Many home sellers face the conundrum of making costly repairs prior to listing their property on the yellow pages, fearing the scrutiny of meticulous homebuyers, bargaining on a high selling-price, and forgetting the option of selling it as a fixer-upper— although at a lower price compared to similar properties that are in a more desirable state.
However, with that said, real estate investors are always looking for cut-price fixer-uppers they can renovate and sell for a profit. Now, for obvious reasons, such homes don’t sell at the prices that newly-refurbished ones do, but that doesn’t mean you can’t get decent money for a house that requires some work.
If you have a fixer-upper on your hands, here are some tips on selling it quickly at a good price.
Pricing It Right
People buy fixer-uppers for the potential value they can have once the right renovations and repairs have made. However, that doesn’t mean you should bargain your property for its potential value—it just won’t happen. Homebuyers who purchase fixer-uppers are generally well-aware of the realities of repair and renovation costs, and will have made their calculations when they put an offer in. Therefore, it’s best to consult an experienced and qualified property valuation expert before you set a price.
Full Disclosure Is Critical
Withholding information about the property’s issues and faults from potential buyers really isn’t a good idea—even if the property is in really bad shape. This isn’t only irresponsible and negligent, but can actually land you in trouble if the buyer opts to take legal action because you didn’t come clean about the property’s faults.
Moreover, it’s become standard practice for homebuyers to have properties inspected by professionals before they officially put an offer in, which means the chances of a seller getting away with hiding faults and issues are quite slim anyways.
Focus On The Highlights
Real estate investors are particularly attracted to fixer-uppers when they can envision how the property will look like after renovations, repairs, and improvements have been made. Like Michelangelo, they’re able to see the angel in the marble, and are willing to chisel it until the angel is set free. But that doesn’t mean that you can’t help buyers get a clear sight of the angel if they can’t see it just yet.
Therefore, you should highlight the features of the property that are most likely to attract potential buyers’ attention.