Before listing a house for sale, it’s good to ensure the property is in good shape. Repairing cracked walls, replacing broken roofs, and making other major fixes increases the chances of getting a good price. But that doesn’t mean one cannot sell the place without first going through this process. If, for some reason, the current owner is unable to revamp the house entirely, there are other ways to attract buyers.
Set a realistic price
It’s no surprise that a house in need of major repairs will have a lower market value than the properties in good condition. Keeping that in mind, homeowners must set a realistic price for their house when listing it for sale. Setting an unreasonably high price will only waste time since the buyers won’t be interested in paying much for a property that needs work before moving in.
Since estimating the price of a house can be challenging, one can rely on online tools for this purpose. Several tools help people determine the approximate value of their house based on all its features and repairs. If someone isn’t comfortable using online tools, they can find the value of similar properties being sold in the neighborhood. Comparing the condition of those listed properties to one’s own house will give one a good idea about its market value.
Highlight the positive features of the house
The value of a house depends on several factors besides its condition and repairs. When investing in a house, buyers also have their eyes on its size, location, accessibility, etc. So, when listing the property for sale, one can keep that in mind and highlight the features that work in their favor. This might let them increase the price ever so slightly.
Hire a seller’s agent
Dealing with so many aspects of a fixer-upper, such as its valuation, listing, and communication with buyers, can be challenging. If one feels overwhelmed with the process or faces a roadblock, they can consider hiring a seller’s agent. These agents are realtors who represent sellers and work to sell the property at the best possible price. They also advise their clients about how to maximize their house’s value. Seller’s agents usually work on a commission basis, meaning they take a cut from the value at which the house is sold. They charge no fees other than this commission.
Deep clean the house
Before listing the house for sale or showing it to potential buyers, sellers must try to make it look as good as possible. Thoroughly cleaning the house and keeping it neat can go a long way in increasing its overall appeal. Cleaning is not necessarily restricted to vacuuming the floors and washing the walls. One can also wipe the windows, clean the grime off their bathroom tiles, and declutter the space to make it seem organized.
Check if minor fixes can be made
House repairs can be categorized as major or minor based on their cost and the extent of damage. Major repairs are the ones that can affect the house’s safety and structural integrity, such as roof replacement and foundational repairs. Minor repairs are quick fixes that are not as severe and can be DIY-ed. Examples include repainting the walls, fixing faucets, and mowing the lawn. A complete home inspection will allow one to check if any minor repairs are needed and whether they can be attended to. Minor fixes do not take time and increase the house’s selling price.
Be truthful about the home’s condition
When talking to potential buyers or even realtors, sellers must be transparent about the property’s condition. Lying about a single repair or concealing its information can land them in legal trouble. Most buyers get a home inspection performed for their sake, which can reveal the truth about the property’s condition anyway. So, it’s better to avoid the legal issues later and be honest about the repairs.
Target developers, flippers, and remodelers
Traditional buyers may not be interested if a house requires major repairs. For such properties, one should target developers (who purchase the property for its land), flippers (who buy low-priced properties to renovate them and sell them at a higher price later), and remodelers (who buy a house they can renovate and redesign in their own way).
Selling a house that needs major repairs is certainly not as easy as selling one that is in good shape. That’s why the seller or homeowner must be patient. To sell such a house, one would first need to determine the scope and amount of repairs needed. This not only includes the obvious repairs but also those that are hidden. To know if the latter exists, one would need to inspect the place thoroughly. This step will enable the seller to make a complete list of the required repairs and then decide what to fix and what to let go.
