Category Archives: For Sellers

Home Upgrades with the Lowest ROI

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By: Lisa Kaplan Gordon

File these six upgrades under wish fulfillment, not value investment.

Life is a balancing act, and upgrading your home is no different. Some upgrades, like akitchen remodel or an additional bathroom, typically add value to your home. Others, like putting in a pool, provide little dollar return on your investment.

Of course, home owning isn’t just about building wealth; it’s also about living well and making memories — even if that means outclassing your neighborhood or turning off future buyers. So if any of these six upgrades is something you can’t be dissuaded from, enjoy! We won’t judge. But go in with your eyes wide open. Here’s why: 

1.  Outdoor Kitchen

The fantasy: You’re the man — grilling steaks, blending margaritas, and washing highball glasses without ever leaving your pimped-out patio kitchen.

The reality: For what it costs — on average $12,000-$15,000 — are you really gonna use it? Despite our penchant for eating alfresco, families spend most leisure time in front of some screen and almost no leisure time outdoors, no matter how much they spend on amenities, according to UCLA’s Life At Home study. And the National Association of Home Builders’ 2013 What Home Buyers Really Want report says 35% of mid-range buyers don’t want an outdoor kitchen.

The bottom-line: Instead, buy a tricked out gas grill, which will do just fine when you need to char something. If you’re dying for an outdoor upgrade, install exterior lighting — only 1% of buyers don’t want that.

Related: How to Buy a Gas Grill

2.  In-Ground Swimming Pool

The fantasy: Floating aimlessly, sipping umbrella drinks, staying cool in the dog days of summer.

The reality: Pools are money pits that you’ll spend $17,000-$45,000-plus to install (concrete), and thousands more to insure, secure, and maintain. Plus, you won’t use them as much as you think, and when you’re ready to sell, buyers will call your pool a maintenance pain.

The bottom-line: If your idea of making it includes a backyard swimming pool, go for it. But, get real about:

  • How many days per year you’ll actually swim.
  • How much your energy bills will climb to heat the water ($760-$1,845 depending on location and temperature).
  • What you’ll pay to clean and chemically treat the pool ($20-$100/month in-season if you do it yourself; $75-$165/month for a pool service).
  • The fact that you’ll likely need to invest in a pool fence. In fact, some insurance carriers require it.

Related:

Less expensive option: an above-ground pool

Lower maintenance option: natural pools

If you do put in a pool, you can save money by installing a solar heater.

3.  In-Ground Spa

The fantasy: Soothing aching muscles and sipping chardonnay with friends while being surrounded by warm water and bubbles.

The reality: In-ground spas are nearly as expensive ($15,000-$20,000) as pools and cost about $1 a day for electricity and chemicals. You’ll have to buy a cover ($50-$400) to keep children, pets, and leaves out. And, like in-ground pools, in-ground spas’ ROI depends solely on how much the next homeowner wants one.

The bottom-line: Unless you have a chronic condition that requires hydrotherapy, you probably won’t use your spa as much as you imagine. A portable hot tub will give you the same benefits for as little as $1,000-$2,500, and you can take it with you when you move.

Related: What You Need to Know About Installing a Spa

4.  Elevator

Your fantasy: No more climbing stairs for you or for your parents when they move in.

The reality: Elevators top the list of features buyers don’t want in the NAHB “What Buyers Really Want” report. They cost upwards of $25,000 to install, which requires sawing through floors, laying concrete, and crafting high-precision framing. And, at sales time, elevators can turn off some families, especially those with little kids who love to push buttons.

The bottom-line: If you truly need help climbing stairs, you can install a chair lift on a rail system ($1,000-$5,000). Best feature: It can be removed.

Related: 4 Easy-Living Tips for Aging in Place

5.  Backup Power Generator

Your fantasy: The power in your area goes kaput, but not for you. You were smart enough to install a backup power generator. While the neighbors eat cold hot dogs by a flashlight beam, you’re poaching salmon in your oven and pumping out Red Hot Chili Peppers tunes.

The reality: Power outages may seem to go on forever, but they don’t. Fifty dollars worth of batteries can power portable lights, radios, and TVs; a car adaptor will charge your cell phones and iPods; and some dry ice will keep freezer food cold for at least a couple of days.

The bottom-line: If you live in areas where power shortages are the rule, not the exception, spend the money for reliable backup power: Your still-frozen steaks, home office fax, and refrigerated medicine will thank you. But if the power goes out rarely, then installing a standby generator is overkill.

Nationwide, homeowners recouped 67.5% on their average $11,742 investment in a backup generator — one of the lowest ROIs on the annual Cost vs. Value Report. If you need occasional emergency power, a gasoline-powered portable generator ($200-$650) probably will suffice.

Related: What I Learned About Portable Generators One Dark and Stormy Night

6.  New Windows

The fantasy: Brand new windows that don’t stick, and slash energy bills.

The reality: A $10,000 vinyl window replacement project will recoup about 70% of your investment at resale, and if they’re Energy Star-qualified, they can save you around $300 in energy bills per year.  So, plan to live in your house about another 10 years to recoup the cost of new windows.

The bottom-line: We get it — new windows are sturdy, pretty energy savers. But unless old window frames are thoroughly rotten, most windows can be repaired for a fraction of replacement costs. And if you spend about $1,000 to update insulation, caulking, and weather-stripping, you’ll save 10%-20% on your energy bill.

“Visit HouseLogic.com for more articles like this. Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®.”

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6 Tips for Choosing the Best Offer for Your Home

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By: G. M. Filisko

Have a plan for reviewing purchase offers so you don’t let the best slip through your fingers.

You’ve worked hard to get your home ready for sale and to price it properly. With any luck, offers will come quickly. You’ll need to review each carefully to determine its strengths and drawbacks and pick one to accept. Here’s a plan for evaluating offers.

1. Understand the process

All offers are negotiable, as your agent will tell you. When you receive an offer, you can accept it, reject it, or respond by asking that terms be modified, which is called making a counteroffer.

2. Set baselines

Decide in advance what terms are most important to you. For instance, if price is most important, you may need to be flexible on your closing date. Or if you want certainty that the transaction won’t fall apart because the buyer can’t get a mortgage, require a prequalified or cash buyer.

3. Create an offer review process

If you think your home will receive multiple offers, work with your agent to establish a time frame during which buyers must submit offers. That gives your agent time to market your home to as many potential buyers as possible, and you time to review all the offers you receive.

4. Don’t take offers personally

Selling your home can be emotional. But it’s simply a business transaction, and you should treat it that way. If your agent tells you a buyer complained that your kitchen is horribly outdated, justifying a lowball offer, don’t be offended. Consider it a sign the buyer is interested and understand that those comments are a negotiating tactic. Negotiate in kind.

5. Review every term

Carefully evaluate all the terms of each offer. Price is important, but so are other terms. Is the buyer asking for property or fixtures—such as appliances, furniture, or window treatments—to be included in the sale that you plan to take with you?

Is the amount of earnest money the buyer proposes to deposit toward the downpayment sufficient? The lower the earnest money, the less painful it will be for the buyer to forfeit those funds by walking away from the purchase if problems arise.

Have the buyers attached a prequalification or pre-approval letter, which means they’ve already been approved for financing? Or does the offer include a financing or other contingency? If so, the buyers can walk away from the deal if they can’t get a mortgage, and they’ll take their earnest money back, too. Are you comfortable with that uncertainty?

Is the buyer asking you to make concessions, like covering some closing costs? Are you willing, and can you afford to do that? Does the buyer’s proposed closing date mesh with your timeline?

With each factor, ask yourself: Is this a deal breaker, or can I compromise to achieve my ultimate goal of closing the sale?

6. Be creative

If you’ve received an unacceptable offer through your agent, ask questions to determine what’s most important to the buyer and see if you can meet that need. You may learn the buyer has to move quickly. That may allow you to stand firm on price but offer to close quickly. The key to successfully negotiating the sale is to remain flexible.

G.M. Filisko is an attorney and award-winning writer who has survived several closings. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

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Open House Timeline: Countdown to a Successful Sale

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By: Dona DeZube

An inviting open house can put your home on buyers’ short lists.

Get ready for your open house—stress-free—by starting early and breaking down your to-do list into manageable chunks. Use this timeline of 35 tips and your house will stand out from the competition on open house day.

Four weeks before the open house

  • Ask your parents to babysit the kids the weekend of the open house. Then book a reservation for your pet with the dog sitter or at the kennel. Having everyone out of the house on the day of will help you keep your home tidy and smelling fresh. Plus, no dogs and no kids equal more time for last-minute prep.
  • Line up a contractor to take care of maintence issues your REALTOR® has asked you to fix, like leaking faucets, sagging gutters, or dings in the walls.
  • De-clutter every room (even if you already de-cluttered once before). Don’t hide your stuff in the closet—buyers will open doors to size up closet space. Store your off-season clothes, sports equipment, and toys somewhere else.
  • Book carpet cleaners for a few days before the open house and a house cleaning service for the day before. Otherwise, make sure to leave time to do these things yourself a couple of days before.

Three weeks before the open house

  • Buy fluffy white towels to create a spa-like feel in the bathrooms.
  • Buy a front door mat to give a good first impression.
  • Designate a shoebox for each bathroom to stow away personal items the day of the open house.

Two weeks before the open house

  • Clean the light fixtures, ceiling fans, light switches, and around door knobs. A spic-and-span house makes buyers feel like they can move right in.
  • Power-wash the house, deck, sidewalk, and driveway.

One week before the open house

  • Make sure potential buyers can get up close and personal with your furnace, air-conditioning unit, and appliances. They’ll want to read any maintenance and manufacturer’s stickers to see how old everything is.
  • Clean the inside of appliances and de-clutter kitchen cabinets and drawers and the pantry. Buyers will open cabinet doors and drawers. If yours are stuffed to the gills, buyers will think your kitchen lacks enough storage space.
  • Put out the new door mat to break it in. It’ll look nice, but not too obviously new for the open house.

Week of the open house

  • Buy ready-made cookie dough and disposable aluminum cookie sheets so you don’t have to take time for clean up after baking (you can recycle the pans after use). Nothing says “home” like the smell of freshly baked cookies.
  • Buy a bag of apples or lemons to display in a pretty bowl.
  • Let your REALTOR® know if you’re running low on sales brochures explaining the features of your house.
  • Clean the windows to let in the most light possible.
  • Mow the lawn two days before the open house. Mowing the morning of the open house can peeve house hunters with allergies.

Day before the open house

  • Make sure your REALTOR® puts up plenty of open-house signs pointing in the right direction and located where drivers will see them. If she can’t get to it on the Friday before a Sunday open house, offer to do it yourself.
  • Put away yard clutter like hoses, toys, or pet water bowls.
  • Lay fresh logs in the fireplace.

Day of the open house

  • Put checkbooks, kids’ piggybanks, jewelry, prescription drugs, bank statements, and other valuables in the trunk of your car, at a neighbor’s house, or in your safe. It’s rare, but thefts do happen at open houses.
  • Set the dining room table for a special-occasion dinner. In the backyard, uncover the barbeque and set the patio table for a picnic to show buyers how elegantly and simply they can entertain once they move in.
  • Check any play equipment for spider webs or insect invasions. A kid screaming about spiders won’t endear buyers to your home.
  • Clean the fingerprints off the storm door. First impressions count.
  • Put up Post-It notes around the house to highlight great features like tilt-in windows or a recently updated appliance.
  • Remove shampoo, soap, toothbrushes, and other personal items from the bathtub, shower, and sinks in all the bathrooms. Store them in a shoebox under the sink. Removing personal items makes it easier for buyers to see themselves living in your house.
  • Stow away all kitchen countertop appliances.

One hour before the open house

  • Bake the ready-to-bake cookies you bought earlier this week. Put them on a nice platter for your open house guests to eat with a note that says: “Help yourself!”
  • Hang the new towels in the bathrooms.
  • Put your bowl of apples or lemons on the kitchen table or bar counter.
  • Pick up and put away any throw rugs, like the bath mats. They’re a trip hazard.

15 minutes before the open house

  • Open all the curtains and blinds and turn on the lights in the house. Buyers like bright homes.
  • Light fireplace logs (if it’s winter).
  • Didn’t get those cookies baked? Brew a pot of coffee to make the house smell inviting.

During the open house

Get out of the house and let your REALTOR® sell it! Potential buyers will be uncomfortable discussing your home if you’re loitering during the open house. Take advantage of your child- and pet-free hours by treating yourself to something you enjoy–a few extra hours at the gym, a trip to the bookstore, or a manicure.

Dona DeZube has been writing about real estate for over two decades. She lives a suburban Baltimore 1970s rancher on a 3-acre lot shared with possums, raccoons, foxes, a herd of deer, and her blue-tick hound.

“Visit HouseLogic.com for more articles like this. Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®.”

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7 Tips for Staging Your Home

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By: G. M. Filisko

Make your home warm and inviting to boost your home’s value and speed up the sale process.

The first step to getting buyers to make an offer on your home is to impress them with its appearance so they begin to envision themselves living there. Here are seven tips for making your home look bigger, brighter, and more desirable.

1. Start with a clean slate.

Before you can worry about where to place furniture and which wall hanging should go where, each room in your home must be spotless. Do a thorough cleaning right down to the nitpicky details like wiping down light switch covers. Deep clean and deodorize carpets and window coverings.

2. Stow away your clutter.

It’s harder for buyers to picture themselves in your home when they’re looking at your family photos, collectibles, and knickknacks. Pack up all your personal decorations. However, don’t make spaces like mantles and coffee and end tables barren. Leave three items of varying heights on each surface, suggests Barb Schwarz of Staged Homes in Concord, Pa. For example, place a lamp, a small plant, and a book on an end table.

3. Scale back on your furniture.

When a room is packed with furniture, it looks smaller, which will make buyers think your home is less valuable than it is. Make sure buyers appreciate the size of each room by removing one or two pieces of furniture. If you have an eat-in dining area, using a small table and chair set makes the area seem bigger.

4. Rethink your furniture placement.

Highlight the flow of your rooms by arranging the furniture to guide buyers from one room to another. In each room, create a focal point on the farthest wall from the doorway and arrange the other pieces of furniture in a triangle around the focal point, advises Schwarz. In the bedroom, the bed should be the focal point. In the living room, it may be the fireplace, and your couch and sofa can form the triangle in front of it.

5. Add color to brighten your rooms.

Brush on a fresh coat of warm, neutral-color paint in each room. Ask your real estate agent for help choosing the right shade. Then accessorize. Adding a vibrant afghan, throw, or accent pillows for the couch will jazz up a muted living room, as will a healthy plant or a bright vase on your mantle. High-wattage bulbs in your light fixtures will also brighten up rooms and basements.

6. Set the scene.

Lay logs in the fireplace, and set your dining room table with dishes and a centerpiece of fresh fruit or flowers. Create other vignettes throughout the home — such as a chess game in progress — to help buyers envision living there. Replace heavy curtains with sheer ones that let in more light.

Make your bathrooms feel luxurious by adding a new shower curtain, towels, and fancy guest soaps (after you put all your personal toiletry items are out of sight). Judiciously add subtle potpourri, scented candles, or boil water with a bit of vanilla mixed in. If you have pets, clean bedding frequently and spray an odor remover before each showing.

7. Make the entrance grand.

Mow your lawn and trim your hedges, and turn on the sprinklers for 30 minutes before showings to make your lawn sparkle. If flowers or plants don’t surround your home’s entrance, add a pot of bright flowers. Top it all off by buying a new doormat and adding a seasonal wreath to your front door.

More from HouseLogic

Spring Cleaning Guide

11 Ways to Create a Welcoming Front Entrance for Under $100

Fragrant Plants that Will Keep Your Home Smelling Good

G.M. Filisko is an attorney and award-winning writer who occasionally rearranges her furniture to find the best placement—and keep her dog on his toes. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

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7 Landscaping Mistakes That Wreck Curb Appeal

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By: Lisa Kaplan Gordon

Don’t let badly designed or maintained landscaping wreck your home’s curb appeal. Here are pitfalls to avoid.

 Clumsy, neglected, and hodgepodge landscaping not only hurts your home’s curb appeal, it can cut the value of your property and make it harder to sell.

Real estate appraisers say bad landscaping is a buyer turnoff that can increase the number of days a property languishes on the market, which also hurts prices.

“I’ve been with clients who won’t even go into a house because of the bad landscaping outside,” says Mack Strickland, a Chester, Va., REALTOR® and appraiser.

Even more important, bad landscaping is a downer that hurts the way you see and enjoy your home.

Don’t let bad landscaping happen to you.  Here are the seven landscaping mistakes that bust, rather than boost, your home’s curb appeal.

1. Planting Without A Plan

Some landscaping choices, such as a line of begonias, will last a season; others, like trees, can last a lifetime. So, take time to plan and plot a yard that gives you maximum enjoyment and curb appeal.

For the design challenged, landscape architects are worth the investment ($300-$2,500 depending on yard size). They will render elevations of your future yard, and provide plant lists so you can install landscaping yourself.

Related: How to Create a Landscaping Plan on a Budget

2. Too Much Togetherness

Yes, planting in clusters looks way better than installing single plants, soldier-like, throughout your yard. But make sure your groups of perennials, shrubs, and trees have plenty of room to spread, or they’ll look choked and overgrown. Also, over-crowded landscaping competes with itself for food and water, putting the clusters at risk, especially during drought.

Google how high and wide the mature plant will be, and then combine that info with the spacing suggestions on planting labels. At first, garden beds of young plants will look too airy and prairie-like. But within three years, your beds will fill in with room to grow.

Remember: First year it sleeps, second it creeps, third it leaps.

3. Zoning Out

Don’t be seduced by catalog plants that look gorgeous on paper but aren’t suited to your hardiness zone. You’ll wind up with plants that die prematurely, or demand winter covers, daily watering, and other intensive efforts to keep them alive and well.

Check plant labels to see which hardiness zones are best for your plants.

4. More of the Same

Resist the design temptation to carpet-bomb your yard with your favorite plant or shrub, which will create a boring, monochromatic landscape. Worse, your yard will look great when your fave flowers bloom, then will look drab the rest of the year.

Mix things up and strive for four-season color. For example, combine spring-blooming azaleas with summer-blooming roses and autumn-blazing shrubs — such as burning bushes (Euonymus alatus). For winter color, try the red osier dogwood (Cornus stolonifera), a hardy shrub that sports bright-red branches in winter.

Related:

9 Winter Plants that Dazzle Even in Snow

Winter Gardening: Plants that Provide Beauty All Year Round

5. Refusing to Bury Your Dead

Nothing wrecks curb appeal faster than rows of dead or dying shrubs and perennials. So quickly remove your dearly departed landscaping from your front and side yards.

Spent plants that lived their natural lives are good candidates for a compost pile — if you grind them first, they’ll decompose faster. But if your landscaping succumbed to disease or infestation, it’s best to inter them in black plastic bags, then add to the trash.

6. Weeds Gone Wild

Weeds not only wreck the look of your landscaping, they compete with pricey vegetation for water and food. Weeds also can shorten the life of brick, stone, and pavers by growing in mortar cracks.

The best way to stop weeds is to spread a pre-emergent about three weeks before weed seeds typically germinate. If you can’t stop them from growing, at least get rid of weeds before they flower and send a zillion weed seeds throughout your yard.

7. Contain Those Critters

Deer, rabbits, and other backyard pests think your landscaping is an all-you-can eat buffet, leaving you with denuded branches and topless perennials.

If you’ve got a critter problem:

  • Plant deer- or rabbit-resistant varieties. Your local extension agent can provide a list of green things critters won’t eat in your area.
  • Install an electric fence around landscaping you want to protect.
  • Spray plants with critter repellent. After a hard rain, spray again.

Related:

Flower Garden Mistakes to Avoid

Does Landscaping Give a Good Return on Investment?

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6 Reasons to Reduce Your Home Price

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By: G. M. Filisko

While you’d like to get the best price for your home, consider our six reasons to reduce your home price.

Home not selling? That could happen for a number of reasons you can’t control, like a unique home layout or having one of the few homes in the neighborhood without a garage. There is one factor you can control: your home price.

These six signs may be telling you it’s time to lower your price.

1. You’re drawing few lookers

You get the most interest in your home right after you put it on the market because buyers want to catch a great new home before anybody else takes it. If your real estate agent reports there have been fewer buyers calling about and asking to tour your home than there have been for other homes in your area, that may be a sign buyers think it’s overpriced and are waiting for the price to fall before viewing it.

2. You’re drawing lots of lookers but have no offers

If you’ve had 30 sets of potential buyers come through your home and not a single one has made an offer, something is off. What are other agents telling your agent about your home? An overly high price may be discouraging buyers from making an offer.

3. Your home’s been on the market longer than similar homes

Ask your real estate agent about the average number of days it takes to sell a home in your market. If the answer is 30 and you’re pushing 45, your price may be affecting buyer interest. When a home sits on the market, buyers can begin to wonder if there’s something wrong with it, which can delay a sale even further. At least consider lowering your asking price.

4. You have a deadline

If you’ve got to sell soon because of a job transfer or you’ve already purchased another home, it may be necessary to generate buyer interest by dropping your price so your home is a little lower priced than comparable homes in your area. Remember: It’s not how much money you need that determines the sale price of your home, it’s how much money a buyer is willing to spend.

5. You can’t make upgrades

Maybe you’re plum out of cash and don’t have the funds to put fresh paint on the walls, clean the carpets, and add curb appeal. But the feedback your agent is reporting from buyers is that your home isn’t as well-appointed as similarly priced homes. When your home has been on the market longer than comparable homes in better condition, it’s time to accept that buyers expect to pay less for a home that doesn’t show as well as others.

6. The competition has changed

If weeks go by with no offers, continue to check out the competition. What have comparable homes sold for and what’s still on the market? What new listings have been added since you listed your home for sale? If comparable home sales or new listings show your price is too steep, consider a price reduction.

More from HouseLogic

How to ready your home for sale at little cost

How to review offers on your home

Other web resources

More on setting the right price

G.M. Filisko is an attorney and award-winning writer who made strategic price reductions that led to the sale of a Wisconsin property. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

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