You're thinking of selling -- but not just yet. Let's say you have a five-year plan to prepare an older, lived-in house for sale.
Maybe you're faced with tattered carpets, battered appliances and dingy paint. Or maybe we're talking about truly scary problems, such as asbestos or a leaking roof. What should you take care of first? What can wait? What can be ignored altogether?
"Basically, what we're talking about is good, solid preventive maintenance on your home," said Barbara Weissmann of Friedberg Properties in River Vale, N.J. She recommends that homeowners looking at a sale down the road hire a home inspector to check out the house. "You're looking to discover defects that you can fix over time," she said.
It's possible to get a house ready for market without spending a fortune, especially if you have time on your side. And if you're going to fix up the property anyway, Weissmann said, "why not do it several years in advance so you can enjoy it?"
First things first
Tackle anything that's a danger to your health or the house's future.
If the roof is leaking, for example, that will damage the ceiling, walls and floors below. Funky wiring or leaky plumbing? Deal with it sooner, not later. "The biggest killer of a home's value is no maintenance," Weissmann said.
If there's flaking asbestos insulation on the pipes, that's a health hazard and it can delay or kill a sale down the line. Don't try to remove it yourself; get a licensed contractor.
You should also make sure you have working smoke and carbon monoxide detectors.
Deal with the deal-breakers
Check for radon gas.
Basement moisture often is an issue in home sales. It can lead to mold, which can scare buyers away. The most common cause: gutters that aren't draining rainwater away from the house.
Keep the paperwork on all these jobs to show an eventual buyer.
Sure spruce-ups
Once you get past the most pressing projects, there are a cluster of jobs where you have to weigh the benefits against the costs. In general, home sellers get back only 60 to 80 percent of the money spent on home improvements, according to Remodeling magazine.
That's why most experts recommend against major kitchen or bath renovations. But less ambitious upgrades, such as replacing scratched countertops or outdated appliances, could make sense.
When it comes to cost-effective fix-ups, housing experts have three favorites: clear out clutter, paint the walls and rip up old carpet. If the wood floors under the carpet are in good shape, great. If not, they can be refinished at a cost that typically ranges from $1.50 to $3 a square foot.
Improving the landscaping, especially the front yard, is crucial. But it doesn't have to look like a manicured estate. Just clean up the flowerbeds and trim back the bushes to expose the house.
Big-ticket items
If your furnace or water heater dies, obviously you must replace it. But if those items are old but still working, most real estate experts advise that you leave them in place and adjust the home price to reflect their age.
New, energy-efficient windows sound sexy, but that's a costly job that many sellers would rather leave to the buyers, even it means getting a lower price for the property.
Finishing a basement could be worthwhile if the house is small and there's no other family room or play space for kids. But otherwise, most real estate advisers recommend just tidying up by throwing out clutter and painting the walls and floor.
