Selling a home can be stressful enough, but what if the property you want to part with requires potentially serious repairs? Will you need to spend large sums of money on improvements in order to attract a buyer? Are there any alternatives to marketing your home through a traditional realtor?
Keep reading for some useful tips that could help ensure you know what to do if you’re attempting to sell a property that needs fixing up.
Do the math
Your first step should be to do some careful calculations. If you have the financial resources to make repairs and you calculate that doing so would increase the value of your property by more than the money you spend doing the work, this could be your best option. Before making any repairs though, work out how much they will cost you and whether you will recoup more than this amount through the sale price of your home. If you’ll only break even or potentially even make a loss, the chances are it’s not worth investing in the improvements.
If it makes financial sense, approach a cash buyer
If you simply don’t have the money to make repairs or you determine that it’s not in your financial interests to do so, the good news is it will still be possible to sell your property. Rather than approaching a traditional realtor, which may struggle to attract interest for your home on the open market, you could approach a cash buyer. Specialist companies such as Fast Sale Florida purchase properties in any condition and will be able to make you an offer on your home.
As well as ensuring that you can sell your property regardless of its state of repair, this can take much of the hassle and stress out of the process. It means you don’t need to worry about paying for work to be done on your home and it removes the uncertainty of having to wait for offers to come through. It also means you avoid paying realtor and closing fees.
Consider making quick, easy and cheap improvements yourself
Alternatively, if after doing the math you decide the most sensible option is to make some repairs and put your home on the open market – and if you have enough money put by to take this approach – this may be the best way forward. There might be some relatively simple changes you can make yourself in order to save money. From adding a fresh lick of paint to the walls to clearing clutter from your garden to replacing the caulking around your bathtub, small but noticeable enhancements needn’t cost you much money, but they could have a big impact on buyer perceptions.
It is possible to sell properties in need of repair. The key to getting this right is to understand all of your options and to make pragmatic decisions that make the most sense for you financially.
What are your tips for selling a home? Let me know in the comments, I love hearing from you!