If you are thinking about selling your home but know it is in need of repairs, figuring out where to start and what to prioritize can be a daunting task. While there are many strategies for where to start and how to sell a home that needs some work, there are some basic considerations that will help in any situation. Let's take a look at some recommendations for how to sell a home that needs some renovations.
Sell The Home “As-Is”
Selling a home “as-is” saves you from having to make any costly repairs or spending time off of the market to get the home ready to sell. What the buyer sees is what they get when they come to do a showing and out in an offer. While they may still want to do an inspection to ensure the structure of the home is in good standing, they should have the expectation that no repairs will be made before they take ownership. Keep in mind that when you sell a home “as-is” you will likely have to accept a lower sales price than that of a completely renovated home or if you had done some repairs and upgrades.
Do A Pre-Inspection And Disclose EVERYTHING
This option can be used in conjunction with listing the home for sale “as-is” and can help position your home as a great option for investors or those looking for a fix and flip opportunity. By completing a pre-inspection you will have a full picture of what needs to be fixed, repaired, and replaced in the home and disclosing these items up-front will let investors know exactly what to expect when buying. Even if you decide not to position the home as an investor’s dream, giving potential buyers the full picture of what needs to be accounted for in the home can save a lot of hassle down the road.
Prioritize Repair Items
Most buyers understand that there will be some cosmetic fixes or changes that need to happen when they move into one of the homes for sale in Davenport Fl. If you are short on time or your repair budget is limited, you should consider tackling the “sticking point” items that can make selling the home more difficult. Buyers will be on the lookout for foundation damage, systems that need to be replaced, mold growth, and leaks throughout the home. Taking care of these fixes before going to market can help alleviate red flags and make the sale of your home that much quicker.
Focus On Minor Cosmetics
On the flip-side, focusing on minor cosmetic changes and upgrades could help spruce up the home and increase the curb appeal of the home bringing more buyers in. You should still focus on cosmetic fixes that are a good return on investment and appeal to the widest variety of buyers. Some of these cosmetic changes include a fresh coat of paint (always in a neutral color), caulking in bathrooms and kitchens, improving lighting by adding fixtures or replacing bulbs, and having carpets cleaned professionally.
Keep Return Top Of Mind
If you do decide to do bigger ticket updates or repairs make sure they are worthwhile and will bring you the best possible return on investment. Here is a list of big ticket items you should consider that could also raise red flags for buyers:
- Replacing the Roof
- Updating the Electrical Panel
- Installing a New Water Heater
- Addressing Termite, Mold, or Water Damage
- Repairing Pipes, Sewer Connection, or Septic System
- Updating the Hvac System
With these tips in mind, you will be much more prepared to schedule any repairs or renovations you decide to do. Even if you decide not to make any changes to your home, you will be ready for marketing and selling “as-is”. As always, the more knowledge you have the better your selling experience will be, and that is even more evident when selling a home in need of renovations.