Selling a regular home is different from selling a house that needs work. There are different processes involved in selling a house that needs repair. Below are some tips on how to sell a house that needs work.
Cleaning and decluttering: The first impression is highly essential when listing a house for sale. Therefore, cleaning your house is the best way to make buyers have a good impression. You don’t have to spend excess money to add more to the landscape; you only need to do some cleaning. This can simply be cleaning weeds, mowing grass and planting some flower pots to increase the aesthetic of your home.
A 2012 study by Texas Tech University found that landscaping and increased curb appeal has a 12% direct impact on the value of your home. Therefore, before getting into interior design, a day of gardening can mean more money in your pocket. If the front yard is dirty, adding gravel is a cost-effective way to boost attraction. You will need about $250-700 for landscaping with gravel, but if it helps you add another 1% -12% to the value of your home, it’s worth it.
Clutter on the interior also has a similar effect. In 2016, cleaning expert Vileda wanted to find out where potential buyers spent most of their time looking at the interior of the house and noticed that 95% of buyers would walk directly to the window to see the scenery. This means that dirty windows and window sills will leave buyers with a bad impression.
Focus on important repairs: In some cases, a house may only need some of the big-ticket repairs to be completed before it becomes a viable contender on the real estate market. One of the biggest deterrents to buyers is the inability to move in right away in a house that needs work.
In some situations, a homeowner may only need to make a few major repairs to become a viable competitor in the real estate market. If your home needs some repairs, but only a few of them affect instant livability, it may be in your best interest to do only partial repairs. Buyers may ignore some issues that do not need immediate attention.
Functions like infrastructure, HVAC, and plumbing should be in good condition. Beautification and repair can be handled by the buyer after selling the house. However, you should be aware that some buyers may want a discount for repairs after the sale.
Utilize the service of a real estate agent: A realtor has only one purpose; to understand the local real estate market. If you are not sure how to sell a house that needs work, seek the advice of a traditional real estate agent. Local real estate agents will know market trends and property values and will understand the properties that local buyers value most.
Real estate agents can list your home in Lakewood’s unique multiple listing service, which allows your home to reach multiple buyers instead of trying it out on your own. They also know how to sell houses that need work. Some agents even offer services such as home benefits to increase sales opportunities. The disadvantage of hiring a real estate agent is that you may have to pay a commission. When you and the real estate team sell your house, you will agree to pay a certain percentage of the sale price to the brokers involved in the transaction.
Determine the Cost of Repairs: If you cannot make the repair, it is best to make an offer so that you can estimate the likely cost of the repair. After you complete this process, provide the buyer with a comprehensive list of all necessary repairs and costs. It is best to provide a list of contractors and experts who can be contacted. This way, repairs look easier, and buyers can be more confident in generating accurate quotes.
Set the right price: Again, trying to sell a house that needs work has nothing to do with making the house perfect. Therefore, even if it is cleaned and ready to go on sale, ensure the price is not too much. You may have to give up some equity, but you don’t want to underestimate the value of your house.
You can ask your realtor to help you calculate the value of your home after renovation. Your agent can evaluate some nearby comparisons to make the calculations. Then list and evaluate the upgrade costs needed to keep your home in good condition. What are the necessary upgrades? Which of the upgrades can you afford? What would you leave for the buyer? Anything the buyer needs to take must be deducted from the home’s value.
Sell your house to a professional: This is one of the best and fastest options to have a quick home sale in Lakewood. Especially a home that needs work or is in bad conditions. John Medina Buys Houses is a professional real estate group, and we buy houses in any condition in Lakewood, CA.
If you’re not sure if you want to spend unnecessary money on repairs, if you want cash for homes in Lakewood, if you don’t want to go through the stress of selling your home or give up traditional real estate transaction fees, John Medina Buy Houses is your best bet.
Utilize the service of a real estate agent:
A realtor has only one purpose; to understand the local real estate market. If you are not sure how to sell a house that needs work, seek the advice of a traditional real estate agent. Local real estate agents will know market trends and property values and will understand the properties that local buyers value most.
Real estate agents can list your home in Lakewood’s unique multiple listing service, which allows your home to reach multiple buyers instead of trying it out on your own. They also know how to sell houses that need work. Some agents even offer services such as home benefits to increase sales opportunities. The disadvantage of hiring a real estate agent is that you may have to pay a commission. When you and the real estate team sell your house, you will agree to pay a certain percentage of the sale price to the brokers involved in the transaction.
Determine the Cost of Repairs: If you cannot make the repair, it is best to make an offer so that you can estimate the likely cost of the repair. After you complete this process, provide the buyer with a comprehensive list of all necessary repairs and costs. It is best to provide a list of contractors and experts who can be contacted. This way, repairs look easier, and buyers can be more confident in generating accurate quotes.
Set the right price: Again, trying to sell a house that needs work has nothing to do with making the house perfect. Therefore, even if it is cleaned and ready to go on sale, ensure the price is not too much. You may have to give up some equity, but you don’t want to underestimate the value of your house.
You can ask your realtor to help you calculate the value of your home after renovation. Your agent can evaluate some nearby comparisons to make the calculations. Then list and evaluate the upgrade costs needed to keep your home in good condition. What are the necessary upgrades? Which of the upgrades can you afford? What would you leave for the buyer? Anything the buyer needs to take must be deducted from the home’s value.
Sell your house to a professional: This is one of the best and fastest options to have a quick home sale in Lakewood. Especially a home that needs work or is in bad conditions. John Medina Buys Houses is a professional real estate group, and we buy houses in any condition in Lakewood, CA.
If you’re not sure if you want to spend unnecessary money on repairs, if you want cash for homes in Lakewood, if you don’t want to go through the stress of selling your home or give up traditional real estate transaction fees, John Medina Buy Houses is your best bet.
What type of houses need repair?
There is no need to repair all houses. Many new homes can be sold without repair. However, some competitive homes on the market will not depend on the presence or absence of some features. The houses can be repaired for different reasons. If you are thinking of selling a house that needs work in Lakewood, CA, it is worth researching the structure of your home, the mechanics, the exterior condition, the landscaping, the functionality of the kitchen, the bathrooms, the floor, and much more.
This might seem like too much stress; however, small things such as new caulking, new wiring, and green grass go a long way in helping you sell a house in need of repair.
Can I Sell a House “As Is”?
In some cases, it makes more sense to sell the house as it is. Suppose that the property in question requires a lot of work. If there are holes in its walls to the outside, and the wooden floor is soaked with urine. Most electrical appliances are not working, and the bathtub has fallen off the joists. All the taps are leaking.
This is not a house that can be easily or economically repaired. Putting on another layer of paint will not help. In this case, you may want to reduce the price of the house to attract more attention. You can possibly anticipate that only the contractor will bid. Also, before you “sell as is,” it would be advisable to carry out your own inspection and assessment so that you are armed at the negotiating table with the financial facts about how much the repairs should be removed from market value. Unfortunately, home lenders have standards and require inspections and ratings, so your target buyers are limited. Most importantly, be honest so as a seller, you don’t face legal risks due to real estate disclosure.
Do Homebuyers Want Fixer-Uppers?
Some buyers might claim they want to buy fixer-upper homes but generally look for ones that only require minor cosmetic repairs. Buyers who like fixer-uppers are those who are not entitled to buy more expensive homes or who want to make a profit by repairing their own homes.
Fixer-buyers of repairs will reduce the price of the house to enable repairs and then reduce it a little more due to inconvenience. For example, a $200,000 house with a bad roof, could possibly cost $20,000 in repairs. However, the buyer is unlikely to offer $180,000 for the house. They would prefer to buy an equivalent house with a new roof for $200,000 and save themselves stress.
A buyer for this type of home may offer $155,000 or less. In this case, the seller would rather pay for a new roof and sell the house for $200,000.
Who Buys Homes That Are in Need of Repairs?
It is difficult to sell homes on the real estate market through any means, especially when it needs repair. This is specifically true in Lakewood, where new homes are marketed to buyers every day.
You may have thought of traditional homebuyers who may be looking for project houses. There are people like that; however, you can’t come by them every day. Most traditional home buyers want a turnkey house or at least one that can be easily repaired by ordinary technicians.
However, if you are looking to sell your fixer-upper, there are a number of other potential buyers that can send offers.
John Medina specializes in helping homeowners in Lakewood, CA sell their homes fast at the best cash offer with no realtor fees.
