Selling A Fixer-Upper Home - Beyond Aesthetics
Thursday Sep 17th, 2020
Selling a fixer-upper home with fewer renovations or upgrades sounds like a hard property to sell, but do not let it stop you from listing its best assets. Here is an article for those home sellers of fixer-uppers who need ideas on attracting home buyers.
Most homebuyers would pass up on a listed house that looks dated or lack any recent upgrades. These buyers are most likely looking for something turnkey instead. Do not lose hope - as you will be marketing to home buyers who are looking for listings that call for some home improvement.
This article can hopefully help you know your most likely market, key points and also tackles actionable ideas to improve your listing.
Who are your homebuyers?
These are home buyers that are possibly home flippers, deal hunters, and investors that have their own reasons as to why they would want a fixer-upper. Home flippers would want a decent listing price to remodel the home and upsell the property after. For flippers, be firm with the true value of your home as they would likely offer below listing price.
Deal hunters are likely homebuyers who are keen on a certain neighborhood where your property is located and do not have the budget for turnkey properties in the area. Also, they fully understand they would need to do upgrades and renovations to build equity on the property.
Investors are companies that buy houses to create profit. They usually offer lower than the true value of your home and have different negotiations and added processing compared to the property being bought by individuals.
Strive to consult with a professional and licensed realtor who has experience in selling fixer-uppers and know how to highlight the potential of your house. Know the value of your home and make sure to work with your realtor in your listing price and negotiations.
Location, location, location!
No matter how modern or sleek the listed house is if it is located in the shady part of town - it will be less desirable for potential offers. The neighborhood is one of the biggest factors for homebuyers when looking for their new home. This is because the neighborhood does not only dictate the value of their home but also greatly affect their community life when they move in. A friendly, supportive, and safe community is always a good asset to promote if your listed property is located in one.
Love the layout
Focus on what the house already has - including the layout. Most dated homes have simpler flow and floor plans and have good bones. High ceilings, original hardwood floors and panels, classic interior, and usually bigger room areas. These are good features to include in your listing description or marketing efforts.
Deep clean, declutter the interior and clean up the yard
To emphasize classic features in a house, aim to declutter furnishings that take away the focus on them. Deep clean the property and clear out the clutter around the house. This includes the back and front yard - cut the grass and trim the landscaping. If you are on a budget - add some potted plants to make the landscaping updated. Hire home cleaners and gardeners if you must to get all the help you need.
Small repairs on a budget
You do not need a major and expensive overhaul to impress potential buyers. Small repairs can add more equity on your home. This can include fixing windows and doors, fixing leaks of pipes, patching holes, adding caulking to worn out spots, cleaning tile grout, changing cabinet knobs, and removing carpet stains.
Mention renovation loans
For homebuyers in your market that do not have the resources to renovate or improve the property - let them know about renovation loans on your listing. This can help them get a higher loan amount to cover the renovations.
Some realtors claim that they prefer to sell homes with lesser renovations and upgrades as most home buyers would most likely change the home features anyway. Some home sellers also up their listing price and the buyer ends up paying for the renovations or upgrades they did on the house.
With these key points, you can hopefully sell your fixer-upper quicker than expected. Consult with your realtor to make sure you can promote your listing and help you sell your house - even if it needs a bit of work.