Selling a property can be a stressful experience—more so if you’re selling a neglected home. While repairing your home makes it more marketable, it’s not an option if you don’t have a cent or the time to spare for major restorations.
If you’re in a rush to get cash from selling your property, consider these tips in successfully selling a damaged house:
1. Offer Your Property To Home-Buying Companies
Whether selling a flawless or dilapidated home, you can offer your property to firms such as Gem State Cash Offer Eagle for fast cash. Home-buying companies can complete the home-buying process in matter of days.
These commercial businesses will offer to purchase your home without asking questions or asking for other requirements. You no longer have to wait for weeks looking for an interested buyer or spend out-of-pocket costs for repairs and home-viewing preparations. Best of all, these companies will pay you in cash as soon as the deal’s done.
2. Have It Inspected
If you want to take the traditional route in selling your home, have your property inspected. This allows you to determine your property’s fair market value based on the repairs that have to be made. Being transparent about your home’s condition ensures that the buyer who comes forward is interested in your asset despite its flaws.
3. Come Up With Estimated Repair Costs
Selling a damaged home will likely put you or any seller at the bargaining end of the deal. However, you can minimize lowball offers by having reputable contractors come up with repair cost approximation.
When your property isn’t in tip-top shape, it’s easy for buyers to ask for a hefty reduction, citing inflated repair fees. If you have the estimation from a contractor, buyers will be more careful in presenting a very low offer.
4. Sell Your House As Is
Offering your property means you’re not going to spend for repairs. The buyer has to take care of the renovation and repair costs. You’ll get a lower price for you home, but you’re not obliged to spend a cent for any upgrades. This is perfect if you want to dispose of your asset in the fastest way possible.
Be transparent when posting your home for sale, and always use this term if you don’t want buyers to come after you to request for property refurbishments.
5. List It Online
Some real agents are willing to work with some homeowners wanting to sell their property. They’ll likely recommend you to make some minor repairs and ask for commission fees ranging from 3% to 6% of the selling price.
If you can’t spare a few thousands or prefer to sell on your own, you may have good chances selling your home online. In creating your home’s listing, highlight the positive attributes such as the location, layout, and your community. One of the greatest selling points for a property is the location. Some buyers are willing to look past the physical condition of your home if it’s strategically located in an area, especially if it’s close to the potential buyer’s school or office.
Don’t hide the negatives though. You can mention issues like water damage on the latter part. Make sure to write a compelling description and title using powerful keywords. Take snaps of the home, using the right angles and good lighting.
6. Consider Minor Repairs
Increase the visual appeal of your home by making small repairs that generate good impact. Upgrading the lighting fixtures, repainting the walls, or repairing portions of cracked and discolored sidings can significantly improve your home. Whatever it is, make sure you’re capable of doing the works yourself as hiring a contractor may demand more time and higher costs.
If you must, embark on major repairs that’ll likely be deal-breakers for buyers. Few examples include roof repair; stain, mold, and mildew removal; landscaping; or plumbing system restoration.
7. Price It Below Market Value
This can and should be your last resort. If the odds of you selling your damaged property are extremely low and you need money fast, you may have to consider selling it way below its market value.
It’s understandable for homes that need a lot of fixing to command lower prices as compared to its better-looking counterparts. Home buyers will, of course, think twice about paying for a property that needs too much work. In addition, some will ask for further deductions from potential repair costs needed to restore the property to its old glory.
For instance, if you’re selling your USD$350,000 property with expected home repair costs reaching USD $75,000, expect to list your home at below USD$ 275,000.
An imperfect home can be a significant issue for some private buyers, but some clients are willing to buy a property as-is. Real estate investors and home buying companies are looking for fixer-uppers to buy, fix, and sell. They can be your go-to if you need to exchange your imperfect home for fast cash.
But don’t count out traditional home-selling methods completely, as some buyers are willing to buy flawed properties in strategic locations.