Is It Possible To Sell A House That Requires Work Being Done To It?
If you are in the throes of home improvements that are not complete but need to sell, what can you do to make it market-presentable for sale?
05/06/2024
When the situation gets tough and you make the decision to sell your home, even though the house is not in perfect condition, you want to be able to get a good price despite the fact that some repairs need to be done or completed. If the house is in a livable condition but requires some work to be done to it there is nothing preventing you from selling it as a fixer-upper or in voetstoets condition as long as you make the property agent aware of the problems.
For those homeowners who are in the middle of home improvements or repairs but aren't close to completing the work, the key to successfully selling your home is to assess the value of the property as-is. To be able to put the property on the market with half-finished repairs or improvements you need to emphasis that it is still structurally safe and sound and it is only that certain repairs or improvements need to be undertaken in order for the property to meet a buyer's expectations. This way, they can view the house with a clear and unhidden knowledge that they can personalise according to their own taste.
There are plenty of buyers out there who are desperate to purchase a home at a lower cost in the knowledge that it might not be in move-in condition and you will be in a position to sell up the property for what it’s worth, despite its imperfect condition. Use the tips below to analyze the current property market conditions so that you know in advance what needs to be done to place it on the market.
• Know Your Market
First, you need to consider who you’ll be selling your house to. Fixer-upper homes are popular with flippers, bargain hunters, and remodellers who see potential in your home. Flippers and bargain hunters see flaws as future gains since they can renovate and eventually sell the property. On the other hand, remodellers may even be more than willing to take on the challenge of a few repairs here and there to create a home that suits their style or liking.
• Price It Right
Once you know who’ll be interested in your place, you can determine how much you're going to value your home. Fixer-upper homes often fetch lower than fresh and flawless structures, so you might need to do some extensive research regarding the prices of similar homes in your area.
You will need the services of an estate agent who can run a comparative market analysis and give you a current price for homes, like yours. Real estate agents can also assess your house and estimate its value when renovations are made. This way, you're prepared to take on negotiations without discounting too much from your intended selling price.
• Consider Timeline And Budget
Aside from the buyer pool and the price, you also need to consider your timeline and budget. These two often go together, and they can have an impact on the resale value of the property and the money you can cash in on the sale. When you have both, you can undertake a few upgrades to make the property more appealing to buyers. You can even improve your home's curb appeal by doing some landscape work to appeal to buyers.
Suppose you're pressed for time but have some amount set aside to improve your home. In that case, you can choose to prioritize essential repairs. These essentials will surely enhance your home's inspection report, and it will assure future homeowners of the building's integrity.
In case you don’t have time or the resources to undertake the much-needed repairs, you can consider doing some minimal upgrades instead.
• Wording the Voetstoets Sale
Once all the necessary repairs are made, you can now concentrate on crafting your ad to list your house into the market. This step is crucial since it has the potential to make or break the sale. You would need to include as much information as you can to set buyers’ expectations and, at the same time, lure them into taking an interest in your terms and your home.
• Highlight Home Features
The success of your fixer-upper home lies in your ability to highlight its good points against minimal flaws. You can emphasize the advantages of the floor plan, draw attention to spacious rooms and storage, and even showcase added amenities such as a swimming pool, home office, or garage space. Besides the home's interior, you can mention its strategic location and proximity to parks or schools.
• Disclose Flaws
Emphasising all the good qualities and benefits will spark buyers’ interest but that doesn't mean they won't notice some minor issues. You’d need to be honest with these concerns and include them in your listing to set realistic expectations about the house's current condition. Inform them of needed repairs early on to not walk out during closing or get you into trouble after the sale.
• Consider Adding Options
Providing buyers with accurate information regarding your home's current condition and including terms that recognize their future upgrading efforts can give you a higher chance of selling your house as-is, without taking on costly and sometimes unimportant renovations.
Conclusion
Selling a house voetstoets can be challenging when you know there's some tough competition on the market. In truth, it’s possible when you know you can rely on your house's value to make a sale. Providing accurate details on needed repairs can also help buyers consider your fixer-upper despite its issues. Through careful consideration of timing, budget, and wording of your voetstoets listing, you're sure to cash in on your property in no time.