How To Sell A House That Needs Repairs
Typically, selling a house can be a challenging and complicated process. This is due to the fierce market competition to deal with and a lot of factors that can impact your ability to close a sale in the fastest time possible.
Moreover, you should also consider the property itself in a way that it takes plenty of wear and tear, plus it’s somehow costly to do some fixes. With these things being said, the whole process of selling a residential property with repairs to be considered usually requires a lot of time, planning, and preparation.
So, if you’re planning to sell a house that needs repairs, below are a few ways to keep in mind from the get-go:
Sell The Property As-Is
One of the common ways of disposing of a house that needs repairs is to get it sold on an as-is-where-is basis. Whether you simply want to put your property up for sale without making repairs or you need to relocate to a new place immediately, there are indeed plenty of reasons why you can go for this route when alienating a house.
Typically, selling a house as-is can be less costly because you don’t need to do some fixes, and it’s within the purview of the “what you see, what you get” approach. This means the buyer shouldn’t expect any warranties, assurances, guarantees, and repairs.
Moreover, for sellers like you, an as-is home listing can be the fastest way of getting out of a tough situation, especially if your property is up for foreclosure. This process can be beneficial because even if you receive a significantly low selling price, you can sell your house immediately without spending anything for the repairs and resolve whatever financial problem you have with the property right away.
Find A Real Estate Investor
Selling a residential property that needs to be repaired is never easy. But with the increasing number of real estate investors and companies who want to purchase houses even in their poor condition, getting your own house sold will be much easier and faster.
In most cases, these types of homebuyers purchase residential properties as part of their real estate investment efforts. They tend to buy fixer-uppers in exchange for cash so they can flip them and sell them for a higher profit. Because of this, a fast home sale process is expected between you and the investor.
Just Make The Easiest And Least Expensive Repairs
If you think you can sell a house that needs repairs fast, then you may consider fixing some problems, which is just enough to make the property desirable. So, if you have enough time and budget to handle some fixes, you may want to do the following easiest and least expensive repairs before the selling starts:
- Cleaning and replacing carpets
- Replacing window coverings and treatments
- Updating light fixtures and many more
As you can see, these cosmetics repairs can go a long way in improving your property’s curb appeal and thereby attracting more customers in the long run. However, despite making your house desirable, you have to set the price, which demonstrates that some repairs should still be made by the buyer.
Decide To Fully Repair The House
While you can always sell a residential property as is and without making any repairs, you may also have the option to fully fix the house to get the most out of the sale price. If you have time and money to make a full renovation, you can do so to increase your chances of selling a house in the fastest time possible and at a high price.
In most cases, the following are some home renovation projects you can make to enhance your house’s overall curb appeal:
- Interior painting
- Re-grouting tiles
- Cleaning rain gutters
- Caulking a sink, shower, or tub
- Patching holes in the walls and other surfaces
- Replacing plumbing fixtures
- Fixing the electrical system and many more
However, without specialized knowledge and skills, it’s best if you let the professionals handle these major home upgrades. Although hiring professionals for these projects may cost you upfront, it can still be financially worth it once you sell the property at a higher price.
Work With Real Estate Agents
Another way to sell a house that requires repairs is to utilize the services of a traditional real estate agent. Unless you’re experienced in a home selling process, you need to find a good real estate agent who can help make sure your house is listed, staged, and marketed to potential buyers.
And since the property to be sold needs some fixes, the services of a real estate agent are essential. They’ll assess the house, recommend what needs to be fixed and help determine the sale price in consideration with the repairs needed.
However, it’s also important to note that real estate agents will not include a property in the listing if it needs some major repairs. Thus, if the house requires significant fixes, be sure to address them before asking your real estate agent to sell it for you.
Look For Someone You Know Who’s Interested In A Fix-Upper
Nowadays, there are several buyers who have become interested in buying a fixer-upper. In the real estate world, a fixer-upper refers to a property that usually needs repair even if it can be used for living purposes. Thus, if you’re selling a house that requires repairs, one of the best things you can do is find someone in the neighborhood who sees the value in buying a fixer-upper.
Instead of listing your house in the market, you may be able to sell your property fast if you make a deal with someone you know. In doing so, you don’t need to hire a real estate agent, plus you can also increase your chances of getting your house sold even if repairs are necessary.
Wanting to sell a home that requires extensive fixes isn’t an easy decision. It’s something that you should be thought about carefully, considering the factors that may affect the entire sale process. Fortunately, by keeping the tips mentioned above, you can get your house which is in poor condition, sold in no time.