percentage is still really good. Ok great!

But now let’s say you bring in a Home Stager, at the very minimum for a Home Staging Consultation, to give you a list of top things to do to get your home in top selling condition. She may suggest some fresh paint, or a couple new light fixtures, some repairs.

Now let’s say you are moving to your new home first and you are wondering if you should list the house empty or stage a couple key rooms with furniture. Will that matter?

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Let’s take a look at an older home I consulted on for a Realtor.  I did recommend some paint, a couple new light fixtures, new vinyl flooring in the kitchen and staging it with fresh modern furniture when they moved out. Here is the email I received from her shortly after is was listed:

 

  • Listed as coming soon 5/8
  • Active listing 5/22
  • 38 showings 5/22, 36 showings 5/23, 10 showings 5/24
  • Received 32 offers!
  • Inspection completed, now pending closing June 30

That’s 84 showings and 32 offers!!! PLUS it sold for $25,100 over list price! Which was over 10% of the list price. Unbelievable!

So yes the market is good. Would the house of sold anyway without staging? Absolutely.  Would the sellers have received 32 offers and sold for $25K over list without staging? We will never know for sure but I don’t think so. Don’t take a chance on leaving money on the table.

 

 

What Today’s Home Buyers Want

Better Homes & Gardens did a Home Buyer Study to see what millennials are looking for in their first home. The ‘next-gen’ buyers may give you some insight on what to do to assist in the sale of your  home.

#1 ) Purchase With A Plan to Stay

36% of these potential buyers see themselves living in that home at least 10 years. I remember when that statistic was 4-5 years. What does that mean? It means that the view of a starter home has changed. These buyers are now investing in more expensive homes with more square footage and areas with good school districts. These sets of wants were typically on the lists for ‘move-up’ buyers so now there is more competition at that level. Now empty nesters are looking to the smaller start-up homes.

 

calendar-1255953_1280       #2) Home Buying Process Takes Longer

Not only is the loan process taking longer, making it even more important to get preapproved, but buyers are taking more time in looking. In 2012 first time home buyers took an average of 3 months from research to closing and repeat buyers took 2 1/2 months. Those same buyers are taking 5 months and 4 months respectively. One reason for this may be because everyone starts their home search online and there are more resources than ever now to do that. The buyers are educating themselves by researching builders, reading articles and doing more research.

 

#3) Buyers are Looking for Move In Ready

Ten years ago buyers would seek out fixer-uppers. Outdated kitchens and baths didn’t scare them, nasty old carpet covering up wood floors wasn’t a big deal. Now 52% of buyers want a newly built home or one that doesn’t require any renovations or repairs before moving in. They are willing to do cosmetic changes or upgrades, they just don’t want to deal with extensive work.

 

#4) The Kitchen Being the Most Important Room is Stronger Than Ever

The kitchen motivates the buyer more than ever and I know it did me! Islands are really big right now, both in wish lists and the ability to seat people. High end appliances with custom cabinets, double ovens for entertaining are all on the list. 66% of buyers selected  a state-of-the-art kitchen as their most desired luxury.

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#5) It Has To Be A Good Investment

Today’s buyer is looking to make good choices and 65% see buying a home as a good investment for their future. To maximize their investment they need to look at such things as the area (up and coming and growing) and the size of other houses in the neighborhood.

If you are in the market to buy a new home, or selling your home, these trends can help you to determine what your competition looks like.

 

Read full Better Homes & Garden article here.