Are you thinking about selling a house that needs work? While it may seem intimidating to put a fixer-upper on the market, it’s not impossible to sell. In fact, there are many buyers out there who are looking for fixer-uppers. Not only can they save some money on the purchase price, but they also have the opportunity to make the house exactly what they want it to be. It’s important to know what to do to make your home attractive to these potential buyers. Here’s a look at our top tips for selling your fixer upper.
Know your buyers
When selling a fixer upper you need to know who your potential buyers are going to be. Your home may be attractive to those who are looking for a great deal and who are willing to invest time and energy into updating the home. You may also attract house flippers who are looking for bargain houses they can fix up and sell quickly for a profit. Knowing this, it’s easier to market your home to appeal to these kinds of buyers.
Highlight your home’s features
Yes, your home needs work. There’s no need to dwell on all the things that need updating, like a new roof or furnace. Instead, focus your marketing on all the features that your home has. Maybe it’s located in a great neighborhood. Perhaps it’s on a big lot that has lots of potential. You should also be sure to highlight the bargain price, as it will entice potential buyers to check out your home in person to see if it will be a good fit for them.
Choose the right listing price
One of the most difficult aspects of selling a home is determining the list price. When selling a fixer upper, it can be even more difficult to find just the right price. If you price your home too high, then it will languish on the market without much interest. But if you price it low, you could be leaving thousands of dollars on the table. You and your agent can come up with a listing price by looking at comparable homes in your market that have recently sold, and then factor in the updates that need to be made.
While you don’t need to dwell on all the issues your home may have, it is necessary to be honest with potential buyers. You are legally obligated to disclose problems such as the existence of mold, structural defects, insect damage, leaks in the roof, electrical or plumbing issues, or problems with the home’s title. If you don’t disclose these things, you could find yourself in legal trouble down the line. It’s best to be totally upfront with a buyer about what they are getting into.
Work with a professional
Finally, your best bet when selling a fixer upper is to work with a professional. Partnering with a real estate broker who has experience selling fixer uppers in your market will reduce your stress and help you secure a deal you can be happy with.