Maximizing Profits on the Sale of Old Properties

Maximizing Profits on the Sale of Old Properties

Selling an old client property is never easy. Several factors make it tough to sell a period property. These factors including sluggish market conditions, old construction, and design, as well as lack of proper staging and marketing. The experts claim that before listing a house for sale, it is important to undergo a remodeling project. The data collected from the best moving companies conclude that most house buyers nowadays are more attached to the aesthetics of the property.

The buyers are not at all interested in buying a property that is dilapidated. It is thus very important to maintain the property in long term. The average age of a property s 25-30 years but time-to-time renovation projects can help extend this easily. 

Besides, renovating a house can also contribute to the value enhancement of any property. It is concluded that a newly renovated house earns 30-40 percent more profit on sales than an old property. It is important to understand that the buyer aims to buy a house that allows him to connect personally. Besides, it is the exterior that makes the first impressions and not the interiors. 

The property needs to be competitive enough to stand out in the lot and attract as many buyers as possible.

So, how do you increase the value of an old property?

Here are a few things that we suggest a real estate agent would work on, to increase the value of an old property:

Water seepage is one of the most critical issues to address:

Old properties commonly suffer from water seepage problems. When a buyer inspects the house, a damp wall or a leaking pipe in the kitchen or the bathroom can be a major turnoff. Addressing the water seepage issue is very important to ensure that the house does not appear faulty and outdated. 

Old houses may also suffer from ceiling seepage problems during the monsoon season. A waterproofing touchup is thus a must to consider a repair job.

Paint the house for instant transformation:

Painting the house is a great way to transform a dull and dying property. However, it is important to understand that individual buyer have their unique requirements and preferences and would like to paint of their choice. This is why experts suggest that choosing a neutral pallet to color a house is a better choice. Instead of choosing a bright color, property dealers should go for shades of grey, white or beige. 

As much as it is important to color the interior walls of the house, it is equally important to work on the exteriors. Proficiently painted property has a better curb appeal.

Replacing floor tiles or furniture isn’t a great idea:

When you are selling a property, the buyer, most of the time, is not interested in an apartment that is furnished. Instead, they are in search of an apartment’sor houses that are semi-furnished. So, instead of replacing all the furniture, consider adding or removing a handful of pieces only. 

Similarly, do not overspend in replacing the floor tiles, instead get a solution that allows you to work on the existing floor and yet change the look of the property. 

Pay attention to advertising:

The right advertising is an important tool to find the right buyer. When you advertise on the right portal, you can easily find the right buyer that offers you the desired price for the property. Reports suggest that the right advertisement can boost the profit on the sale of a property by 50%. Adding high-quality pictures with the advertisement can boost the value of the house as the buyer feels attracted to the property that appears attractive in the advertisements.

Ensure all the property-related documents are easily available:

Arranging for all legal documents related to a property is not easy, especially when it is a period home. Before you proceed with the advertising of the house, make sure you have all the legal documents related to the property title and other aspects readily available. 

Know what structural changes are vital:

Until and unless it is not vital, do not make major structural changes. There are several parts/walls in a home that may be the main load-bearing parts of the structure. Demolishing such structural parts can cause serious damage to the property. 

A real estate agent can face a lot of problems when selling an old property. However, the homeowners expect the best profits, and hence ensuring that the property sells for the best price is important. These are a few important considerations to keep in mind while renovating a property to increase its price. Many first home buyers look for period homes but they too want the property to be charming and structurally dependable. Make sure you work on the property and offer great profits to the sellers.