Are you thinking about putting your house on the market, but afraid to because it needs a lot of work? I’m sure most people have told you that in order to get top dollar for your home, you want to have new upgrades and renovations. This isn’t wrong, but if you are in either a financial bind or pressed for time, making renovations to your home just may simply not be in the cards, and that’s okay! There are ways to market a house that needs work and still get a decent price.
Learn about the market you're selling to
The market you are selling to may be a bit different when listing a fixer-upper. There are many buyers who see potential as an opportunity and adventure. Many buyers like house flippers may see your property as exactly what they are looking for. They already have a vision and all they needed was a floorplan in a good neighborhood.
It is also important to consider that we are currently in a very unusual market. Homes are selling for way above listing with many cash buyers and people looking to buy investment properties. Therefore, it doesn’t necessarily have to be move-in ready.
Probably the most obvious buyers for your home are going to be house flippers or someone who sees it as a quick turnaround investment. These buyers are looking to buy homes at the cheapest possible price, but that still has potential. They will renovate the home themselves and attempt to resell it for above what they originally paid. If this is the route you want to go with for a potential buyer, it is important to find a real estate professional that can help give you a true estimate of what your home is worth.
This will be the second biggest pool of potential buyers. Deal finders are those that are looking for a home at a specific price that also happens to be in a specific neighborhood or community. For these buyers, investing in your home is advantageous for them because they are getting a home in the place they want and can renovate themselves over time while simultaneously adding equity to the home.
Another potential group of buyers is going to be the remodelers or those that have the money, but can’t find the home they want in the right location. Perhaps your fixer-upper is in the exact location, neighborhood and community they want to be in and they really need is the land. These buyers will be excited for a clean-slate and to build the home of their dreams.
Strategies for selling a house that needs work.
There are simple strategies and improvements you can make to your house to make it look more attractive and ready to be put on the market.
Small Improvements Go a Long Way
Take a look at some of the smaller items that can be fixed in your home with minimal effort and cost. For example, patching holes, cleaning out clutter, deep cleaning the bathrooms, cleaning stains in the carpet or floors, painting walls, replacing knobs on cabinets, fixing leaky pipes, and landscaping!
Landscaping- Clean Up that Yard for Next to Nothing
Curb appeal can really go a long way and the first impression of your home a potential buyer is going to have, if from the outside. Professional landscaping can cost a lot of money, but making small simple improvements like mowing the lawn, pulling weeds, and planting some flowers can really go a long way.
Selling a home that needs work is not impossible, in fact there is a particular market of buyers looking for exactly that. This unusual market is an excellent time to put a fixer-upper on the market. Make sure to do your research, play to your home’s strengths, and realize there is still a lot of value in your home, even if it may need some work. For more information on selling your home, visit Realty ONE Group’s Home Selling 101 page.