They’re called fixer-uppers. Homes for sale that need a little tender loving care. Whether it’s major repairs, many small repairs or a mix of both, selling a house that needs repairs isn’t impossible. In fact, there are times when it’s easier than selling a brand-new home.
There are some buyers looking specifically for homes that need a little work. It the basis of home flipping. If you’ve got a house that’s seen better days and you either don’t want to or are unable to do the needed repairs, then check out our tips for selling a house as is.
How to Prepare for Selling a House That Needs Repairs
What’s needs to be done to the home? Does it need a new roof, wiring or are the problems more aesthetic? Before you can sell the house, you need to know what all the problems are. The potential buyer will want an inspection done on the home anyway.
Hire an inspector to come in and look at the house. They’ll write down all the issues, so you can fully disclose them to any potential buyers. Don’t try and hide the issues from the buyers. If they discover you’re not disclosing everything, they’ll walk away.
It’s better to be honest than untrustworthy.
Provide a Lower Selling Price
The repairs to the home will cost the new homeowners, so lower your asking price to take this into account. New homes are expensive, but fixer-uppers tend to be lower and allow the buyer to fix things over time.
Instead of paying $200,000 for a new home, they’re paying $100,000 and spending $50,000 in home repairs over several years. This increases the value of the home and soon they have a home that looks as good as the brand new one.
It’s for this reason that selling a house as-is is easier than selling a brand-new home.
Focus on the Good Points
Just because a house needs a few repairs doesn’t mean it’s completely without merit. It may need a new roof, but maybe the home has amazing landscaping, hardwood floors or three fireplaces.
Don’t focus on all the items wrong with it. Focus on all the great selling points of the house and let its natural charm win them over. The home could be in a great school district or be an older home with a rich history.
Every home has a story and you can use that as a selling point. The repairs become a minor issue when levied against the many selling points of the home.
Go After Non-Traditional Buyers
While many homebuyers look for the home of their dreams, there are many more looking for an investment. Property investors and contractors look for fixer-upper homes to turn into rental units or to repair and sell at a higher price.
Contractors can do the repairs themselves, saving money. If you focus on attracting these buyers, then you’ll sell the home faster.
Home Sweet Home
Sometimes you want to sell a home quickly and can’t make the needed repairs. Selling a house that needs repairs doesn’t have to be a nightmare. Follow our tips and you’ll close on it in no time.
For more information about selling your home, check out our article.