Did you know that over 5 million homes sold in the United States in 2020? Selling a house that needs repairs can be a challenging endeavor, but with the right approach and strategies, you can still find the best potential buyers and secure a fair deal.
Whether it’s a minor fixer-upper or a property in need of significant renovations, these five house selling tips will help you navigate the process successfully and maximize your selling potential.
1. Asses and Prioritize Repairs
You want to go around and make an assessment of all the repairs the home needs. Put those repairs into separate categories. Make a category for cosmetic improvements and one for essential fixes.
It is best to focus on the safety issues first like roofing, structural problems, electrical, and plumbing. The list will help you price the home correctly, and it will also help build trust with potential buyers, especially when you’re selling a house as is.
2. Get an Inspection
When you pay for an official inspection you will know exactly what repairs need to be done. Please keep in mind that everything the inspector finds you need to disclose it under the law. If you sell your home without disclosing problems that you know existed, you can find yourself in serious trouble.
This inspection will help make sure that you are in the clear when it comes to legalities, and it will also help you find the right buyer.
3. Pricing Matters
You have to set the right price for the home because if you overprice it, it’s going to discourage potential buyers. Also, if you underprice it, it is going to undervalue your property.
It is important to talk to a local real estate agent to determine what the most realistic pricing is for the home. Take the cost of repairs into the calculation of the final selling price. You might consider talking to home buyers for cash to see how much they would offer for your home in its current condition.
4. Look for an Investor
You might want to consider looking for an investor or a home flipper that is willing to put in the work before selling the home. Keep in mind that they are buying with an investment strategy so more than likely you will end up selling for well below market value.
5. Marketing Matters
The key is to focus on the potential the home has when you are marketing a home that needs repairs. Showcase the unique features of the home. If there are any current upgrades, use those to your advantage.
You also want to use before and after visuals that will help potential buyers see the possibilities once they complete the repairs the home needs. It is also a smart move to speak to contractors that will give you an estimate of the repairs. Use these estimates in your marketing to give potential buyers a clearer picture of what they will have to spend to bring the home up to date.
Selling a House That Needs Repairs Is Not Impossible
Selling a house that needs repairs requires a combination of transparency, strategic planning, and effective marketing. Remember, every property has its buyer – it’s all about finding the right match