What to do, what to do...

I get asked a lot by people looking to sell their homes what they should do to get it ready. For the most part my advice has to do with the 3-C's of real estate - Condition, Clutter and Cleanliness (See my June 28th posting about that). Occasionally I'll hit someone who is considering a major remodeling expense - a complete kitchen update or a bathroom update - in preparation for selling. I always console against that kind of expense. There's just no way to recoup the money of an major update like that in a short-term sale. In fact, there's likely no way to really recoup all of any major update, no matter when the sale. See the page on home improvement paybacks on my Web site - http://www.themilfordteam.com/home_improvement_paybacks.html - for more on that. I'd rather advise them to take that $10-20-30K off the listing price and leave the update to the new owners.

The fact is that you need to plan and implement updates and remodeling projects all along the way when you own a house. There needs to be some payback for you as an owner, some enjoyment that you get out of the improvement, in addition to any payback at the sale of the house. I tell homeowners that they should step back and take a good serious look at their homes at least every 5 years, with an eye towards updates that will keep the house more current. Get a local realtor to help you with that process, it you don't feel that you know what the current trends are in homes.

Many "improvements" that homeowners point to when they go to sell are, in fact, nothing more that expected home maintenance items. Replacing a worn out roof is not something that can be sold as a major update investment on your part - it's expected by buyers. The same with replacing old, leaky windows; although that can at least be pitched as an energy savings investment. Having an updated kitchen is a good thing, which hopefully was done correctly, with regards to counter tops and cabinets. Just refacing your original old, dark oak cabinets with new cabinet doors and putting a new Formica counter top in will not get you many points with buyers today. All new cabinets and granite tops are the expected replacements these days. Painting over your dark oak paneling is also not the answer when remodeling family rooms in 70's built homes. Painting over wall paper can be even worse in the "what where they thinking" category. Tear all of that old stuff out and paint everything a neutral shade. Note that taking down paneling will likely cause enough damage to require re-dry walling the room.

There are lots of things about a house that may be out of favor - the style (bi-levels and tri-levels for instance) or the features ( a small kitchen or only 1 or 1 1/2 baths) - but there are many things in most houses that can be easily "fixed" by a coat of paint or other, minor remodeling efforts. So, I advise that you don't do a major remodeling effort, like a kitchen or bath; but do put in the efforts to strip off wallpaper and repaint rooms to get the place looking fresh and neutral. You'd be surprised what $50-100 worth of paint can do for the value of your house. It is an old real estate saw that your house likely never looked better than the day you sell it. Maybe that's why it sold!