Having to sell your home or apartment may seem a highly remote possibility, somewhere off in the same stratosphere as winning Lotto.
But back on Earth, there’s always the tiniest chance you might have to move because of a change of job or of lifestyle. This means there are lessons to heed before you plunk down dollars and remodel or decorate in order to give your home its widest appeal.
Lesson No. 1: While you may not consider yourself a trend follower who has to have the latest kitchen appliances or color scheme, it pays to take into consideration the latest home fashion do’s and don’t’s. Most potential buyers prefer to be au courant rather than passe in their tastes. But, you also need to do so within limits.
Lesson No. 2: You need to know what comparable-size homes in your area include and what they have sold for recently so that you can put your dollars in the right places and not overimprove your home.
If every other house on your block has a second bathroom, it may make more sense to convert that walk-in closet into a second bath instead of spending dollars to build a deck, says Donna Jackson, an agent with Urban Search of Chicago.
Similarly, sinking $50,000 into your master bathroom so that you and your honey each can have a sink, plus a whirlpool tub and steam shower may lead to marital bliss-for now. But, if you sell, you may discover that while most potential buyers like the idea of having the equivalent of an at-home spa, they may not be willing to pay five figures for such Sybaritic pleasure.
“I’ve often heard homeowners say, `I don’t need to sell so why does it matter how much I spend if I can afford to?’ But, it should. It’s what I call gambling in the market. It’s unrealistic to put money in that you may not (be able to) get out,” Jackson says.
Following is a list of features that real estate agents, builders, designers and architects say are among the most sought after by buyers these days. We’ve listed them in their order of importance, according to those we interviewed. But beware. Such preferences can change as quickly as you can utter “location, location, location,” which still is the most important deciding factor for a buyer.
Condition, condition, condition
It may not yet have replaced location as the key selling feature, but according to sources, it has become a close contender. Reasons are two-fold: Everyone is too busy to remodel and everybody’s heard too many war stories of couples who did, then divorced.
Exactly what does good condition mean? Different things for different parts of a house. When it comes to the heating, air conditioning, plumbing and electrical systems, it implies up-to-date and in good working order, says Laura Good of Ariston Realty Co. in River Forest. Potential buyers don’t want to find surprises on an inspection, Jackson adds. “They want a nice clean report, or they want the seller to pay for problems to be fixed.”
When it comes to the exterior and interior, good condition suggests something is well-maintained and clean, says Jerry Kopacz of Century 21 in Arlington Heights. “First impressions count. If it’s a neat clean house, that helps a lot,” he says.
If dollars are limited, choose what’s in the worst shape and put your dollars there judiciously, suggests Chicago architect Allan Grant. “If cabinets are serviceable, make repairs and change knobs rather than completely replacing cabinets. Or, paint the cabinets.” Good advises keeping a detailed record of improvements you’ve made through the years to show prospective buyers.
Value
Whatever the price range, homeowners today want to be sure that they’re getting value for their dollars. “Not everybody’s out to impress everybody else and splurge on $200-a-roll wallpaper. They’d prefer to get a quality look and spend less, or put their money into furniture they can take with them,” says Loren Reid Seaman of LRS Designs in Palatine.
At the same time, most buyers are pretty savvy at recognizing the difference between cheap and good, whether it’s in cabinetry, tilework or hinges.
Heart of the home
Modernized and well-equipped kitchens continue to impress buyers, real estate agents agree. Add some seating, even at a counter, and you’re more likely to attract a nibble. While most owners like kitchens outfitted with brand-name appliances and cabinetry, the quality should be geared to your home’s price range, says kitchen designer Michael De Giulio, whose Chicago area showrooms showcase deluxe cabinetry.
Joe Jacobs, head of Jacobs Homes Inc., which builds houses for $500,000 and up, says his customers expect countertops to be constructed of materials superior to laminate, such as marble, granite and Corian. They also want wood cabinets painted white rather than made from a laminate. If the wood is unpainted, they want it in its natural state and a light rather than dark stain. They also want ceramic tile and wood floors rather than vinyl.
But, even in the highest-bracket residences, a renovated kitchen’s cost should not exceed 20 percent of the value of the home, if you expect to see a return on your investment, says Joan Ross of Kahn Realty in Glencoe.
Bathrooms
New bathrooms have proved an important selling feature, almost as much as kitchens. The master bathroom still remains king of the hill. If you can afford the $2,500 or so most whirlpool tubs cost to buy and install and if you have the space to include its ample dimensions, you’ll find that most buyers will share your enthusiasm, even though many will rarely use the tub after its initial christening, says designer Pearl Shless of Pearl Interiors in Riverwoods. Owners also like the idea of a window above their tub, a separate toilet room if there’s room, a walk-in shower stall possibly with a bench, and double sinks.
Family rooms
Everybody’s living more casually and family rooms rank high on wish lists. When they’re located next to a kitchen and include a working fireplace, they earn bonus points.
Master suites
In addition to a nice bathroom, owners want their bedrooms located as far from the kids’ rooms as possible and to include at least one walk-in closet. But, unless money is no object, don’t spend your dollars on a fireplace, separate sitting room and steam shower, says Jim Diamond of Kahn Realty’s Diamond/Schreiber Team. “Those features, while nice, won’t make the difference if and when you sell,” Diamond says.
Light, air, views
“The thing people often remember more about one house than another is how much light there was,” Jackson says. “If a choice has to be made, I recommend putting in another window rather than a more expensive countertop.”
Among the more popular ways to fill a house with natural light and views is to install a Palladian (greenhouse) style window or skylights, Shless says. Less popular now are greenhouses. When natural light isn’t available, buyers expect a mix of good incandescent and fluorescent sources.
Materials and finishes
The less ostentatious, natural look favored in the ’90s can be achieved in part through classic materials such as marble, granite and hardwood.
The most popular woods are oak and maple in medium rather than pickled or dark tones.
Light neutral colors such as beige and off-white or even black are also more in vogue than brilliant jewel tones, though most owners know that paint colors, even unpopular pinks and lime greens, are easy and inexpensive to change, unlike more permanent tile and countertop colors, architect Grant says.
Curb appeal
A home’s exterior architecture and its landscaping factor into that ambiguous quality known as “curb appeal,” which influences many a buying decision. “Some people may find the curb appeal so lacking that they don’t even want to get out of their car and see a home’s inside,” says Orren Pickell of Orren Pickell Builders Inc. in Vernon Hills. You needn’t undertake a major redo to create ambience, adds Good of Ariston Realty. “You can plant one tree a year and flowers or add shutters.”
Storage
One of the first things people look for is generous storage space, be it in a room, hall, garage, basement or attic. Spaces that are outfitted with extra rods and hooks and baskets and drawers increase space and keep owners organized. As with other improvements, beware of spending too much, advises Seaman of LRS Designs.
Window treatments
They’re still important, though they shouldn’t be too frou-frou. “Owners want some protection from sunlight so fabrics won’t fade and so that they don’t feel that they’re living in a fish bowl,” Seaman says. “But they don’t want elaborate treatments that cost so much money, block all light and views and which they can’t take with them, if they move.”
Surprise, surprise
Owners want their houses to be different yet not so different that they’ll never find another buyer. Among the ways to add panache without coming across as a distant relative of the Addams family are to have an extra bedroom that can double as a guest bedroom, home office or gym, or to add an unusual architectural detail such as one great glass-block wall, one soaring or cathedral ceiling or a sweeping entry staircase a la Tara.
The turnoffs
If you’re wondering what’s an automatic turnoff, the following are, although a very low price tag can make even the most horrific features suddenly seem less terrible, says Ross of Kahn Realty.
Try to avoid: a garage for just one car, only one full bathroom, no central air conditioning, heavy dark kitchens with too many beams, too much bright color, too many faux finishes (they were overdone in the ’80s) and a swimming pool.
Though screened porches aren’t objectionable, most buyers won’t pay extra for them. They also are unlikely to pay a premium for a finished basement unless the house is so fancy that it just has to have that wood-paneled rathskeller with wine cellar and pool table.
