Updating this old house: Refinished floors, fresh paint and bath redo could be the fix

Nov 14, 2008 (Chicago Tribune - McClatchy-Tribune Information Services via COMTEX) -- HD | Quote | Chart | News | PowerRating -- Nearly three years ago, Shane McCarty thought he had found an ideal place for himself and his wife, as well as a sure-fire investment. He paid $323,000 for a historic house on a sprawling half-acre lot tucked amid the horse farms of the small town of Wayne, 30 miles west of Chicago.

At a time when housing values were spiraling upward, the electrician planned to spruce it up himself and sell it in a few years for a profit, a tack he had taken with another house before.

He painted, refinished some wood detailing, cut down and trimmed trees.

But now like so many others, McCarty, 31, is caught in the whirlpool of a sinking housing market. His two-story, three-bedroom house, built in 1885 with many original elements intact, has been on the market for about 230 days and is surrounded on three sides by other hard-to-sell properties.

For him, the farmhouse's romantic luster has faded somewhat as it is preventing the recently divorced McCarty from starting life over, unencumbered, in a rental apartment.

"I'm ready to make a move and willing to do what it takes to pump up the appeal of this house," said the avid cyclist and runner.

Since Labor Day, he's lowered the asking price from $379,900 to $279,900. With the help of his real estate agent, Gregg Slapak of Realty Executives Premiere of Wheaton, McCarty has already decluttered the house that was bursting with his collection of antiques: bicycles, radios and other appliances, such as typewriters and a hand dryer.

To sell the house, McCarty realizes that he has to make an extra effort at additional cost. With Slapak's help, McCarty is searching for a strategy that will strike the right balance between enhancing his property to make it more marketable without spending so much that he's forced to raise the asking price beyond what the market will bear.

Although Wayne houses are sitting on the market for a year or more, when he makes upgrades, McCarty hopes there is room to lift his price somewhat to cover his costs.

Whatever enhancements he makes, though, McCarty won't sacrifice the historic character that attracted him to the property. "I'll stay with the theme of a Gothic-style farmhouse and keep details like the porcelain doorknobs, four-panel doors, wainscoting and hardwood floors," he explained.

aENCLOSED

FRONT PORCH

The porch's tilted hardwood floor, 1930s radio-record player and 1920s padded swivel chair shout vintage house with personality. But its shiny clean surfaces say it's being cared for.

Pro's advice: "I love it the way it is," Slapak said. "It's like a lakeside cottage."

a'FIRST-FLOOR BATHROOM

The first-floor bathroom is in the midst of a complete overhaul. The toilet and sink have been ripped out and the painted-over wallpaper is being removed.

Pro's advice: "Remove the wallpaper, paint the walls a neutral off-white or gray with egg shell trim, install a contemporary pedestal sink, toilet and basic white Home Depot cabinets that fit into the budget."

McCarty: "I'm thinking about $2,000 of bathroom upgrades with 1920s period lighting, but I'll save the original claw foot tub and antique hand dryer."

FIRST-LEVEL HARDWOOD

FLOORING

McCarty has cleared and cleaned the rooms but worn patches in the floors make them look a bit tired.

Pro's advice: "All of these floors need to be sanded and refinished; that will do a lot to brighten up the house for about $1,100."

a'BUTLER'S PANTRY

Once part of the kitchen, this small square space has been refashioned into an intimate breakfast nook. The walls are papered on top and below the chair rail have dark wainscoting.

Pro's advice: "Take down the wall paper, paint the walls light, neutral gray; repair and refinish the floor. Leave the wainscoting."

KITCHEN

While some parts are charming, like the bead board walls with a hand painted landscape mural below the chair rail, the countertops and appliances are dated.

Pro's advice: "It could use painting, refinished floors, updated cabinetry. In fact, we could put in a new kitchen if we could raise the price $20,000 to $75,000."

McCarty: "The kitchen will get a refinished floor and paint but it would be the last thing I'd invest any more in. Whatever I do, a buyer could want something different."

a'LIVING ROOM

Spacious and airy, this room has minimal furnishings. Once it was filled with McCarty's collection of two dozen old bicycles. Its personality now comes from the gas fireplace and bay window.

Pro's advice: "Once the floors are refinished, the blue walls should be painted a light gray; the octagonal windows and trim would look brighter, cleaner painted white."

MASTER BEDROOM

McCarty has installed new window treatments and hung a red velvet drape to cover a small closet.

Pro's advice: "Replace the curtain with a door and paint it and the room's entry door white."

STAIRWAY

Pro's advice: "Paint the dark red walls light gray with white trim. The Victorian floral carpet, while not ideal, will remain to keep down the cost. It's wool. That makes it valuable."

SECOND-FLOOR HALL

Pro's advice: "He should replace drapes with new window treatments."

TWO SMALL BEDROOMS

Both are devoid of furniture; closets are basically empty.

Pro's advice: "We should stage them with plants on small tables, some chairs and art on walls."

GARAGE

Pro's advice: "Put on a new door and do some touch-up painting in its current white color."

a'YARD

The half acre covered with fall leaves was picturesque.

Pro's advice: "Now, it's basically time to clean it up."

BOTTOM LINE

Pro's advice: "The house is already priced right so I think Shane should only invest about $5,000 to redo the first-floor bathroom, paint, refinish the floors and replace some windows. He'll keep it on the market over the winter and hope the affordability will enhance its appeal to buyers."

sdiesenhouse@tribune.com

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