The process of selling a home is a stressful one, even more so when the home is damaged or distressed in some way. The following will explore a few things you might want to know about selling a home in need of repair.
Of course, every home is different, and this means that every sale process is going to look a little different. If your property has biochemical or hazardous waste on it, you should reach out to a local expert to get their opinion on how to sell the property in accordance with local laws on the subject.
Be Honest
If a home is in a state of disrepair, people still might be interested in buying it (particularly people who know how to handle repairs and are happy to get a property in the area for a reasonable price). This being said, you need to be upfront about what isn’t in good condition when selling. People and their real estate agents are often good at finding what you’ve covered up, and even if they aren’t an inspector almost certainly will. Of course, you can always emphasize “as-is, where-is” when crafting your listing so that people know the property comes in the state that it’s in. Buyers understand what that means and will place offers accordingly.
Be Fair
If a home needs considerable work, people include the cost of those repairs in their understanding of whether the price you’ve listed the property at is a good one or not. Be fair when choosing the listing price for your as-is where-is property; a real estate agent can help with this. Generally, people aren’t willing to pay full price for something that is going to cost them a lot in renovations.
Curbside Appeal Is Still Important
Just like with standard properties, the first impression is vital for a fair sale price. Curbside appeal refers to the look of the property from off the property—the sidewalk or road. This is the vantage point from which most people will first see the home, either when visiting the property or when looking at online photos of a listing (the wide exterior shot is almost always first). The first impression matters, and whether people know it or not, it’s often weighted more heavily than other aspects of the decision-making process. A nasty exterior isn’t often overcome by a beautiful interior, but a lacklustre interior can be overshadowed by those initial butterflies a person feels while pulling up to the home that might be theirs. Take steps to clean up the yard of garbage at the minimum, but see if there are small things you can do to make the property seem more appealing from the side of the road. In many cases, there are inexpensive things like raking leaves or filling in holes dug by dogs with soil from another part of the property that can make things look a little cleaner.
Related: 4 Reasons To Invest In Improving The Curb Appeal Of Your Property
Selling your Home: How to Give your Property Curb Appeal
Consider Simple Repairs
There are some changes to properties that quickly increase the value and encourage a sale. A local real estate agent will let you know what applies to your particular area and the shoppers within the income bracket that will be looking at your property. Sometimes small improvements can make the list of tasks associated with the house much smaller and therefore make the home more appealing. Cleaning up debris or personal belongings, painting the front door, or power washing the exterior (you can rent a power washer relatively cheaply). Some tweaks can be made in a single afternoon.
Related: Useful Tips To Help You Upgrade Your Home Exterior
Consider Buying Companies
If your home is in a rough state and you haven’t had any luck with buyers, there is always the option of selling to a company that buys houses. Sometimes these companies specialize in particular kinds of damage like fire damage or flood damage. They tend to purchase homes for cash (with a quick turnaround time) and then renovate the home and sell it later on at a higher price. You typically will take a little hit in the sale price in exchange for the convenience of the process; some companies even make offers within 24-hours of you contacting them.
The above information should give you an idea of how you can sell a home that is damaged. There are people with all sorts of skills, and all sorts of financial situations and some of these people are willing to buy a distressed property at a discounted rate. You just need to get your listing out there and in front of them.
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