Selling A House That Needs Repairs
Selling an old house seems tricky, right? Maybe even impossible when you have no idea where to start or who to sell it to. It is tricky, I’ll give you that, but it’s not impossible. You are facing two options here.
The first option is selling the house as it is to cash house buyers if you don’t want to go through the trouble of renovating or repairing it. The second option is making some improvements and minor repairs where necessary to make it look presentable enough to attract home buyers looking for a fixer-upper.
When a house needs a lot of work, putting it on the market can be intimidating, and you probably feel the need to invest in some fancy upgrades before you do so. Who will accept that old floor, the peeling paint, the bad yard, and all the broken things you can’t even count?
What you don’t know is that doing a major overhaul is not a smart idea because the new buyers are likely to make changes of their own. Don’t worry, there are many people who like buying a house that needs repairs and you’ll still get to sell yours for a reasonable price.
What You Need to Know About Selling an Old Home
When selling an old house that’s possibly a fixer-upper, you need to sell the features. Show the buyers the potential dream home they could unravel under all those flaws. Let’s take a look at a step-by-step guide on how to go about selling an old house.
Learn About the Market
The first thing you want to do is learn about the market and find buyers who want a fixer-upper. These buyers are usually willing to put in the work required to design the kind of home they want, build equity, or make money. Essentially, you’ll find three types of buyers who are always on the lookout for old and distressed properties.
The Flippers and Cash Buyers
The first and most obvious potential homebuyers for your old house are house buying companies and cash house buyers who look for run down houses for sale. Their agenda is always to make a profit from these houses by renovating them and selling them at a higher price. If you’d like to sell to a flipper, ensure you find out what your home is worth first because these buyers will undoubtedly give you low offers.
This does not necessarily mean you have to settle for less than the house is worth, and it’ll help if you do know how much it’s worth. Even if you are desperate to sell, don’t let it show. The best thing about cash buyers is that the selling process takes a very short time, and you get cash in hand as soon as you agree on a deal.
If you are truly desperate and need funds to settle medical bills, taxes, or you’re facing foreclosure, cash buyers may be your best bet. They purchase a house as it is, regardless of the condition, and they take the house off your hands as soon as you agree on their price.
The second buyers on your list should be remodelers who are looking for the right floor plan and the right features in an area they want to live in. If you live in a coveted neighborhood, you’re bound to find a buyer, regardless of the condition of your house.
Some people are looking for a clean slate, and your home may look like the perfect invitation to design their dream home however they want.
The Deal Hunters
Next in line are the deal hunters. These buyers are almost similar to remodelers in the sense that they want to live in certain neighborhoods. However, homes in those areas may be expensive, so they are looking for a good bargain, and your house may be just what they need.
Some people are willing to invest in fixer-upper homes simply because of where they are located. A deal hunter may be glad to find your home because they’ll not only find something they can afford in an ideal location but build equity over time as they upgrade the home.
Must-Know Tips on Selling an Old House
If you decide to go with the last two options, you need to make some improvements to attract the right buyers. We have gathered several marketing strategies that will allure potential buyers to your property and get you a sweet deal in the end.
Clear Out the Clutter and Clean Your Yard
We cannot emphasize how important first impressions are, and curb appeal can make a lasting impression. You don’t need to design a landscape or hire professionals to make it look good. All you need to do is clean up by weeding, mowing, and take care of any flowers to brighten it up.
Get rid of any trash that has been lying around in the yard and make the curb look appealing. Curb appeal has a significant impact, and so is clearing out all the clutter in the house. Clean your windows because buyers will look through them to see the view outside. Generally, the house should be clean because clean sells very well.
Make Small Changes
If you don’t have the resources to renovate, making small changes can make a huge difference in the price you finally get, so the time you put into it will be worth it. Minor changes include deep cleaning your tiles, stained tubs and stained toilets, fixing leaky pipes, broken doors, and windows, as well as adding new caulking where necessary.
If you can go out of your way to deep clean carpets and replace worn out knobs and handles, even better.
Highlight the Best Features of Your House
Don’t throw your clutter in the closet because that’s a selling feature. Plenty of buyers are always looking at storage space when viewing houses. Mention the closet size, the fireplace if you have one, the master ensuite bedroom, a great view, an open floor plan, garage space, and windows that allow natural light.
Offer the Best Price
The secret to selling an old house is pricing it right. Don’t go through too much trouble trying to make it look perfect because essentially, it’s not. Even when you make all these changes mentioned above, you still can’t overprice it.
Calculate the value of the house, then ask for the right price in order to get a buyer sooner rather than later. The last thing you want is to have your home on the market for too long.
Ready To Sell Your Old Home?
Selling your home doesn’t have to be hard. With all the information we have provided, you have a high chance of selling it at a reasonable price. Weigh all your options and see what you can and can’t afford to do, then do it and put the house on the market.
If you decide to sell it as is, give us a call because we buy houses. You can also peruse our website for more advice about selling an old house.