Their research has led Andy and Lizzy Ringness to conclude that they paid too much for their two-bedroom brick ranch in Wheaton two years ago.
Now they face the upsetting prospect of selling the house, paying the sales commission and not having enough money left over for a down payment on a new home.
”Other homes in the neighborhood are selling now for less money than what we paid,” Lizzy told Michael Pierson, broker/owner of Seery & Keim Realtors in Glen Ellyn.
The Ringnesses, former Evanston residents, settled in the western suburbs to be near family members who have since moved away. They both work in Chicago and find the daily commutes rigorous, even more so since baby Amanda joined their household three months ago.
”We really need a four-bedroom house closer to the city,” Andy said.
Their plan is to get ready for the spring 1992 market, and they asked Pierson what they need to do to maximize the return on their home investment. The house was built on a corner lot in the 1950s and features two baths, a fireplace, attached two-car garage, eat-in kitchen, formal dining area, year-round Florida room and large deck. Andy has gutted one bath down to the studs and totally remodeled it.
`Top dollar` buy
”You probably didn`t overpay, but you probably did pay top dollar,”
Pierson told them. While they are likely to come out slightly ahead, he said, a market analysis done closer to when the home goes up for sale will give a better indication of what to expect.
Understandably, the Ringnesses do not want to sink much more money into the home. Pierson suggested several low-cost improvements to enhance the appearance both inside and out.
”Wheaton is known for homes that are older, charming and have a traditional Williamsburg appeal,” he said. ”Your house has a great look, but with very few dollars you can have a better look.”
A dash of contrast
With its light-tan brick and white shutters and trim, the exterior can easily be treated to a dash of New England flavor, Pierson said. He suggested they first paint the shutters a contrasting cranberry or forest green and then attach a brass kickplate to the front door. The house numbers, too, can be changed to brass, he added.
”In my opinion, every house needs three colors,” Pierson said. ”Yours has only two. Just do the shutters and leave the trim alone.”
The front portico is partially supported by a decorative-but rusty- white wrought iron pole; here, Pierson advised that they substitute a white, wooden column.
”You might also consider painting the (natural wood) fence white, and maybe putting rounded wooden balls on top of the posts,” he added.
Doorway stopper
Inside the house, variegated tan carpeting flows from the front door to the entry hall to the living room. Because people are often hesitant about walking directly from the outdoors onto carpeting, Pierson suggested flooring the entry with ceramic tile.
The Florida room, which functions as a family room, is a step down from the dining room. One wall is the same tan brick as the exterior of the home. The rust-colored carpeting creates a visual break in the overall layout, said Pierson, who suggested new carpeting throughout in a light beige.
”If it were my house, I`d paint the brick white,” he said. ”Not only will it make the room look bigger but it won`t have the feeling of being a porch and invite questions about heat. Painted brick is very popular right now.”
Pierson`s final tip was that the Ringnesses replace the long, narrow table in the kitchen with a small table and two chairs.
”This is an eat-in kitchen, so you want to show it that way,” he said.
”People are visual buyers. They buy what they see. You don`t want people to say, `You have to eat at the dining room table.` They don`t, but you have to show them.”
”These are all very reasonable (suggestions),” Andy said. ”Some we`ve talked about before, but I think we`ll do them all. We`ll try to make a couple of bucks and then move on.”
