If you’re like most homeowners, when it’s time to sell your house, you look forward to listing the home, selling it, and moving on to the next phase of your life as fast and smoothly as possible.
But what happens if your home needs a lot of renovation? Selling a fixer-upper isn’t as easy because a house in poor condition makes you less competitive.
Most buyers are interested in turnkey homes. One that they can move into immediately or requires as few repairs as possible.
So, if setting your well-maintained house up for sale feels overwhelming under normal circumstances. Picture how much hassle it can be when you’re selling a home that needs lots of renovation.
We’ve put together the cheapest ways to sell a house and how to save time when selling your fixer-upper. We’ll also look into things you should consider fixing and which you should leave “as is” before listing your home and waiting for a cash offer.
Continue reading to learn more!
Selling a House That Needs Work
When selling a house, it’s important to address the most important home repairs strategically and take part in targeted marketing efforts.
Selling a home that requires renovations and upgrades can pose difficulties since prospective buyers are hesitant to invest in a home that requires an extra financial commitment. Nonetheless, if you use the correct approach, you can still successfully navigate this issue.
To begin with, you should have a home inspection to examine the degree of the required renovation efforts and prioritize them appropriately. This helps you set a reasonable asking price that accounts for the home’s condition.
To draw prospective buyers, emphasize the house’s potential and distinctive selling characteristics, including its architectural elements, locations, or even an attractive neighborhood.
If it’s your first time selling a fixer-upper, it’s advisable to consult a professional real estate agent who is familiar with selling properties that need work. Their insight will be important in correctly valuing the home, staging it properly, and negotiating with potential buyers.
Transparency is important throughout this process, so you must disclose all relevant information concerning the major repairs that are needed.
By adopting this proactive approach, highlighting the property’s potential, and capitalizing on the experience of experts, you can boost your home value and the likelihood of successfully selling your fixer-upper.
Should You Fix Up a House That Needs Work?
Should you sell your home as is or first complete the necessary repairs? Well, there’s no one answer here. Your choice will probably rest on various factors, including the state of the housing market, the condition of your house, and more.
How’s the Real Estate Market?
In a bustling real estate market, houses might sell in days, raking in many offers and even bidding wars. Your home will attract a good sale price in a seller’s market, even with minor repairs.
However, in a buyer’s market, potential buyers will hardly consider your property if it needs renovations. But you can still sell your home to real estate investors and flippers who will purchase the home, renovate it, and resell it at a profit.
How’s the State of Your Property?
It’s important to assess the condition of your property against other listings and recently sold houses in your area. Your real estate agent should give you a comparative market analysis (CMA) that helps you determine if your house provides more (or less) than similar homes.
What’s the Probability of a Good Return on Investment (ROI)?
Many fixer-upper home sellers invest a lot of money into repairing their homes before listing to attract a higher price. They repair issues that buyers will hardly notice or simply won’t pay more to have fixed. Therefore, it’s crucial to consider the ROI of these potential repairs.
Some major repairs, such as kitchen remodels or even replacing your flooring, can significantly boost your home value, as compared to minor electrical issues and driveway cracks.
As you can see, this decision varies as the circumstances change. So, talk to your realtor before renovating to weigh the benefits and disadvantages of your specific home and situation.
Things to Fix Before Selling a House
Giving your fixer-upper a good repair will pay off nicely when it’s time to sell. Here are some key things you should consider fixing before listing your house.
Landscaping and Home Exterior
Your yard and home’s exterior are the prospective buyer’s initial impression of your property. You don’t want to scare them away before they even enter your house.
Ensure your front yard is well-maintained, with no overgrowths, debris, or weeds. If tree branches or vegetation are touching your house, trim them. If your property has a gate, it should also open and close easily without squeaking.
The home exterior is also as important because it draws the potential buyer in the first place. Therefore, touch up any cracking, fading, or peeling paint and repair damaged shutters, windows, and more.
Damaged Roof
Your old roof might have several issues, including damaged flashings around the vents, missing or broken shingles, torn or punctured roofing materials from debris, water damage from clogged gutters, and more.
Repairing a roof isn’t a quick DIY fix. You’ll need to consult professionals. However, it ultimately pays off as it’s a great selling point for most homes.
Kitchen and Washroom Repairs
The kitchen and washroom are key selling points of any home. While entirely re-fitting these rooms may not be practicable, cost-wise, it’s important to note that even minor tweaks can greatly impact the potential buyer’s first impressions.
Replacing missing tiles or faucets, fixing damaged cabinets, peeling caulking, and fixing leaks is a great start. Also, give both spaces a thorough cleaning because filthy kitchens and washrooms are a no-no for most buyers.
Plumbing Issues
Repairing any plumbing issues, such as leaky sinks, runny toilets, and damaged pipes, is important. Although some of these problems seem minor, prospective buyers will probably be thinking long-term.
Nobody wants to risk water damage from mold, dry rot, or even costly plumbing replacements later.
Electrical and Lighting Problems
It’s not advisable to reroute your home’s electrical wiring entirely. Nonetheless, you should consider fixing electrical panels that aren’t up to standard and other minor issues like faulty power outlets. This helps remove safety hazards and avoid catastrophes, such as fires.
Poor Flooring
If you want to wow potential buyers, ensure your floors sparkle. In some cases, it might be best to replace your whole flooring.
However, making the tiles shine or refinishing a hardwood floor is enough in most situations. Before listing your house, ensure there’s no severe damage to your flooring, such as uneven floors or sinking porches.
Interior Paint
Repainting the home’s interior is one of the most cost-effective home improvements to enhance the look of your house. Use neutral colors because they look more appealing and appear cleaner.
If you still have wallpaper in your home, consider removing it. Few things make a house look older than wallpaper. A fresh coat of paint will instantly give your home a fashionable, contemporary vibe.
Things Not to Fix Before Selling
Knowing what to fix is key to attracting the widest range of buyers and selling your house at or above the list price. But knowing what not to fix is as important.
Besides, who wants to invest in renovations that won’t necessarily increase the property’s market value (and may even reduce the profit margin)? Here are the things not to fix before selling.
Old Windows
Everybody wants their windows to be sparkling and clean to better highlight the views of their home’s landscape. But don’t bother replacing them. Besides being costly, replacing windows hardly improves any value when listing your home.
Typical Wear and Tear
The average homebuyer spends minutes in a home during a showing. This process is often rushed, so most buyers spend time checking the state of the rooms and soaking in the space. Therefore, buyers will hardly identify minor cosmetic flaws around your home.
Fixing these issues will cost you money but won’t pay off. Instead, focus your attention and budget on easily noticeable areas, such as a missing roof shingle or cracked wall.
Removable Items
If you’re looking for things to replace in your home before listing your property, remove items such as rods, furniture, and curtains from your list. These items are subject to wear and tear.
If they’re outdated or torn and take away from the feel of your home, remove them instead of replacing them.
Minor HVAC, Plumbing, or Electrical Issues
Most people assume electrical and mechanical components must be “up to code” when selling a house. However, nothing could be further from the truth.
No home is entirely code compliant unless it’s new and subject to your city’s most recent code regulations. A house resale doesn’t warrant updating the home to current code standards.
If your A/C system, electrical, and plumbing mechanisms are outdated but still functional, leave them as-is. Only spend money on these systems if they no longer work or pose safety hazards.
Small Cracks in Your Driveway
Potential buyers aren’t as nit-picky on minor issues unless they are possibly hazardous. Don’t go fixing every tiny crack you find on your driveway.
Rather, take care of your landscaping, and your home’s curb appeal will improve.
Wrapping Up
While it might seem difficult to sell a house that needs repairs, there are still many ways you can successfully navigate the market and sell your home in its current condition. You need to understand the market conditions and understand your unique situation.
Don’t be tempted to fix everything you think is wrong with your home. You’ll either have a poor return on your investment or end up overpricing your home.
In most cases, it’s best to consult a local real estate agent with experience selling fixer-uppers. Their insight can help you determine what’s the best option for you. Sometimes, your agent might even advise you to sell your house “as-is.”
If you’re looking for cash home buyers in New York, we’ll be happy to help. We buy houses in NYC and can also help you to sell a house fast in Nassau County. Contact us for more information.