Selling a house that needs work done can be a daunting task, but it’s still far from being impossible. While you’ll need to lower your expectations and be ready to negotiate, with the right planning and some luck, you’ll certainly be able to sell your property in no time whatsoever!
In this article, we’ll try to make the process a bit easier for you by providing you with our favorite tips for selling houses that require some repairing.
So, without any further ado, let’s get right to the bottom of it!
1. Be realistic
Before you list your house for sale, you should do extensive research on the average property prices around your neighborhood. You need to set a realistic price taking into account the exact state of your house and the costs that will need to be covered for it to become a functional home. While you shouldn’t just accept the lowest possible price offered to you, you should still stay realistic and prepare yourself for negotiation.
We suggest hiring a property expert to help you evaluate your house before you start searching for potential buyers. If the current state of your house makes it impossible for anyone to start living in there without going through some major repairs first, it could also impact their mortgage eligibility once they’ve bought the property. Make sure you take that into account as well, as it’s something extremely important for the majority of home buyers.
2. Avoid large-scale renovations
Now, you may have an urge to invest in your property before listing it for sale to try to reach a higher price. While that makes sense to some degree, large-scale projects such as kitchen renovation or loft conversion are simply not worth the money. You’ll probably spend more than you’d earn once the price of your property went up.
The only time you should be thinking about renovating is if the issues you’re trying to tackle are of structural nature (roof, subsidence, walls), as these can make a huge difference when it comes to property value.
All in all, you should avoid expensive renovation projects unless they’re vital to the overall “livability” of your house. Contacting a real estate agent to help you evaluate your house is always a good idea. They know the market better than anyone else, so you’ll quickly get useful guidelines on how to reach the best possible price for your property.
3. Consider selling to cash buyers
While listing and selling your house via a real estate agent seems like the most natural choice, it’s not always the best course of action. If you don’t have the budget for renovations, and you’d rather avoid paying agency fees, you can always sell your property off the market. Cash buyers such as cashformichiganhouses.com are everywhere nowadays, which makes selling houses much quicker and easier.
These individuals and companies buy damaged property to fix it up and then resell it at a higher price. In this way, you’ll be able to negotiate a good price without having to worry about intermediary fees.
Make sure to do some light “background checking” on the cash buyers before sealing the deal. Don’t rush to sell your house as soon as you get the first offer since there could always be someone out there who’s willing to pay more.
4. Clean your house thoroughly
Cleaning the entire property before listing it for sale is of the utmost importance. This especially goes if your house is extremely old or if it has some mold-related issues. We recommend hiring professionals to do the job for you, as it’s quicker, easier and cheaper (you won’t have to waste your money on cleaning products and equipment).
A clean house will leave a better impression and it doesn’t take too much time to get it all done. While you’re at it, don’t forget about the exterior, as your front yard is probably the first thing potential buyers will see. You don’t have to go over the top with it, just make sure it looks presentable.
Lastly, if there are any smells or moisture present in your home, remember to get rid of them before you list the house for sale. Unusual smells are extremely off-putting, as they make the house feel uncared-for.
5. Be honest!
Never try to hide anything from your buyers! They’ll likely notice it themselves, and they’ll refuse to trust you enough to buy anything from you. Now, dishonesty isn’t just straight-up lying to your buyers: it’s much more than that. You shouldn’t sugar-coat ANYTHING nor should you hide certain elements of the whole truth.
Be transparent and prepare to answer all of their questions. If they deem you to be untrustworthy or unreliable, they’re likely to reject your offer. Building a good relationship with your buyers won’t only increase your chances of making a sale, but it’s also going to help you negotiate better terms later on.
So, yes, as long as you’re honest and transparent about the damage on your property, you’ll certainly find a good buyer somewhere down the line.
6. Remove old furniture
Old and damaged furniture can do more harm than good to your chances of selling the house. Removing unnecessary pieces of furniture increases the appeal of spaciousness in your home, so remember to throw it away if it’s unusable.
That especially goes when we’re talking about old carpets. If you have an old house, those dusty old carpets could be hiding incredible wooden floors, so take them off!
The bottom line
Selling a house that requires major repairs isn’t easy. However, as long as you do your research and keep looking for potential buyers, we’re certain you’ll make it! You can either list it with a professional agency or sell it off the market. Both options come with their own advantages and disadvantages, so, again, do your research and choose wisely.
We hope our tips at least somewhat eased up your journey, and we wish you good luck in all of your future endeavors.