Everything has its price, and that means there is probably a buyer out there who is willing to take on the challenge if you are selling a home that needs plenty of renovation work and remodeling to bring it up to scratch.
Obviously, if you are looking to sell when your house needs major repairs, you can’t expect to get top dollar for it, because the cost of the work will likely be factored into the price, but it’s definitely possible.
Here is a look at how to set about selling your home if it needs a major face-lift and what to expect from a situation like that.
Focus on the important repairs
There can be all sorts of different reasons why you find yourself selling a property that is not in perfect shape.
It might be that you bought the house to renovate it but the challenge proved too much in terms of time and money so you just want to move it on, or it might be that your circumstances have changed and you just need to move on as quickly as possible.
If you want to try and make the best of the situation and are prepared to do some repairs and renovations before putting it on the market it will be important to focus what budget you have on the jobs that will add value. Upgrading windows and doors can make your home more attractive to potential buyers, for instance. Click on SA Windows Doors for more details if you are considering this type of upgrade.
The best way to approach this question is often to imagine that you are the potential buyer of the property and walk around the inside and exterior of the property while making a note of all the repairs that you notice are needed.
If you were the buyer, this would be your negotiating tool for lowering the price, arguing that the lower amount offered reflects the cost of immediate repairs that you will have to pay for.
Once you see these obvious faults from a buyers perspective it should enable you to focus on what jobs you could do to boost curb appeal and dissuade potential buyers from going too low with their bid.
A lick of paint and a bit of filler could work wonders and tidying up the lawn and driveway will also help. Getting your gutters cleaned may add value from the buyer’s perspective, especially if it is obvious at first glance that they need to be cleaned. It’s one less thing for the potential buyer to have to worry about. Click Gutter Cleaning Baton Rouge if you are in the Baton Rouge area for more info.
Another very noticeable but not so expensive upgrade that could improve the look of your home is to update or repair your garage doors. Check out Kings Garage Doors, Inc. for details on the services they provide. Upgrading your garage doors might make your home more appealing to potential buyers.
Get a cash offer and sell your house almost immediately
Another option that is worth highlighting if you are in a hurry to sell is to seek out a bid from a company who specializes in paying cash for properties in any condition.
You should expect them to offer you a price that is below market value in most circumstances, but most of these firms will complete the purchase within a matter of days rather than weeks or months, so you can get your hands on some cash pretty quickly.
This is not a scenario that will suit everyone’s circumstances but it does provide a quick solution if you need to sell urgently and they are prepared to make you an offer.
Be honest with buyers
If you have discovered that your property has some serious defects that need fixing, like your foundations are crumbling or the roof urgently needs replacing, there is little point trying to hide these issues from potential buyers.
The vast majority of prospective purchasers will arrange to get a survey done so that they can see exactly what they are letting themselves in for, which is when they will be told about these serious issues in the report.
If you have not disclosed what you know to be wrong beforehand this could create some serious trust issues and might lead to the buyer withdrawing their offer because they are then wondering what else might be wrong with your home.
At least if you are upfront and tell people about everything major that needs doing you can have a meaningful discussion about price based on full disclosure.
If they then get their own survey done they are unlikely to be so shocked when the report confirms what you have already told them.
Targeting the right buyers
The theory goes that there is a buyer for every house you just have to match them together.
This is a good point to remember when you are trying to sell a property that needs repair work and won’t appeal to everyone.
You need to be mindful that the sort of buyers who will be willing to make an offer to buy your home will be developers, who deliberately target low-value properties that they can renovate and turnaround for a profit, or enthusiastic flippers, whose primary aim is to buy at a low price, do the renovations, and sell for a profit if they get their numbers right.
There are amateurs and professionals out there who have similar goals but might approach the task slightly differently, because they may not have the same financial resources and contacts to get the work done cost-effectively.
You might also be able to sell to buyers who want to live in your area but can’t afford the regular prices properties normally command. If their budget won’t stretch to a property that is in good shape, they might take a long-term view and make an offer to buy one that needs work.
Market your property to these types of buyers and you should attract plenty of interest.
Stand firm when negotiating
Getting a buyer on the hook is just the start of it and you need to be very mindful of the fact that if you are talking to someone who is trying to turn a profit with your house they are going to drive a very hard bargain and attempt to maximize their potential profit margin by driving down the purchase price as low as possible.
Helping them to make a big profit by accepting a low offer is not going to do you any good, so arm yourself with the information you need to counteract their lowball offers.
Get some quotes from builders in order to have a reasonable estimate of what the repairs are going to cost. This will allow you to argue politely about how realistic an offer is because you know how much they will need to spend on renovations.
It is definitely possible to sell your property even when it needs some major renovation work, you just need to know how to achieve this aim.
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