Should I Sell My House If Major Repair Work Is Needed?
If your home is in need of some significant repairs,you might feel reluctant to sell. A lot of buyers want a house they can move straight into or one that needs just the bare minimum of work. Maybe you are not in a position to get the repairs done or wonder if it is best to sell it as a ‘project’ or a ‘do-er upper’. If you find yourself with a property in a less than ideal condition, there are a few things you can consider when deciding which direction to take. Compare conveyancing UK
Should “Do Up” My House Before Selling?
People are sometimes open to buying a property which they intend to renovate over a period of time. For one reason or another this work might note get completed and if they decide to sell the house they have the dilemma of whether to sell ‘as seen’ or complete the work, hoping to recoup the money from the sale.
The asking price for the property will reflect the amount of work that has gone into it and the amount that is still needed. There are some simple steps you can take to illustrate your property’s potential and help viewers see how great it could be.
First impressions count. Certain repairs can improve the initial impact of your home visually. Things like nice window frames and exterior paintwork can give the most unloved property a degree of kerb appeal. Are the bathroom and kitchen of a decent standard, regarding fixtures and fittings, as well as cleanliness? Perhaps you could do with replacing the front door, tidying up the front garden or jet washing the driveway can freshen up your property and make it look more appealing.
Splash and Dash
A quick splash of paint is the cheapest solution to bring a bit of newness into your home. Look at the parts that look the most tired and start there. This solution could involve fully redecorating, re-carpeting and replacing tired looking furniture. It solution should really only be considered if your property is in generally good shape and needs little work.
Do remember however, that if you redecorate one room the rest of the house may look shabby so be prepared to redecorate more than one. Try to use neutral colours which will appeal to most people. Address any damp showing in corners of rooms or peeling paint/wallpaper as this will put off buyers.
Have an honest friend or estate agent critique your home. They will immediately see things you may not have noticed as you see it every day.
The trick is to spend as little money as possible. You want to present your property in such a way that buyers are attracted to it because there is little or no work to do.
Are there any known issues that could be flagged up on a survey? Do any of the walls have cracks or show any damage either internally or externally? Are there any slates missing from the roof or issues with a crumbling chimney? Are there any leaks or problems with the boiler?
Make sure you are aware of any work that needs doing and be prepared to pay a professional so that the job is done adequately. This may add value to your property, rather than be a sunken cost.
Do not try to hide any structural issues. You might get away with this during a viewing but the survey will show the underlying problems. If you cannot afford to fix anything yourself, just be honest with potential buyers. If they are aware of any issues from the beginning, you’ll find it easier to negotiate the asking price.
Know Your Target Market
A fixer-upper is not everyone’s idea of fun. You need to get an idea of the type of person who would be interested in your house as it stands right now and market to them. Poeple involved in buying and selling houses for a living are known as “Flippers”. They seek out properties like yours in the hope they can carry out the required repairs before selling the house on at a profit. This buyer will look to maximise their profit, meaning they may well make a very low offer.
Be realistic about the value of your home, taking into consideration the work any buyer will need to finance but don’t feel like you should accept an unfair offer. An estate agent can make a house valuation based on the property as it stands. When deciding which estate agent to use enquire about their experience with properties like yours.
Buyers on a budget who would like to relocate to a more expensive location are another potential target for a house that needs work. Whilst they might ideally like to walk straight into their ideal home, they will know their budget will only stretch to a property that needs work, one that they can get at a lower price. This buyer is not necessarily looking to make an immediate profit, they are looking for an affordable option. This could work out well for both you and the buyer.
Price It Right
Many buyers will be put off by the amount of work that needs doing if the price is too high. Make a list of essential repairs and get quotes for having the work done. Review the market: look at the asking and sale price of local properties in a similar state as yours. Consider what the property would be worth if all the renovation work was complete. If your house is in a prime location and potentially worth a small fortune, factor this into the asking price.
An estate agent can carry out a house valuation, no problem, but remember, buying and selling houses is their business and so they may tell you what you want to hear rather than what is realistic.
Have You Heard Of A House Buying Service?
A house buying service will buy any property, including those needing significant repairs or renovations. It guarantees a sale and the process is quick. After a firm offer has been made and accepted, funds are released in as little as seven days.
However, the cash offer will be somewhat less than the market value of the property, but on the flip side, it will save you time, hassle and the possible expense of mortgage payments, repairs and waiting for a buyer to come along. Furthermore, there are no legal, house valuation or estate agent fees to pay. Taking all of these factors into consideration, a cash buying service can be an attractive offer.
What Repairs Have The Biggest Effect On Selling?
There are a few things to consider carrying out in order to achieve the best price for your property.
Painting is one of the most affordable ways to liven up your property, whether internally and externally. Neutral shades will appeal to a wide range of potential buyers. Particularly re-paint dark overcast rooms and see if your fences or front door need a freshen up.
- Simple DIY
We’re not talking expert renovations here,. The basics will make a big difference such as cleaning grouting, replacing door knobs, fixing any broken fence panels and a tidy garden.
- Kitchen and Bathroom
These two rooms always inspire an opinion in potential buyers. Whilst completely re-fitting both may not be practical, it is worth considering any minor tweaks you can make to impact a viewer’s first impressions. Give both rooms a deep clean. Consider re-grouting tiles and descaling products in the bath and shower areas and protect against mold.
Maximise the space with clever lighting. Let as much natural light in as possible, especially during the summer months.
- Bin The Carpets
Are you aware of any beautiful hardwood floors lurking underneath old carpets? If so, pull up the carpets and treat your floors to a sanding and polishing. This will really give your home the wow factor.
Should I Sell My House If Major Repair Work Is Needed?
Buying and Selling houses that need major repairs can be a challenge but there are plenty of options that make the processes less stressful. Start with considering what a realistic sale price is and what your priorities are, whether they be how much money you can get or that you sell quickly.
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