Sometimes a person readying a home for resale has to know when to stop.
This was the advice to Marianne and Thomas Nelson from Leonard Winner, owner of Century 21 Winner Realty in Elgin, after he toured their oversized bungalow on that city`s east side.
The Nelsons and their three children moved into the four-bedroom, 1/2-bath home 14 years ago. The family room and finished basement gave
teenagers plenty of space for privacy and leisure, but now the Nelsons are empty nesters who no longer even use the second floor.
What they plan to do is build a house for themselves on a wooded lot they have purchased nearby. They are still uncertain about when to build, when to sell, what needs fixing before they sell and how much equity they have in their present home, which they need to know before they can determine how much house they can afford to build.
The floor plan, Marianne explained, is the same as for many bungalows in Elgin. However, the home was built in 1938 by a lumberyard worker as his own residence and he expanded on the plans considerably. Winner estimated that this house has about half again as much floor space as the typical bungalow.
On the first floor are a living room, dining room, kitchen, family room, full bath and two bedrooms. Upstairs are two bedrooms and a bath plus storage under the eaves. Nine-foot ceilings and ornamental woodwork accentuate the vintage flavor of the architecture.
The Nelsons have carpeted the first floor in pale beige and refinished the hardwood floor in one bedroom. They have restored the woodwork to its natural state and wired and insulated.
There are remodeling jobs they could and probably would take on if they were planning to stay. The first-floor bath, which is spacious enough to accommodate a whirlpool, is tiled in peacock blue. The staircase leading to the second floor is tiled with aging linoleum; in addition, the stairwell and second-floor hallway are painted with bright yellow and orange graphics. The kitchen appliances are avocado and copper, and cabinet space is limited.
”I would do the kitchen if we were going to stay,” Marianne said.
Winner cautioned her against doing too much. The home is decorated tastefully and is in sound condition, he said. Further improvements could raise the price too high, he warned.
”If you spend a dollar, you want to get a dollar or more back,” Winner said. ”You could put in a new kitchen, but I doubt you`ll get your money back. . . . I could spend $50,000 of your money, but I couldn`t sell the house for $50,000 more.”
Spruce up outside
The place to invest dollars and elbow grease is the outside of the house, Winner said. The paint job is fresh, a pleasing pale yellow against dark green trim and a dark green roof. However, the bushes and trees along the front are dense and overgrown.
”If a Realtor had to take a picture of the front of the house, we couldn`t do it,” said Winner. ”I`d prune the trees a lot, tear out the bushes and put new ones in. You`d be surprised how modern the house will look.”
The side door to the garage, now white, should be painted yellow to match the garage and house, he added. ”You can do $1,000 worth of work on the outside and maybe get $2,000 back.”
As to when to sell, Winner said his philosophy is to ”sell as late as you can and buy as early as you can.” He advised the Nelsons to consider building their new house first, which will take from eight months to a year to complete, and sell the present one later so they will benefit from the continued appreciation.
At the end of the consultation, Marianne said Winner`s ideas coincided with her own.
”He`s on target,” she said. ”We had just about decided not to go into any major expense, but I agree with the suggestions on curb appeal. One tree is really scraggly and the bushes have probably been here since the house was built.”
