When your home needs a lot of work, it can be pretty intimidating to put it up for sale on the market without setting aside a certain sum for many essential upgrades. When the time comes for you to sell the property for one reason or another, it’ll feel a bit like an ugly duckling on your block. Your old house got old floors, a cluttered yard, and various other broken parts. But you need to admit that not everyone has the time or money to spare to deal with their fixer-upper.
So, if you want to know some tips and tricks before selling a house that needs repairs, you’ve come to the right place. Read on to find out more options for selling your fixer-upper property in a short period.
Learn About Your Potential Customers
Unlike some people who want to purchase a move-in ready property, buyers who seek fixer-upper homes prioritize potential instead of perfection. These people know how to deal with them and are willing to spend a lot of time and effort to earn more money, create equity, or have the chance to see their design come to life. But you need to recognize that not everyone loves a fixer-upper.
You won’t precisely cater to a broad audience of buyers when selling a house in bad condition, but three types of buyers are willing to risk it to upgrade and renovate your property:
The main potential customers of homes that need repairs are property flippers or investors. They often buy homes at meager prices, do cheap fixes to sell a house, and then put them up for sale at a higher price. But the best part about catering to flippers is you’ll see that your home’s defects can be used to improve it.
So, if a flipper is interested in your property, make sure to do the following:
- Find a reputable real estate agent to assess the value of your home. The agent will then do a comparative market analysis of the properties sold recently in your area similar to your home’s size and condition. By doing so, you’ll have a better picture of your home’s worth. Also, you can make more informed decisions and avoid getting lowballed by predatory flippers.
- You can also use websites that assess the value of properties put up in the market. Although it’s easier to do this step than the first option, it might not be as accurate.
Flippers like to buy properties for cheap, but that doesn’t mean that you have to settle for less, especially if they make an offer below market value. So, you need to remember that even though your home needs repairs, it’s not an excuse to be desperate.
2. Deal Hunters
The next potential customer is a deal hunter who wants to relocate to a specific area or neighborhood but can’t afford the selling price of properties in their preferred locations. For these people, going for a fixer-upper is their one-way ticket to get into prime locations. Also, they’re willing to spend money on a house that needs renovating only because of where it is situated.
Although some people prefer move-in ready homes, a deal hunter is more willing to do business with people who are selling a house that needs repairs. Aside from the reason that they want to live in a desirable location, they want to buy fixer-uppers since they can remodel it and upgrade over time.
The last type of buyer can afford to buy homes in their desired location but want to make the property their own by changing the design. The people who already found their dream home but got outbid are also part of this group.
In prime locations, there’s stiff competition to snag a property and become part of the neighborhood. So, this might be the answer to your prayers of meeting people who are “willing to buy my home as is” since remodelers love to have a clean slate and make their dream house from the ground up.
How To Sell A House That Needs Repairs
Now that you know more about your potential customers, there are some easy techniques that you can utilize to make your home more appealing to them. You should do the following:
- Clean your home’s clutter and yard: Landscaping works best when you want to get a good impression from potential buyers. But you don’t need to spend a lot of money to improve the look of your yard. Instead, you can do this by removing weeds, mowing grass, and placing a few flower pots to liven up the area. Your home’s clutter can also be a deciding factor since most people want to look inside homes. So, dirt and clutter might cause buyers to have second thoughts on making an offer.
- Minor fixes make a considerable difference: Some repairs you can do are patching up holes, deep cleaning toilets and tubs, fixing broken hinges and doors, dealing with leaking pipes, and putting more caulking wherever it’s worn out. You can also improve your home’s appeal by replacing or cleaning grout, changing knobs on cabinets, and removing stains on your carpet.
- Focus on your home’s features: Most people don’t care about the trinkets you’ve brought from a tropical destination, but they are certainly interested in your decently sized walk-in closet. This is true in most situations since most people change house flooring and other cosmetic parts a few years down the road. But your home’s floor plan is complicated to change, and they must cap their renovation within a specific budget.
- Price it right: Even though you’ve made some repairs and made your house look nice, you shouldn’t try to overprice it. But even though you’re letting go of some equity, you should also avoid putting it up for sale at a lower price, either. So, talk to a real estate agent and let them determine the value of your home.
If you want to know more about how to sell a house that needs repairs: post will definitely help you get a better deal.
Although selling a house that needs repairs is quite tricky, you shouldn’t be disheartened as you still have the chance to make money from it. By knowing which people to cater to, you’ll have a better idea of what they like and how to deal with them. Also, you should still do some minor repairs to make your home more appealing to a broader range of potential buyers. You may end up spending a bit more, but it’s worth it as more people will find your home’s actual value.
An author of Namaste UI, published several articles focused on blogging, business, web design & development, e-commerce, finance, health, lifestyle, marketing, social media, SEO, travel.
For any types of queries, contact us on info[at]namasteui.com.