Not every Home is Perfect or Ideal. A Home that requires costly repairs and a lot of TLC is what we call a fixer.
There is however no reason to fret as homes like these are selling every day. There are buyers who view fixer uppers as a good deal and like that they are able to put their own touch onto the property when renovating.
The question is how do I sell this potential dream home?
Is the Realtor knowledgeable with fixer uppers?
It is important that you find a real estate agent who has experience selling fixer upper homes. This agent should be able to see the potential in the home and have the ability to enhance the features to the property.
Find out how many fixer upper homes the agent sells on average in a year. How long these properties stay on the market, and what percentage of the list price is the agent able to get on the sale.
What is The Right Price?
Sometimes determining the list price of a home can be difficult. But you must understand that depending on the condition of the property, it will not sell for the same price as others in the neighborhood.
It would be best to get a real estimate of the cost of repairs for the property so that you can make a fair market evaluation. The estimate should be set at a reasonable number, not the lowest cost, nor the highest.
Determine the market values in your neighborhood minus the fair market cost of repairs. Then I would suggest to list the property slightly lower to get the most interested buyers viewing your property.
Is The Home Presentable?
Just because the home is in need of renovations and repairs does not mean that it should be kept dirty or unkempt. Are the bedrooms clean, are the bathrooms presentable, is the kitchen clear of clutter with no trash on floors, is the lawn trimmed are the bushes and trees maintained? If there is a bug or other pest infestation, you need to have this resolved.
This will go a long way in attracting buyers to the home and have a quick sale.
Should I make any Changes?
Even though the house is in disrepair, a few cosmetic changes will also go a long way. Paint the interior walls with a clean neutral color. Fix any leaks or unsightly outlets or switches, fix any cracked drywall, and basically any simple cosmetic issues.
Make the front exterior look neat and presentable, with potted plants or a small garden. Keep bushes and trees trimmed and possibly some new sod in the front.
Once you have prepared the house by fixing any cosmetic issues, it’s time to showcase the fixer upper on the market. Make sure your realtor has advertised the property in different media to attract the most potential buyers and investors. It may be more difficult to find a buyer for a fixer upper, but it is not impossible with a little effort.
If you have any questions about selling your own fixer upper, please contact me and I would be happy to answer any questions.
Azure Realty Services