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Tips for Buying or Selling a House
by Holly Russo

Drive slowly through the neighborhoods you like and note the houses for sale. Contact those brokers to see the house. Getting a broker when you're buying may not as useful as when you are selling - brokers generally represent the buyer (who will pay them). Try getting a recommendation for a good realtor from a friend, or talk to a few before deciding on who you will want to help you find a house. If your state has buyer's agents available, it would be ideal to find one because then they will be working for you and not the seller.

For Sale by Owner

Check the classified ads for houses for sale by owner. You may have more negotiating power since broker commission is not involved. Be sure to have professionals involved in inspecting the house or writing up the contract. There are also brokerages for houses for sale by owner that charge lower commission fees.

Environmental Factors

What kind of environment do you want to live in? Do you like urban or woodsy settings? If there is a farm or big expanse of woods, consider that it may someday be sold and torn down, and the backyard that sold you on the house may be very unappealing to the next buyer.

Will noise be an issue? Investigate how far the home is from trains (find out whether it's a frequently-running passenger train or a twice-a-night freighter), fire houses, major highways and 24-hour stores (may be a local evening hot-spot).

How close do you want to be to convenience? Check the area for food stores, banks, medical facilities and other important resources.

School System

Consider the school system if you have or are planning to have kids. Better school systems will be associated with more expensive neighborhoods and higher taxes, but are well worth a good education and environment. Remember that towns rich in businesses often mean lower taxes for the homeowners.

Neighborhood Value

Make sure the value of the house is equal to or less than that of its neighbors. If you buy a $350,000 house in a $200,000 neighborhood, it will be harder to sell since neighboring properties often determine value. If you are considering fixing the house up, be careful. You will not necessarily raise the value of your house by $50,000 even though you may have spent just that much in improvements.

One-Bath Houses

Houses with one bathroom may be cheaper, but not practical if you do not live alone. They are also more difficult to sell.

Sloping Lawns

If the house is on a hill, it may be difficult to mow the lawn. If it snows frequently, slippery sloped driveways may be something to consider. Sometimes a slope tilting toward the house can set up the right conditions for a watery backyard, making a basement more susceptible to water leakage!

Ambulatory Ease

Is it difficult for you or a household member to negotiate steps? If so, consider houses with few steps.

Older vs. Newer Homes

There are good and bad points with newer and older homes. Newer homes have more outlets than older homes, may not have a imminent major repairs (e.g. a roof or other major expense), and may be better insulated. Older homes may also have lead paint and less ergonomic wall and closet space. New homes, however, often need landscaping which can be very expensive. Older homes may also be on a nicer piece of property with older, well established trees and shrubs. If you want an older home to fix up, carefully consider how much time and money you would be willing to spend on projects - always overestimate!

Tips for Selling a House

Keep it Spare

Get rid of extra furniture (sell or put it in storage) since sparse or empty rooms will allow viewers to imagine their belongings in place. Keep windowsills clear. Store kitchen aids aside to leave the countertops clear, and free space in closets so that clothes are not jammed together.

Keep it Clean

Keeping it clean goes without saying, but don't forget that people will be looking in your oven, closets and in your cupboards. Guests will also notice dirty gutters and windows, so clean these before showing. It may also be time to get a new shower curtain and patch up aging grout. You can buy inexpensive porcelain repair paint to cover up scratches and chips from a local home supply store. You may want to clean out your medicine cabinet and give the interior a nice coat of white paint.

Pressure Wash

If you want to brighten up old siding or a deck, consider pressure washing - the results can be amazing. For a relatively inexpensive price, you can make siding, patios and decks shine. It can make a big difference to a potential buyer.

Neutral Colors are Key

Your decorating style may be drastically different from a potential buyer's. They may stand in your living room silently musing how the busy wallpaper would clash with the couch, and decide the redecorating hassle is not worth it. Neutral colors are your best bet, and they even make a room look more spacious. Consider painting or adding soft throw rugs and towels to the kitchen and bathrooms.

Lots of Lights!

A brightly lit house, soft music and the delicious aroma of freshly baked bread wafting through the house tantalizes your guests with coziness, making your home appealing. Even if it's the middle of the day, raise every shade and turn on every light. Scatter plants to make the house feel inviting, and light a small fire if you have a fireplace - unless it's sweltering out!

Specialty Pieces

If there is any piece of your home that you wish to move with you, say, a chandelier or large wall mirror, remove it before a potential buyer falls in love with it. You wouldn't want that one item to sway the buyer's decision. At the very least, specify in your listing agreement that it is not included in the sale.

Outside Maintenance

Are the bushes frayed or the grass a bit shabby? Are paint chips peeling off the front door and a shutter loose? Repair these items and others if needed. An unkempt property can be a turnoff to a potential buyer. Instead, make it inviting. Mow the lawn, trim the hedges and dress up a front walk with inexpensive potted flowers and a new welcome mat.

Inside Maintenance

Fix broken doorknobs, leaky faucets, sticky windows and cracked concrete, lest a potential buyer think that those things are small clues to greater neglect. Oil difficult doors and other hinges. Cracked plaster should always be fixed, even if it's as old as the house. Does the doorknob work? Many homeowners have grown used to minor flaws, but try looking at your house as if you were seeing it for the first time. It's hard to believe, but making these minor repairs can make the difference between sitting on the market and selling.

Repair Budget

If your home is in the $125K-$135K range, a budget of about $2,500 is a safe bet for home improvements. It's worth it, because the home will likely sell faster and for a higher price, so you should get the investment back.

New Carpet

Believe it or not, many people will not buy a house if they have to put in a new carpet. Replace the carpet before showing your home, if it's needed.

Give Guests Space

Talk briefly with the potential buyers when they come to your home, then politely give them space. They will feel more comfortable discussing whether they'd need a different washer setup or where the furniture would go if they had privacy. Children should be instructed to stay out of the way, and pets should be put outside if possible. It's important that the house be as free from distractions as possible.

Respond to Offers Quickly

Be ready to respond within 24 hours of receiving an offer. If the offer is lower than you are asking, try to remember that it brings you closer to a sale than no offer at all.

Pricing

Your house should be listed for 3-5% of what the broker suggests. Remember that there is a buyer for every home if the price is right.

Disclosure

Buyers are often concerned about safety and heath issues, like radon or lead paint. You should always disclose any drawbacks to your home so that potential buyers know what they are buying. You don't want to be involved in litigation, and neither does your broker.

Picking a Broker

Interview two or three brokers, and ask what percent of the homes they sell are in your area. Also find out how many houses go from 'For Sale' to 'Sold', and what the broker will do to generate traffic to your house besides listing you. Will they attach an information hotline to the sign on your property or list you in the classifieds or on cable? The more avenues the broker uses to generate traffic to your house, the more likely it will sell.