5 Things Homeowners Should Do to Get the Best Value From Their Home

by Rich Schiffer, Weichert Realtors 

I was recently asked a very good question:

"What are the top 5 things homeowners should do/replace to get the best value from their home?"

Here is my answer:

The first advice I would give anyone considering selling their home, is to get in touch with a local REALTOR, for specific advice about your specific property in your specific market.  (If you are in Southeastern Pennsylvania, feel free to contact me directly with any questions you may have.)

But that aside, there are some general bits of advice I can give you:

1. 1. Identify the areas that need the most improvement.  Ask yourself, "If you were looking to buy this home today, what about it would I want repaired or changed."  Most buyers will conduct a home inspection, and may ask the seller to contribute to necessary repairs the inspector finds.  I recommend that Sellers get an inspection, prior to listing the home for sale.  The inspector will let you know all the areas that need immediate repair, or may need repair soon.  Use that list as a basis to work from as you prepare to market your home.  Home inspections range around $400 in my area.  You can consult with your REALTOR for a list of qualified home inspectors in your area, or search on-line.
   2. Clean. Clean. Clean.  Homes that are clean are much easier to market than ones with odd stains, smells, smears, etc.  Removing old carpet is often a good idea.  De-cluttering is another simple improvement that can be made.  Pack up all your out of season clothes, and anything you don't absolutely need, and put them in temporary storage, off-site.  Not in the garage, basement, or attic.  This way, when potential buyers see your home, they can tell just how deep the closets are, just how much room is in the basement and attic, and can picture their car in the garage, instead of your paint cans, kids sleds, and the Nordic Rider you haven't used in 5 years.
   3. Top to Bottom, and In-Between.  Top:  Roof condition is a major factor for many buyers (and their lenders)  Bottom:  a wet basement needs to be addressed.  In-Between:  Buyers often like to see clean walls, with fresh, neutral paint. 
   4. Gather important paperwork.  Information you have on warranties for your appliances, furnace, water-heater, garage door opener.  Termite inspection reports, roof certifications, etc. will all be handy when negotiating the final sale. The plot-plan or site map from the most recent survey will also be helpful, if you have it.  For home built before 1975, any information or inspections reports you have regarding the presence of lead-based paint in the home must be disclosed to potential buyers.
      
   5. Consider some remodelling, to compete with other homes in the area.  If all the homes in the are have new kitchens, and your's was last updated when Leave It To Beaver was still in producion, you should strongly consider an update.  The "Retro" look only works when it is new things designed to look old, not actual old things (especially electric appliances).  Don't just throw money at the problem.  Target the improvements that will make your home be seen as a better value than the competing homes on the market in your neigborhood.
      Below is some information, (reprinted with permission from the National Association of Realtors) that applies to Remodelling:
      
2. Remodeling That Pays
   
   Upgrading your home is always appealing, but which enhancements get you the best return for your money when it's time to sell? The 2004 Cost vs. Value Report by Remodeling magazine and REALTOR® Magazine has the answer.
   
   Visit REALTOR® Magazine Online's Cost vs. Value page to view reports from previous years, order reprints, and find out how you can take part in next year's survey. Here are the national averages for 10 of the projects in the 2004 report:
   
   MAJOR KITCHEN REMODEL
   Update an outmoded 200-square-foot kitchen with new cabinets, laminate counter-tops, and standard double-tub stainless-steel sink with standard single-lever faucet. Include energy-efficient wall oven, cook-top, ventilation system, built-in microwave, dishwasher, and garbage disposer. Add custom lighting and new resilient floor. Finish with painted walls, trim, and ceiling. Include 30 linear feet of semi-custom grade wood cabinets, including a 3-by-5-foot island.
   

BATHROOM REMODEL
Update bathroom that's at least 25 years old. Replace all fixtures to include standard-sized tub with ceramic tile surround, toilet, solid-surface vanity counter with integral double sink, recessed medicine cabinet, ceramic tile floor, and vinyl wallpaper.

MASTER SUITE ADDITION
On a house with two or three bedrooms, add a 24-by-16-foot master bedroom suite over a crawlspace. Include walk-in closet/dressing area, whirlpool tub in ceramic tile platform, separate 3-by-4-foot ceramic tile shower, and double-bowl vanity with solid surface counter-top. Bedroom floor is carpet; bath floor is ceramic tile. Paint the walls, ceiling, and trim. Add general and spot lighting and exhaust fan.

FAMILY ROOM ADDITION
Add a 16-by-25-foot room on a crawl space foundation with vinyl siding and fiberglass shingle roof. Include drywall interior with batt insulation, prefinished hardwood floor, and 180 square feet of glazing, including windows, atrium-style exterior doors, and two operable
skylights. Tie into existing heating and cooling.

WINDOW REPLACEMENT
Replace 10 existing 3-by-5-foot double-hung windows with vinyl- or aluminum-clad, double-glazed, wood replacement windows. Wrap existing exterior trim as required to match. Don't disturb existing interior trim.

ROOFING REPLACEMENT
Remove existing roofing to bare wood and dispose of properly. Install 30 squares of fiberglass asphalt shingles with new felt underlayment, galvanized drip edge, and mill-finish aluminum flashing.

ATTIC BEDROOM
In a house with two or three bedrooms, convert unfinished space in attic to a 15-by-15-foot bedroom and a 5-by-7-foot shower bath. Add a 15-foot shed dormer and four new windows. Insulate and finish ceiling and walls; carpet unfinished floor. Extend existing heating and central air conditioning to new space. Retain existing stairs.

BASEMENT REMODEL
Create a 20-by-30-foot entertaining area with wet bar, a 5-by-8-foot full bath, and a 12-by-12-foot auxiliary room. Exterior walls are insulated. Include five six-panel primed hardboard doors. Main room includes 15 recessed ceiling light fixtures, three surface-mounted light fixtures, and snap-together laminate flooring system. Bathroom includes standard white toilet, vanity with cultured marble top, resilient vinyl flooring, two-piece fiberglass shower unit, a light/fan combination, vanity light fixture, and recessed medicine cabinet. Bar area includes 10 linear feet of raised panel oak cabinets with laminate
countertops, stainless steel bar sink, single-lever bar faucet, under-counter refrigerator, and vinyl floor tile.

SUNROOM ADDITION
Add a 200-square-foot sunroom to a two-story house. Form and pour footings for slab-on-grade foundation. Use exposed post-and-beam framing on interior side and extruded aluminum window frame-and-flashing system with insulated, low-E, laminated, or tempered glazing. Provide for natural ventilation using screens and ceiling fan. Insulate all non-glass areas; provide movable shades for glass area.

DECK ADDITION
Add 16-by-20-foot deck using pressure-treated SYP joists supported by 4-by-4 posts set into concrete footings. Install composite deck material in a simple linear pattern. Include a built-in bench, a planter of the same decking material, and stairs. Provide a railing system made of the same composite material as the decking or a compatible vinyl system.