When you have a house that requires a lot of work, putting it on the market can be quite intimidating. You’re looking at the damaged roof and floors, outdated appliances, poor plumbing, and electric works. With new listings for houses in good condition every day, you may lose your listing in the background. That’s unless you list it in the right places and in the right way. This is because nobody wants to buy a house that needs serious work, unless that’s what they’re looking for.
So, what does it take to be able to sell your house without the need to take on a complete remodel? Here are four tips to ensure that your not-so-appealing house will soon find a new owner:
1. Advertise And Sell It Yourself
Selling your house by yourself is an excellent way of disposing of a house that doesn’t meet most of the house qualities buyers are likely to look for in the market. The method is commonly called for sale by owner (FSBO). In this method, you take a more hands-on approach, such that you don’t involve a real estate broker or agent. You determine the asking price, manage marketing, schedule viewing, negotiate the price, handle the legal transfer process, and close the sale.
Your target market is cash buyers who don’t have a problem buying the house and fixing it up themselves. They could also be low-income earners who want a home, but can’t afford the other houses on the market.
When it comes to marketing such a property, you need to research and find specific FSBO platforms to find the right audience. Some charge a small advertising fee, and some are entirely free. Advertising on the right platform ensures that the right people see your advert.
2. Sell Your House To A Real Estate Investor In Cash
There are people willing to buy your house just the way it is. These investors are better known as property flippers, and they can buy your house fast. They aim to buy houses in dilapidated conditions, and then renovate and resell them for higher prices.
If you don’t have the capacity, the time, or the spur to fix your home, this option is available for you. The main thing is that you disclose beforehand the extent of the problems in the home, and the buyer will renovate the property to their liking.
You don’t require the services of a broker, so you don’t have to pay commissions. Besides, most investors buy such houses in cash and pay for any financial obligation tied to the house, including outstanding tax liens and mortgages.
The advantage of selling your house this way is that the process is fast as there’s no waiting time for the mortgage to go through. Other processes, such as the home appraisal or inspection, are also eliminated. However, you’ll need to be very cautious of devious investors who may try to trick or manipulate you to sell at an unreasonably low price.
3. Only Repair The Major Problems
Repairing a house that needs serious work is expensive and takes a lot of time. You can focus only on the main things that add value to the house. You can repair the plumbing and electric system, fix the roof, or update the air conditioning system.
Also, consider cosmetic renovations, such as painting, replacing the windows, and thoroughly cleaning the yard and floors. Renovations, such as these on the house aren’t as expensive as doing a total overhaul, but they enhance its appeal by lessening the renovation burden on the buyer.
However, note to disclose all known problems with the house during the sale.
4. Work With A Real Estate Agent
The age-old method of selling a house is through enlisting a licensed real estate agent or broker. After that, the work of marketing, promotion, and viewing is all left to them. An agent can advise you on many things, including how to enhance the appeal of your house despite its distressed condition. They also know the ideal places to market the house where it’s likely to receive more attention. Even when you find a buyer, you direct them to the agent who manages all communication. They ensure the transaction falls through successfully and close the sale. All you need here is to pay them a 6% commission from the purchase price.
Weighing Your Options
Most houses in the market need some work, although the condition varies from minor to serious renovations. The good news is that you aren’t the only person selling such a house, and there are people specifically looking to buy a house as-is. It could be that they don’t mind carrying renovations themselves at their own pace and cost, or they want to flip it and make some money out of it.
Either way, you should choose the method you’re most comfortable with. If you aren’t able to do any renovation, sell it on an as-is basis. If you’re okay selling it yourself, do it, but if that will be a hassle, find a reliable real estate agent to help you.
