STYLETHREAD -- LET'S TALK SHOP!

pollyjean23 · Marc Jacobs

Selling a house

Hermes

I sold two houses and bought one in a period of 10 months in metro Detroit. My mother was an interior designer, so that helped in that her house presented well. It also had an apartment in the basement. I listed it with a realtor, but ended up selling it to someone from my hometown that I reconnected with on Facebook. Just so happened that she needed a place like my mother's in that location. Our condo was sold to someone who sent postcards to our neighborhood asking if anyone wanted to sell.

It's a matter of finding that right buyer. It's also a matter of not being greedy. Price the house to sell. Determine comparables in the neighborhood, and look at the price they actually sold for. Price a bit above that to give yourself some negotiating room. Visit zillow.com, trulia.com, and realtor.com to get a better feel for your competition and comparable final sales prices.

Stage the house so people can envision their things in it, as well as an aspirational lifestyle. Fresh fruit in attractive bowls displayed on the kitchen table, flowers, inviting seating areas, and cleanliness help a prospective buyer envision themselves living in the house.

Is the basement finished? What is in the area that would be appealing to a buyer? Remember location, location, location. You can change a house, but you can't change the location. What about the school system?

I wouldn't remodel the house. You won't get a return on your investment. Price it to sell for what it's worth in the current market. Perhaps the carpet could simply be cleaned and the kitchen cupboards painted? Is there hardwood flooring under the carpet? People will also want to pick out their own carpet, cupboards, tile (you would be surprised how many people don't want you to make these changes so they can have full control over how they're done.)

That's off the top of my head for right now...

Elle · Hermes

I think finding a fantastic realtor is a huge part of being successful selling a home, especially if you're out of the area. Do you know anyone in town that could recommend some realtors to you for starters?

I'm with D, for the most part, on the renos. You likely would not get that money back, and monitoring installation of a kitchen and such from a distance is far from ideal. However, a smaller home with only one bath could be an option for a first-time homebuyer and some have a tendency to be easily turned off by minor fixes that, to them, look intimidating. The large and expensive things have already been taken care of, so I would do the inexpensive stuff (have the whole place cleaned, painting walls, cabinets, trim, light fixtures and replacing hardware) and just be prepared for someone to negotiate you down because the kitchen needs to be remodeled and such. If there is still furniture in the house, I would par it down to the absolute basics to maximize space for showings.

Another strategy, if the home is paid off and $10-$15k difference is not going to hurt you and your sister, you could always figure out what a fair price would be and then subtract the estimated renovation costs to get your actual list price. The cash at the end would likely be similar to you putting in work and then charging more for the house, but with less work for you and hopefully a great deal for an eager buyer.

-- Edited by Elle on Monday 30th of August 2010 10:50:35 AM

greendiamond · Marc Jacobs

I agree with what both D and Elle have recommended. I would also steam the wallpaper off the bathroom walls and paint the bathroom with a fresh coat.

Suasoria · Chanel

People love "cosmetic fixers" to a point. They like to feel they're getting a discount and can put their own taste into the house. That said, it has to be CLEAN and functional, since buyers look at some small things as a sign that there could be big problems. Switchplate and register covers sound like good, inexpensive updates that will make the house look well maintained, so those sound like smart updates. On the other hand if the kitchen floor is functional but ugly, then I'd leave it. If it's cracked and peeling, yes, replace with something inexpensive from Lowe's Depot.

When you find a realtor, ask if it's worthwhile to hire your own inspector to uncover any future potential problems - then disclose, disclose, disclose.

The thing I'm iffy on is the cabinets. I would probably not replace them on the assumption that a buyer would want to pick out their own. However if every other listing in the area has an updated kitchen, and buyers looking for starter homes don't have the cash to do a remodel, your realtor may advise you to go for it.

Yana · Dooney & Bourke

Hi!
I"m there with D, although minimal things maybe should be done. DOn't invest much. I'm personally the one who loves my own remodelling/picking materials, although everybody I know - loves houses to be done, just enter...but every pot has its lide & you're going to find its buyer. Price is right - consult maybe more tht 1 realtor. Kitchen & bathrooms sell the houses, so, maybe tear down this wall paper & just paint. Cabintery - well, maybe as D suggested to paint, not to intest in new. ( prime & paint) Just clean look, if it's not updated/new - it give an idea that it needs to be re-done, but it doesn't look like a wreck.
P.S. I don't think you need to spend money on window treatments. If you don't stage the house, then just leave the windows bare & clean, let the light in.

Best of luck!

pollyjean23 · Marc Jacobs

Thanks for your replies everyone.

We're definitely going to consult with a realtor (or maybe more than one if possible), and we'll have plenty of recommendations at our disposal too, which is great. Small town...everyone knows everyone!

The carpet is very, very bad. It's 33 years old. We had a cat for 13 years, and my dad had a dog for the past 7 or so years. I get chills just thinking about it. It would definitely hurt the sale, and it's quite embarrassing.

The cabinet issue is going to bite because they are original to the house, not high quality to begin with (that particle board stuff), and the drawers are off their tracks. Still unsure. I will take a closer look when we remove contents.

The kitchen floor is worn down/scratched/scuffed near the entry door.

One good thing is my sister's job is somewhat portable, so she can work from our hometown for a couple weeks at a time.

We'll probably remove the wallpaper in the bathroom, repaint it, and just spiff up a few things. Not too worried about that room.

I'm excited about some of these projects; I just wish I didn't have to do them from a distance.

* * Thank you again. Big help! * *

NCshopper · Hermes

I'd suggest not spending any money until you consult a realtor. He/she will be able to help you determine what the selling price should be and how to best spend your money. Sounds like some cosmetic things are in order, but so much of that you can do inexpensively.

Hermes

pollyjean23 wrote:

Thanks for your replies everyone.

We're definitely going to consult with a realtor (or maybe more than one if possible), and we'll have plenty of recommendations at our disposal too, which is great. Small town...everyone knows everyone!

The carpet is very, very bad. It's 33 years old. We had a cat for 13 years, and my dad had a dog for the past 7 or so years. I get chills just thinking about it. It would definitely hurt the sale, and it's quite embarrassing.

The cabinet issue is going to bite because they are original to the house, not high quality to begin with (that particle board stuff), and the drawers are off their tracks. Still unsure. I will take a closer look when we remove contents.

The kitchen floor is worn down/scratched/scuffed near the entry door.

One good thing is my sister's job is somewhat portable, so she can work from our hometown for a couple weeks at a time.

We'll probably remove the wallpaper in the bathroom, repaint it, and just spiff up a few things. Not too worried about that room.

I'm excited about some of these projects; I just wish I didn't have to do them from a distance.

* * Thank you again. Big help! * *

If there are wood floors under the carpet, expose them even if they're not in good shape. Wood floors are a big plus. If there are not wood floors, try a carpet remnant warehouse in the area to get the best deal on flooring including carpet and vinyl http://www.nationalcarpetmilloutlet.com/

As for the cabinets - was the house built in the 50s? Believe it or not, some people like to restore kitchens like that. If the drawers to not operate properly, you can easily install new tracks and you can buy them at any home improvement store.

I hope there is not a remaining mortgage on the house. Other than that, don't get dollar signs in your eyes. You will be lucky to sell any house at all - regardless of how nice it is. You're competing against foreclosures, so price accordingly.

Also keep in mind that it is almost impossible for the average person to get a mortgage these days. So even if there is interest from people, the chances are almost slim to none that they will be approved for a mortgage. We had to show that we have enough cash in the bank to pay off the house outright. We also both had credit scores well over 800. The bank ran us through the ringer to get that mortgage. Right now you can get a 30 year, 0 pt., fixed rate mortgage for 4.25, however so few are able to get one.

If you get ANY offer, consider it a nibble on your hook -- don't let them go. Negotiate to seal the deal. Just getting an offer in this market is tough, since the the market is over-saturated.

Is there any way you could post pictures so we could possibly make some suggestions? No need to be embarrassed -- my father's house is much worse, I'm sure of it!

-- Edited by D on Tuesday 31st of August 2010 08:01:08 AM

pollyjean23 · Marc Jacobs

Thanks, D.

The house was built in 1977. It's a ranch.

Plywood subfloor underneath the carpet.

That's true about the drawer tracks. I'll inspect the cabinets to see if that's a poss next time I'm there.

I attached a half-shot of the carpet. The main prob with the carpet is that the whole house smells like dog (and cat, and ex-smoker, and a family of four) because of it. The smell is quite pervasive. I really don't think a cleaning is going to cut it. I'm afraid that it might make it worse. Also, the carpet is faded in many places because of sunlight.

Overall, my goal is to get the house up to basic par so that it's not embarrassing to have people come into it. As for selling and any possibility of maximizing our return, I will definitely talk to the realtor about that. I guess it's just hard when you're attached to the house you grew up in. You know?

Thanks everyone.

Elle · Hermes

Yikes - I think you're right that the carpet will need replacing! It seems like many places are running serious deals on new carpet installation though, trying to drum up any business they can. Hopefully you'll be able to score a pretty good deal that way.

Hermes

pollyjean23 wrote:

Thanks, D.

The house was built in 1977. It's a ranch.
Plywood subfloor underneath the carpet.

That's true about the drawer tracks. I'll inspect the cabinets to see if that's a poss next time I'm there.

I attached a half-shot of the carpet. The main prob with the carpet is that the whole house smells like dog (and cat, and ex-smoker, and a family of four) because of it. The smell is quite pervasive. I really don't think a cleaning is going to cut it. I'm afraid that it might make it worse. Also, the carpet is faded in many places because of sunlight.

Overall, my goal is to get the house up to basic par so that it's not embarrassing to have people come into it. As for selling and any possibility of maximizing our return, I will definitely talk to the realtor about that. I guess it's just hard when you're attached to the house you grew up in. You know?

Thanks everyone.

yup - definitely replace that carpet! again - get a big remnant -- you'll save a lot of money!

also - as for the cabinets, along with a coat of paint, replace the knobs and pulls. If the pulls are in the center of a door, fill in the holes and redrill at the corner of the cabinet door.

I had laminate cabinets at my old place, and old laminate flooring. I removed all the doors and drawers, painted the insides of the cupboards and drawers white, covered the shelves in white marble contact paper, filled the old cabinet hardware holes, painted the doors and drawer fronts with kilz and an enamel paint, then added new hardware. I eventually put in corian counters and a tile floor. Just for the sake of selling you can put in new laminate counters if the old ones are super nasty, and vinyl flooring. Even though my kitchen was a "face lift" everyone thought it was a new kitchen.

I'm a big fan of home depot's allure line. It's vinyl that creates a floating floor (doesn't stick directly on floor) and the faux wood looks really good. I used the wood planks for my basement at my old house, and plan to use it again in my sunroom and eventually basement. It looks really good, and is basically just thick slabs of plastic (great for kitchens and baths) plus it's really easy to put down! http://www.homedepot.com/webapp/wcs/stores/servlet/ContentView?pn=BP_Trafficmaster_Allure&langId=-1&storeId=10051&catalogId=10053

If you go to home depot, look to see if they have any inexpensive clearance light fixtures too -- updated lighting makes a huge difference as well.

MarkHarrisonUK · Nine West

Hi,

I ought to explain that I was a landlord for many years, so have bought a lot of houses, but was sufficiently organised to sell them all in 2007-2008.

In my experience, a "fixer-upper" will appeal only to those who are desperate for a bargain, and they will really want a cheap price. That having been said, there are some things that can be done quickly and cheaply:

- Paint. This is not the time to get creative. For every potential buyer who LOVES that bright pink room with a purple feature wall there are 100 who will walk on. We ALWAYS go for "warm magnolia type." Generally, whatever own-brand is available at your local DIY Shed, and the colours change subtly each season.

--- The bit that takes the time in painting is cleaning the walls first. If you assume that this will take 2 hours of cleaning for every hour of painting, you won't go far wrong. It requires water, sugar soap, lots of cloths, and effort, but you get a far better result by cleaning first than you will without. The corollary is that, given that most of the effort is time, and most of the time is preparation, it really doesn't cost that much more to do a second coat of paint, even with "one coat paints", as a proportion of the whole, and the effect is much deeper.

--- If you have white skirtings, and door trim, they will need painting. Even if they look OK now, once you have a fresh coat or two on the walls, they'll look shabby by comparison. Ceilings often need doing (and use stain-block paint if you need to.)

--- We don't use professional decorators. Instead, we hire local students who are back from University for the vacation (generally children of friends) and pay them cash. This restricts the times when we can get stuff decorated, but it works well, and in our experience allows us to control the quality of workmanship better than using a professional who is fixated on time-minimisation. We pay £10 / hour, which is about double minimum wage around here, so they know that it's a good job compared to waitressing in the holidays, and tend to work hard to make sure they keep it.

- Carpets. Clean and cheap, and a light, warm "honey" brown to blend with the paint. Tip - paint a piece of cardboard with your chosen colour, and take it along to the carpet showrooms. The magic word, in case you missed it, is CHEAP.

--- The animal odour may be a problem. Cat and dog urine contains ureic acid, which frankly you CAN'T get rid of without taking up the wood beneath the carpets and replacing it. You can mask it, but only for a short time, and personally, I don't like hiding problems from unwary buyers - I'd rather fix them properly.

--- In our experience, carpet vs. wooden floor doesn't actually make a difference in saleability. The exceptions are wet rooms (bathrooms, kitchens), which need some kind of other flooring, and houses where carpet just would not work architecturally (log cabins / ski chalets, for example.)

- Exterior painting and grass-cutting. In the UK, we use the term "kerb appeal" - a lot of people will have decided "no" even BEFORE they go in the front door, if the outside is a mess. If you're 600 miles away, try to find someone local (again, students?), and pay them to mow the lawn, and then email you a digital photo to prove it's been done, before you mail them the cheque. At this time of year, of course, you may just be able to mow now and hope it's sold by the spring. Depends on the climate.

As an aside, 1188 sq ft would be regarded as BIG for a 3-bedroom house anywhere but the USA. Here, about 30 minutes south of London, the three-bed we bought when we were first married was just over 950 sq ft, and regarded as quite big for a three-bed house.

Regards,

Mark