If you’re looking to sell a house that needs repairs, it can be overwhelming to know where to start and what your options are. While it can be a challenge in some cases, the good news is you can sell a house that needs repairs. It may even be easier than you think. With the tips and ideas in this article, you’ll be well on your way to listing in no time!
List “As Is”
Probably the simplest way to sell a house that needs repairs is to list it “as is.” This sets clear expectations to buyers from the start that you won’t be making improvements or coming down on price based on what comes up in an inspection. Basically, what they see is what they get. This takes a lot of time and hassle away from the negotiations process.
One idea that can help when selling “as is” is to get an inspection done on the home before you even list it. This can be helpful because you’ll know exactly what to expect, as most buyers will require an inspection as part of the deal anyway. It’s better to know what an inspector will find before you get too far into the process. You can also choose to share this information with prospective buyers, so they know exactly what to expect from the start.
Market Towards Investors and Flippers
If you’re selling a house that needs significant repairs, it may be best to market it specifically towards investors and house flippers. While your profit will probably be much lower than if you’d sold to a typical buyer, the sale will also be much quicker. Many flippers and investors pay cash for homes they want to flip, so you don’t have to go through the whole waiting process like you do when a bank is involved.
Closing on a home sale usually takes 30 to 60 days when a mortgage is involved, versus as short as a matter of days when selling for cash, according to Forbes. If you want to get the process done as quickly as possible, marketing towards investors and flippers could be the way to go.
How exactly do you market towards investors and flippers? Luckily for you, this is where your real estate agent comes in. They should have lots of contacts in the industry and may know the perfect person to tell about your upcoming sale. They can also write up an excellent description, enticing investors to your property. Visit with your Realtor to see if this is the route you want to go.
Decide on What Repairs to Make (If Any)
You may decide to go ahead and make some repairs to help your home sell easier or for a better price. Of course every home is going to be different, but here are some common repairs you may want to consider when selling your home:
Big ticket repairs to consider:
foundation repair
new HVAC system
a new roof
electrical work
Less costly repairs to consider:
new landscaping – cut the grass, trim the shrubs, add some potted plants to the porch, etc.
fix up those odds and ends – caulk around the windows, fix doors that have been jamming, etc. Basically, any small repairs that won’t take too much time or money to fix.
You get to decide what repairs you do and don’t want to do. If your home has lots of little things that need attention, it might be worth it for you to go ahead and fix some items or hire someone to do it for you. On the other hand, if you don’t want to hassle with repairs at all, that’s OK too. No matter what you decide to do, you still have plenty of options for selling your home.
Renovations to Consider
Renovations and upgrades can go a long way when selling a house that needs repairs. But what renovations exactly should you focus on?
A few simple ideas that make a big difference include:
Fresh paint in a neutral color
Deep clean the carpets and rugs
Update the bathrooms and kitchens. Even little things like swapping out the hardware on your cabinets can go a long way in refreshing the look and feel of a room.
Of course making renovations and cosmetic improvements to your home won’t write off the repairs your home needs, but it can help buyers picture the home’s future and what it could really look like when they’re done with it.
Just because your house needs repairs doesn’t mean it doesn’t have other strong selling points. Is it in an up and coming neighborhood? Does it have a lot of square footage or a large lot size? What features make your home stand out?
Highlighting the strong features of your home can help downplay some of the repairs your home needs and make buyers be more accepting of its flaws.
There may even be some features of your home that you hadn’t considered as anything special, but the sharp eye of a Realtor can help point those out. Your Realtor will take into consideration all the things that make your home great and write a compelling description highlighting those strong points. Focusing on the positive can go a long way towards selling a house that needs repairs!
Price Appropriately
Finally, if you want to sell a house that needs repairs, it’s very important to get the pricing right. Listing too high could mean your house sits on the market for a long time. This is where a great Realtor comes in. They can analyze the current housing market in your area and take into consideration the repairs your home needs in addition to its strong selling features. They’ll analyze all this and help you come up with the perfect listing price that you both can agree on.
It can be very difficult to figure out how much to list your home for, even when repairs aren’t needed. Selling your home is usually an emotional process, and it can be hard to objectively value your home when you may have many years of memories tied to it. This is where working with a Realtor you trust really comes into the picture. Especially when you have the challenge of pricing when your house needs repairs, let a trusted professional help you navigate the process.
Selling Your Home is Possible
There’s no doubt, selling a house that needs repairs comes with its own set of challenges. But with the ideas we’ve discussed here, and the advice of your real estate agent, you’ll be well on your way to selling your home in no time! By deciding how you want to market your home, to picking what repairs and renovations to make, to highlighting the strong points of your house and pricing it right, selling a house that needs repairs is totally possible.
If you’re in the Sacramento area and have been thinking about selling your home, our team at Quantum Real Estate would love to visit with you. We’d love the chance to answer any questions you have and help you get started. Click here to contact us today!
