Back in his bachelor days, Dick Terp was looking for a two-flat ripe for rehabbing. He found one in the Ravenswood area of the city and went to work with fresh plaster and new carpeting. Then he got married and the space isn’t practical anymore for his new lifestyle. He and his wife, Jane, are building a new home in Wheeling. It will be completed this winter, possibly in December.
“We’ll probably be spending Christmas at my mom’s,” said Jane, who is not making plans to entertain this year.
The Terps will be selling the two-flat. They were wondering when will be the best time to put it on the market and how much more improving they need to do. Real estate agent Mary Quincannon of Palormo Realty in Chicago recently consulted with the couple and offered several suggestions for expediting the sale and maximizing the price.
The brick two-flat was built in 1920. Both floors have two bedrooms, one bath and an outside entrance.
The first floor has been extensively renovated and features an exposed brick wall in the living room, an all-new kitchen, soft gray carpeting and crown molding.
The second floor has not been worked on but offers such vintage touches as hardwood floors, a built-in china hutch and a skylight. The property also has a two-car garage and basement.
Quincannon complimented the couple on how well the first floor shows. She observed that the building is suitable for conversion to a single-family residence and this fact should be reflected in any advertising or promotional materials.
Protected path
Before potential buyers came through, she would discard the long black runner that trails through the living room and down the hall toward the kitchen. Dick laid it there to prevent wear to the new gray carpeting.
“Why you did it makes sense,” said Quincannon. “But (removing) it would make the living room look larger.”
“It doesn’t sell well,” Dick agreed.
One project to consider is repainting the back staircase, which now is two shades of dark blue, said Quincannon. The landings should also be kept free of any clutter so buyers can move about easily, she added.
“To make this floor show at its peak, I’d probably re-tile the bathroom,” she said. “I’d do it with white tile and a darker accent tile and then have towels in the same dark color. But it’s very salable the way it is.”
“I’d rather let someone else do that,” said Dick.
The second floor unit has not been updated and the Terps prefer to adjust their asking price rather than get involved in major projects or disturb their tenants.
That’s fine, said Quincannon, but she did advise them to have the ceiling repaired near the skylight. A small leak has been fixed but a patch of interior damage remains.
“That’s something I’d definitely take care of,” she said. “It will stop any questions.”
When to put the two-flat on the market is a big question in the couple’s housing plans.
A friend is interested in renting the lower level. The upstairs tenants are in the process of rehabbing their own new home. They will be leaving but don’t know when.
“We don’t want to list it at a time when things don’t sell,” said Jane. “We could do a six-month lease. It might be easier to sell in the summer.”
Sales `going strong’
“That’s usually true but this has not been a normal year,” said Quincannon. “Sales are still going strong because of low interest rates.”
One suggestion she had was to put a 60-day cancellation clause, the usual length of time it takes to close a sale, into the lease.
The Terps might want to consider not renting, Quincannon said, noting that they have very attractive furnishings and maintain their unit well.
A short-term tenant may not be as neat or as inclined toward interior design, she noted.
“I’m sure you’ve been in condos and can tell the difference between the ones that have renters and the ones that are owner-occupied,” she said.
Another possibility is to put the two-flat on the market now.
Even if it sells immediately, the Terps can negotiate both closing and occupancy with the buyer. They may be able to rent it back for a short time until their new home is ready.
“It doesn’t cost you any money to have your home on the market,” said Quincannon.
“You may find a buyer in three weeks or you may find one in three or four months,” she said.
“This is an art, not a science,” she added. “But the longer you wait the longer you’ll own two homes.”
“It would be easier to show if we’re here,” said Dick.
“We’ll do a much better job of keeping it neat and it will be easier to fix something than if a tenant is here.”
