Part 3 in our series of economical remodeling suggestions features:

Fixtures

Fixtures are a relatively inexpensive way to dress up older homes if you don’t have a remodeling budget, but don’t want to look completely out of style. Try installing new faucets, towel bars, doorknobs, hinges, drawer handles, and drawer pulls throughout your kitchen and bath. The walk through buyer will remember rusty hinges and bent towel bars.

Even a basic $40 faucet is an improvement over a calcified relic. A $200 kitchen faucet with a pull-out spray wand that matches your cabinet hardware can transform a basic kitchen.

The first thing I saw as a buyer was a “new” bath with brushed silver vanity light, no mirror, a chrome faucet, and gold vanity knobs and said “Ick.” Pick a color theme for fixtures and lights and try to stick with it through the house…or at minimum, within the room! Even if your buyer doesn’t like brushed silver or antique brass, the uniformity and details you will add through bringing together the theme of the fixtures together will help. Five years later I still remember my first impression. The “new” bath didn’t sell the house.

Many basic fixtures are do-it-yourself replacements, but if you ever need a referral to a plumber or handyman to help, we have several contractors we work with regularly in the Bay Area, so we can recommend someone who can help you if needed!

Continuing in our list of economical suggestions for home sellers is:

Flooring

Real hardwood floors offer longevity and never go out of style. If you have old hardwood floors under carpet, it may be a good bet—providing they are in good condition—to pull up carpet in several rooms to expose the hardwood floors. Refinishing is expensive, but it may add dollars in your pocket as a seller. If the floors are slightly dull and show minor wear, a few coats of wax may be all that’s needed.

Laminate floors also offer an economical option for sellers and durability for buyers. Some laminates are as inexpensive to install as vinyl, and most buyers find laminate far more attractive if given an option. If you go with laminate, check the moisture rating before installing. Laminate in an entry area or bathroom where it is subject to being splashed or dripped on should be rated to withstand moisture. Most laminate floors recommend against installation in entries and baths for this reason, but a few are designed especially for this purpose. So be careful what you select if your floor install will extend into a baths and entries. Laminate is a floating floor and it can bubble with expansion from moisture.

If your home has wall-to-wall carpeting, professional steam cleaning will make a huge difference to restore pile to your traffic areas. (I have a great carpet cleaner if you’d like a referral!)

Everyone wants a bargain, right? I got a call from a foreclosure buyer who saw one of my listings on a foreclosure site for $200K. They called off the sign and were surprised to find the listing price was really $729K. So where did they see $200K? A website: www.bargain.com.

If you visit this site, I bet your first impression would be "Wow! I can get a home in San Jose for $60,000!" Right. Sounds too good to be true?

To me, at a glance, this looks like a site that captures note amounts based on NOD (notice of default) filings. NODs are of public record. That $60K, or in the case of my listing, the $200K was a trustee sale bid amount. The house is privately owned by the bidder–who took the property that was encumbered by more than one loan–and listed it for sale on the open market.

Yes, there are plenty of foreclosures (REOs) and short sale listings on the market, but they are not pennies on the dollar bargains. They are priced at what the market will bear…or what loss the bank or owner can bear.

Continuing with Steven's list of recommendations….

Staging

Professional "staging" is being more frequently used when sellers want to maximize their home's assets.

Buyers fall in love with a “homey” atmosphere. A professional decorator can use your own furnishings or bring in rental furniture and add coordinates, seasonal colors and themes, dramatize the best features, and revitalize the home’s exterior curb appeal. The goal in staging is to open the home’s floor plan and give the buyer that “I can see how we could…” feel.

Stagers offer a variety of services. Some will work with your own furnishings and just reorder, rearrange, and bring in accessories. Some will offer a consultation at a flat fee and offer room-by-room suggestions and a “to do” list that the homeowner can implement.

There's nothing off limits. Recommendations can include minor things from decluttering, use of color, throw pillows, plants, faux paint, different fixtures, cleaning, etc. The goal though is to find what will help your home show well, without reinventing the wheel.

Some stagers can give you recommendations and provide coordination services to direct you to painters, cleaners, and storage facilities they work with.

There’s also a full-service staging, often used for vacant homes, where the decorator brings in furnishings, appliances, artwork, window dressings, throw rugs, kitchen ware, and the works. In a full-service staging sometimes the entire house is staged; other times the family room, living room, master, and bathrooms are staged and the guest bedrooms and other smaller areas are left vacant. Full-service staging usually comes with a design fee and a monthly furniture rental fee.

Much depends on the overall marketability of your home. A full staging (furniture and accessories) on a 3/2 home may cost $2800 to $3500 for the initial month, and then a flat rate or rental for additional months following (usually a percentage of the initial month cost). Don't overdo staging. Consider it in moderation. You don't want to rack up a $10,000 staging bill to net $12,000 more sales price four months down the road, when $500 consultation could have done the trick and sold the home for list price in 30 days. Keep in mind that time is money (and mortgage payments).

As I meet with sellers for potential listings, they ask what can they do to attract buyers. Should they wait six months to sell until they can get the kitchen remodeled? How much more can they get with a new kitchen? Will they get their investment back? Will the house sell faster?

A seller only needs ONE strong offer from a qualified buyer. Smart buyers want a good deal, but they also want a home they can settle into and make their own. As a seller you want to make your home different (in a good way), comfortable and enticing, and affordable….for you to sell and the buyer to buy. That new kitchen may cost $50K and generate $100K more in revenue, but timing is key. Interest rates change, values change, and your gamble may not pay off.

Some recommendations I often suggest sellers consider before listing their home are:

1. Staging
2. New or Refurbished Flooring
3. Fixtures
4. Doors
5. Lighting
6. Closet Organizers & Storage
7. Paint
8. Curb Appeal

These are all economical ways to make your home attractive on a small budget, and get a good investment back when you sell. Some sellers aren't in a position to spend time or money to do even minor upgrades. Some homes I sell as "fixers." I thought over the next week or so, Christine and I will share some feedback on these areas and give you some suggestions. Even if you aren't planning to sell your home, but want to upgrade on a budget, maybe you'll find a few of these ideas helpful.