Hello World! Welcome Friends! You’ve been eyeing that beautiful house for sale. The problem is that your house needs TLC and the real estate market has been sluggish. It’s hard to justify spending money on repairs if you can’t break even when you sell the property!
It’s true, the real estate market was cooling, but recent studies suggest that the market will recover in 2020! The projected increase is only 4%, but it’s an indicator that the market is going to prove favorable.
To help you sell your property fast, we have put together the ultimate guide on selling a house that needs work. Keep reading to learn what to spend the money on and how to get the best return on your investment when you get ready to sell your house.
Two Options for Selling a House That Needs Work
When you get ready to sell your home, if the house needs major repairs, there are only two choices. Whether you need to sell your home now or you are just planning for the future, there is no better time to start strategizing on your game plan. There are pros and cons to both options, so choose based on your current situation.
Do the Repairs
If you want to get the most money possible for your house, you need to take care of major repairs before you put the house on the market. You don’t need to do every single repair on the list. But, try to choose things that will increase the house value more than what you spend.
Some people focus their funds on the major repair issues like mold, foundation repairs, or roof leaks. Since most of these issues are deal-breakers for most buyers, completing major repairs makes selling the house a bit easier.
Another approach is to focus on the aesthetic repairs and making the house look as good as possible on the surface. Most cosmetic repairs won’t break the budget and go a long way with potential buyers. Be aware that most buyers will want an inspection before they sign a contract, so be upfront about major issues you can’t see.
If your house needs way more repairs than your budget would allow, consider asking your real estate agent about which projects will get you the best return on your investment. Experienced real estate agents know what kinds of upgrades increase your home’s value the most and which ones you can skip.
Don’t Do the Repairs
The other option is not to do the repairs before you put the house up for sale.
It is possible to sell a damaged house without making any repairs at all! But, you won’t be able to ask full price for your property and you will need to find a buyer who wants to do those major repairs before moving in.
Be sure to include “as-is” on your home listing so potential buyers know right away that this is a fixer-upper or a handyman’s special. That way you don’t get a bunch of buyers looking for a move-in ready house and everyone wastes their time.
A good way to sell your house “as-is” is to get a pre-inspection report so you can disclose any damage and needed repairs to the potential buyers upfront. Many buyers appreciate that effort and feel more confident buying a house that needs TLC when they know everything that needs repairs before signing a contract.
Most Important Projects to Do Before Putting Your House on the Market
Getting top value for your home means making sure to fix any damages that cause unsafe conditions and major cosmetic issues resolved. These are some of the most important things to fix before putting your house up for sale. The same can be said if you are selling your condo in the US or Canada: including apartments for sale in new westminster, in British Columbia.
- Repair or replace the roof
- Update the air conditioning system
- Update the electrical panel
- Update/repair plumbing, sewer, and septic systems
- Upgrade the water heater
- Repair any mold, water damage, termite damage, or other rot
- Upgrade bathrooms and kitchen areas
- Steam clean any carpets
- Refresh caulking in bathrooms and kitchen
- Repaint walls in a neutral color
- Update lighting and replace bulbs
Tips for Marketing Your Fixer-Upper
When you go to put your house on the market, there are a few ways to make sure that buyers know your house needs some repairs, while still selling the house as fast as possible.
Be honest with yourself about the value of your home. If the house still needs major repairs, take that into account when you figure out your asking price. Don’t lowball either because you may need some room to negotiate to seal the deal with a buyer.
For the listing, focus on the positives of your home. Yes, you want to be honest about needed repairs, but you don’t want the listing to scare everyone away. Make sure to include more positive words than negative ones when describing your home in person or writing.
Jesus Was a Carpenter, But You Don’t Need to Be
There are tons of ways to spruce up your fixer-upper to help it sell faster. It helps if you have experience in house repairs or carpentry. If not, you at least need a do-it-yourself attitude and some project research skills!
Be aware that selling a house that needs work is more difficult than selling a house in pristine condition. But, with a positive attitude and some elbow grease, you’ll have your house looking it’s best in no time!
We hope you loved reading this article and that you learned a thing or two about selling your fixer-upper house. If you need more information about house repairs, landscaping your garden, or how to decorate, check out the rest of our blog posts today!
Click the links below for any posts you have missed:
When You Should Never Try to Fix Plumbing
First Time Home Buyer Checklist
Caring for your Stainless Steel Sink
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Thanks for stopping by! Have a wonderful day/night depending on where you are in the world! Go with God and remember to be kind to one another!
Toodles,
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