Selling a property is not an easy feat to do. However, there are many property investors or even a typical homeowner who is interested in doing it. There are many reasons why individuals put their properties on sale. One, maybe they need to move out or two, they need the money to buy a new property. Whatever reasons there is, selling a property has its own quirks.
Yet there are concerns that many property owners get worried about. Does a house that needs repair works still get a high value in the market? Is it possible to put it on sale and get sold?
To answer these questions, we will let you in a few secrets on how you can get your house, along with important key steps to attract buyers.
A house that needs repair work has market potential.
If you think that it may seem so impossible to have your house sold in the market with all the visible repairs you can see in it, think twice. What you don't know is that many potential buyers are into repaired properties. They are a pool of buyers that are highly into "fixer-upper," and knowing them first-hand gives you a lot of advantages.
Get to know your buyers.
Selling a "fixer-upper" property needs a little bit of research and help from professionals. But the first thing you need to do is to know who your potential buyers are. There are three types of buyers:
● Flippers are called such because they flip low-priced houses, renovate them, and sell them at a higher price. If a flipper is interested in your property, selling a house that needs work is a dream project for them. However, don't get too excited about dealing with them as they will price your property at the lowest since they aim to profit. Hence, set your price right, you need the money, but you are not desperate.
● Deal Hunters are types of buyers who have set their eyes in the location of your property. They accept the repair work that needs to be done. They are in for the deal because they can afford your house and the repair, plus they get to be in the area they wanted at a low price.
● Remodelers are top class buyers as they have the money to purchase a new property. However, get outbid all the time. Buying a house that needs repair gives them the liberty to renovate it the way they wanted.
Key Steps to Attract Buyers
Now you know who your potential buyers are, it is time to do some legwork. Selling a house that needs repair, whether a minor or a major one, needs some tending to do. You don't need to do a lot, just a few things enough for your property to stand out in the property listing.
1. Improve your landscape
It is not all about the interior as buyers look into the landscaping as well. You don't need to hire professionals to do this. Cleaning the yard, removing the weeds, cutting off the grass, or decorating with flowers attracts buyers instantly.
2. Minor repairs matters
Those old and rusty door locks, cranky cupboard handles, and the window sill cracks are annoying repairs for new buyers. Fixing this beforehand will give your house an impression that you take good care of your property.
3. Declare major repairs
Be honest in declaring major repairs that need to be done to your potential buyer. Knowing it, first-hand gives the buyer a perspective on what they need to do after buying the property. Also, legally, you need to disclose every information about the house, and a home inspection will be done as well.
4. State a renovation loan
A renovation loan can aid your potential buyer in paying off all those repair works. Instead of setting aside money for repairs, they can opt to have a renovation loan. This is possible by working out with your realtor. Though there are prerequisites for the buyer before they are approved for the renovation loan, this method increases your chance to attract buyers.
5. Set your price right
There is nothing more to say for this, setting the right price of your property is essential. And you can do this efficiently with the help of an experienced and professional realtor. Their assistance can guide you on the marketing and can help you as well to look out for potential buyers. It is a crucial ingredient to have your property sold out in no time.
Selling a house that needs repair work is a tedious and meticulous job, yet with an intentional effort to have your property sold, it is possible. By knowing your target market, perform necessary repairs, and setting the right price value will surely attract potential buyers. And before you know it, you already sold out your first property even with some repairs it needed.