How To Sell a House That Needs Repairs
The decision to sell a house is generally one that has occurred to homeowners at some point, and that’s mostly because a need may arise, and selling becomes the attractive option. These needs could range from relocation to needing cash.
But what happens when a home seller is either too busy with work or doesn’t even have the means to foot the bill that a repair may require? It’s simple: don’t fret!
I can tell you that the issue of trying to sell a fixer-upper is a relatable one because I was skeptical at first, having many questions running through my mind, but I became relieved as soon as I got to know what it meant to sell my house as-is for cash.
Therefore, if you’re one of those who have been wondering how to sell a house that needs repairs, this piece will highlight the things you need to know before you can venture into selling your fixer-upper.
But before then, let’s briefly discuss the categories of people who look to acquire a fixer-upper.
Categories of Fixer-Upper Buyers
One of the critical factors to note before considering how to sell a fixer-upper is the type of buyers who’d be interested in buying a house that needs repairs. That’s because not everyone loves to purchase a fixer-upper; hence, it answers “who will buy?”. Below are the categories.
- Remodelers
The buyers in this category find it challenging to acquire houses in their preferred location despite having the money. To these buyers, it’s more about the area of their target homes and the features therein.
Remodelers set out to purchase fixer-uppers to overhaul their design and structure completely, thereby giving them a clean slate.
- Flippers
The flippers are the ones you probably hear about the most, and they’re known as ‘investors.’ To them, acquiring a fixer-upper is more of an investment, and that’s why they buy houses at low costs to renovate and sell at higher prices to make a profit.
You can visit this page for a more detailed guide on how to sell a house that needs repairs.
- Deal Hunters
Deal hunters usually have their choice of locations and neighborhoods in mind before venturing into their search. What holds them back is the financial power to get their preferred home in their desired part of town or neighborhood. That’s why they buy fixer-uppers which serve as tickets into these classy neighborhoods.
Also, deal hunters look to acquire fixer-uppers to upgrade such properties and make equity.
Having known the different categories of people who set out to buy fixer-uppers, let’s have a look at what it means to sell your house as-is for cash.
Selling a House as-is for Cash
If you need to sell your home quickly, selling your house for cash is a viable option. The process for selling a home to a cash buyer tends to be faster and less complicated than listing your home on the open market and selling it to a buyer who needs a mortgage.
You can find buyers that pay in cash by either working with a local realtor or dealing with companies that buy houses for cash near you.
Tips on Trying To Sell a Fixer-Upper
You can use the following tips to facilitate a smooth deal in trying to sell a fixer-upper.
- Use a Standard Lawn Care Service
The remodeling impact report rolled out by the national association of realtors (NAR) as of 2019 ranked a standard lawn care service as one of the top projects that buyers have found appealing over the years.
A typical lawn care service covers work that includes pest control, lawn mowing, and more. This implies that using a lawn care service takes care of the outward appearance of the home you’re looking to sell.
- Clean Up the House
This cleaning process is known as landscaping, and it is regarded as one of the best things that tick your ‘good first impression’ box correctly. Here, you aren’t required to splash big bucks on landscaping designs that may be costly.
Instead, you’d be doing things that involve getting rid of weeds, mowing the grass, and planting flower pots to beautify the house. Furthermore, landscaping gives more value to your home in terms of sales.
- Carry Out Some Maintenance Fixes
It’ll interest you to know that neglecting some maintenance fixes which you may consider minor will only prove counterproductive to your sales efforts.
If you don’t make repairs, you’d be giving away more equity to make your property measure up. Some maintenance fixes that you can carry out include cleaning the tubs and toilet, fixing leaky pipes, replacing cabinet knobs, repairing broken doors, hinges, and more.
- Include Renovation Loans in Your Listing
Embedding renovation loans in your listing helps your buyers factor the estimated renovation cost into the loan they’d be receiving.
That way, a buyer who looks to make extensive renovations can quickly get approval and receive loans in a significant amount.
Work with your realtor to ensure that renovation loan elements are contained in the phrases you’d use to advertise the house.
- Market Your House Based on its Best Features
Buying a house that needs repairs entails that the buyer might make a few changes or even carry out an overhaul. Thus, ensure that you tailor your marketing to your home’s selling point.
For instance, when making a description in your listing, you can include the fireplace, garage space, natural light reception, master suite, and more.
- Set the Right Price
As you well know by now, if you want to sell a fixer-upper, it doesn’t require any extensive renovation. In this same vein, you needn’t try to overprice your house even if it’s nicely cleaned and ready for exhibition.
It’s advisable for your pricing to be within what’s obtainable on the market. However, this shouldn’t lure you into underpricing your house. If you want to sell a fixer-upper, be prepared to settle for a lower price at some point in your negotiation.
Endeavor to meet with your realtor to do the necessary calculations required for this final crucial step.
Conclusion
Suppose you’re wondering how to sell a house that needs repairs, you must understand that it’s only natural for potential buyers to have reservations about the property they’re about to acquire.
It can get discouraging and intimidating, especially when you factor in the fact that many homes abound on the market and are in better conditions than the one you intend to sell because you didn’t do a significant renovation to make it look top-notch.
But don’t fret about how to sell a fixer-upper; you can always contact Property Escape to take that house off your hands at a great price.