Home Owners

Tips on Selling a Property That Needs Extensive Repairs

When your property needs work, it can be challenging to put it on the market without investing in any upgrades or fixing repairs. However there is still a high chance that your property can still get sold. Whether the property is very old with a lot of wear and tear, fixer upper properties can be great buys.  In real estate, there are buyers out there with their eyes peeled for a good deal. Ultimately, these are the people you’ll want to connect with or target when selling your property.
Here are a few tips that will help you reach those prospective buyers so you can sell your fixer-upper more quickly and at a price that’s fair to you:

Learn about buyers who target fixer upper properties – Unlike buyers who just want something turnkey, people who buy fixer-upper homes see potential over perfection. These buyers are willing to put work into a property either to make money, build equity, or for the opportunity to design exactly what they want. We won’t try to fool you and say that everyone loves a fixer-upper. They certainly aren’t for everyone. These buyers want to take the leap and roll up their sleeves to upgrade and renovate.

Always be honest with repairs – The people who buy fixer-uppers are smart, informed buyers, so you only hurt yourself by trying to downplay the house’s faults. Buyers, especially cash investors, are fine with paying for a house that needs a kitchen remodel, but they aren’t fine doing business with someone they perceive as dishonest. Besides the truth will come out because these buyers will bring a home inspector with them.

Highlight some of the homes features – Despite the condition of the property, your property still may have some strong features. When it comes to clearing out clutter, throwing it into closets and cupboards isn’t the answer because storage space is a selling feature. A study found that 80 percent of buyers look in these storage spaces. They probably don’t care to see what trinkets you’ve accumulated over the years. But a decently sized hallway closet? That’s something they can get on board with. The reality is, buyers can change the flooring and other stylistic details down the road. If they love the floor plan and love the house for what it is, they’re more likely to take that leap.

Market the house to the current value – Look through potential buyers’ eyes: They’re looking for a property with inherent value that they can build upon with a little touch-up work or remodeling. Once again, selling a fixer-upper isn’t about trying to make the house look perfect and sell it as something it isn’t. So, even once it’s cleaned up and ready to list, don’t overprice it. “If the money’s not there, it’s not there,” explains Diest. However, while you’ll have to give away some equity, you don’t want to under price your home either.

In conclusion, selling a property that needs extensive repairs is never an issue.  There will always be a buyer for these kind of properties however you must take the time to find them.  Since a realtor may have a hard time presenting your fixer upper on the market, it may be wise to find a certain kind of investor.  In fact, many fixer upper investors love these kind of properties since they will be buying them for a discount.  Following these tips should be able to get your fixer upper sold fast and at a reasonable price.

5 thoughts on “Tips on Selling a Property That Needs Extensive Repairs

  1. My brother asked me for help to sell out a worn-out property in another state. I am glad to have found out that he should be looking into selling it to fixer-uppers so that they can handle the repairs themselves. If he does want to market it to them, what kind of professional should he ask for help with this? Thanks!

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