You’ve got a house that’s straight out of the 80s. Sadly, this is not a period that a large buyer pool will find endearing or nostalgic. You’ll have a hard time selling, so be sure to prepare accordingly.
As a seller, your responsibility is to maximize the home’s attractiveness to potential buyers. Buyers are more likely to overlook flaws in a tidy, uncluttered space and focus on the possibilities it presents. Many prospective buyers see the house as valuable, although it will need some work to make the house up to par.
Selling the property successfully requires emphasizing its strengths, such as its size, floor plan, and location. Many of the architectural details seen in old homes are becoming more rare.
When it comes to selling and renovating an older property, the real estate market may be particularly fraught with pitfalls for those who aren’t experts in the field. Armed with the tips below, you’ll be in good shape.
Sell A House That Needs Work At The Right Price
Just because you reside in a desirable area does not guarantee you will get top dollar for your home. Help the next homeowner out by calculating their estimated remodeling costs. You could receive an estimate from a contractor on how much the complete renovation would cost and then deduct that amount from the highest sale price you’d be willing to accept for your house.
When you’re trying to sell your old home, there is no foolproof way to predict how much money it will take to make repairs and upgrades. Understanding the range of prices may take some time since there are so many variables at play, such as the cost of labor in the area, quality of materials, level of craftsmanship, the desired degree of completion, the building’s age and size, and so on.
It’s wise to shop around and haggle prices after getting at least three quotes. If you’re starting out in the real estate market, it’s a good idea to receive more price estimates than you first anticipate.
You should carefully vet any potential contractors. It will be unfortunate if you underprice your home and for the future homeowner to deal with a hefty remodeling budget and subpar results. However, if you do your due diligence, you can price your home right and provide some solid recommendations for contractors who can complete the home improvement job without breaking the bank or the deadline.
Stage Your Home For Potential Buyers Before An Open House
You may “stage” your home to attract more buyers, prompt more attractive offers, and sell more quickly by downplaying its shortcomings and emphasizing its strengths. A well-staged home is one of many tools when selling your fixer-upper. A well-arranged property will attract potential buyers, lead to more in-person tours, and (ideally) higher bids.
On the weekend before putting your house for sale, give it a good, deep cleaning. Refresh the home with new, clean furnishings in the living room and highlight its natural light and open layout. Draw attention to your curb appeal with a freshly-mowed lawn and a flower pot or two.
Consider adding to the vintage value of your house if it has a specific charm, such as a home constructed in the 1960s, by staging it with furniture from that period. However, use this option cautiously since not all eras are universally understood and appreciated.
Any house, regardless of age, will appear its best when the inside is staged to complement the house’s style, architecture, and history. One way to give the impression that your house is larger is to have a style that is consistent throughout.
Identify What Needs Repairs, Renovation, Or Small Updates
For quite some time, you have put up with your house’s peculiarities, such as the below-average water pressure in the bathroom. There’s also the bunch of sunken plugs and light fixtures that are more old than spectacular. Since you’re selling your home on the market, you’ve gained a new appreciation for your house’s flaws, and you worry about what red flags you could miss that might end a purchase agreement.
To begin, compile a complete inventory of all worn, broken, and damaged items. Buyers may become suspicious of your home’s overall maintenance if they see apparent flaws or broken features during a showing.
Repairing or replacing damaged HVAC systems and appliances and correcting any visible cracks or holes in the ceilings or walls are the repairs a seller can make before listing your home for sale. Minor repairs include stopping dripping sinks and leaky roofs and replacing cracked windows immediately. Small repairs include removing any old, inefficient fans and light switches. Diligent buyers will have the house inspected, so be sure to address any code problems.
Replace rugs that have seen better days. If your house needs repainting because they are too damaged or faded, choose a neutral color instead of dark colors. Toss those outdated window curtains and get new ones.
Don’t forget that showings go better furnished than empty, but that worn-out furniture might hurt your sales potential. If your furniture is old and worn, you may want to think about replacing it. There’s no need to worry about leaving it behind since you can carry it with you. Any adjustments that you can make on a tight budget (less than $10,000) will have a significant impact.
You Can Still Sell Your Old House As A Fixer-Upper
The truth is that the majority of home buyers will always choose a ready-to-move-in house. However, in a competitive market, when available homes are few, some buyers may be willing to consider offering extra for a house needing work. In addition, some people look for a fixer-upper to transform.
A remodeler often has the financial resources to purchase a property in a desirable neighborhood. They seek out homes that need renovation because they like taking on projects. Remodelers who want to transform a fixer-upper into their perfect home do so because it affords them the opportunity to create something from scratch.
Alternatively, there’s the frugal home buyer. This buyer has their heart set on a particular home in the area but is still determining whether they can afford to pay the going rate. This buyer is seeking a bargain and is willing to put in some effort to get the house if it has certain amenities they want or is in the correct area.
And, of course, house flippers are always on the lookout for houses in need of repairs. They buy old homes at bargain prices, make renovations, and then sell them for a profit in a process known as flipping.
Sell Your Outdated Home Fast and As-Is To Investors
It’s also essential to pay attention to the benefits of selling to investors. Especially in the case of older homes, the parameters that attract investors vary from those that attract regular buyers. Home investors are those who want to make substantial improvements to a property and resell it for a profit. They want a decent return on the money they put into your property; therefore, they shop around for homes to sell that has a reasonable price.
As-is sellers may succeed with these types of buyers in practically any market. They could buy your house that requires small repairs or be prepared to put money into a complete overhaul.
For individuals overwhelmed by the prospect of deciding which repairs to prioritize, executing those, footing the bill, and then advertising an outdated property, there is an easier alternative: sell your home as-is to an investor. The time savings alone make this the best choice, but you also won’t have to invest any money or effort on maintenance or improvements. There is zero work involved to make your home ready to sell.
Investors like Assemble Houston focus on houses needing a lot of renovations and are much older. In only a few days, you will get a formal cash offer. Selling a home as-is means it is unnecessary to advertise the house, and there will be no costs associated with selling. You won’t have to worry about losing time and money doing major repairs (such as in a home with foundation issues) if no one ends up buying your home.
Sell An Old House With The Right Real Estate Agent
Finding a local real estate agent specializing in such transactions can be worthwhile if you need to sell a fixer-upper. You need someone who knows how to sell in the current market, has outstanding marketing skills and is familiar with the area to advocate on your behalf.
The goal of a competent realtor is to protect their client; therefore, look for one who does. Setting a competitive and reasonable asking price for your home helps increase the likelihood of a swift sale. Also, by talking to prospective buyers and weeding out those just looking to waste your time, an agent may help you sell and keep the process from becoming too emotionally charged.
You might expect to earn more money from selling your property thanks to the expertise and experience your agent brings to the table. Using a real estate agent means that a seasoned expert will be on hand to solve any issues that may arise. Last but not least, realtors know how to navigate the red tape and other snafus that might arise during a home sale. This ensures that the real estate transaction will proceed without hitches or unanticipated legal complications.
Hire An Inspector And Home Appraiser Before You Sell Your House
A thorough house inspection and pre-appraisal will work wonders for you. It’s fantastic that you know and can share whether or not the home has “good bones.” You wouldn’t want potential buyers to instantly write you off because of the appearance of your home.
Appraisals are not a substitute for a house inspection or vice versa. Since the goal of a home inspector is to identify problems, their examination will be different from that of an appraiser. As they go around the house, they will each have unique goals in mind.
An independent home inspection will cover more ground than the examination performed during an appraisal. If you’re serious about selling your outdated house, you should have an appraisal and a home inspection.
Unsure if an inspection or assessment is more important, you may be asking which one you should schedule first. In typical homes, the inspection ought to come first. A high appraisal will be of little use if major problems, such as a home that requires extensive repairs, prevent the buyer from moving through with the transaction. Consequently, scheduling the inspection before the appraisal will be more cost-effective.
How To Sell As-Is And How To Sell Your Home Quickly?
Selling it on your own is the most challenging alternative since you’ll need to fix it up or find a buyer prepared to pay enough to cover your repair expenditures at the going market price.
A real estate agent will likely request that you make the same repairs before selling your home. You will sell for the market value of the home, but selling the traditional way might take many months to a year if there are no hiccups.
If you want to sell quickly without putting your house on the market, consider selling your house as-is to a real estate investor or cash buyer for slightly lower than the home value.