Selling a fixer-upper definitely has its challenges, but doing it successfully is possible with the right strategy. One of the mistakes that homeowners of such properties make is to assume that it would be easier to sell a home in better condition. In fact, you may be tempted to do some repairs to make the house more appealing. Unfortunately this will in most cases only lead to a chain reaction of costs that you already can’t afford.
It’s also important to understand that there are certain aspects of a fixer-upper that actually make it attractive to certain buyers. In fact, for the right buyer, you may not want to change a thing. The following post discusses this:
Push The Customization Angle
First, try to keep in mind that most potential buyers who are on the market for a fixer-upper are likely to be interested in customizing the home. Be sure to highlight any key areas that are ripe for change. Is the décor in your kitchen a little dated? No problem – it’s a chance for your buyer to build the kitchen they’ve always dreamed of. Is the basement unfinished? There’s a perfect opportunity for a keen buyer to create a basement suite which they can then rent out to a new tenant. Read full post at Team A Rod…
The best strategy when dealing with a fixer-upper is to market it with the right buyer in mind. Don’t direct your efforts at making the home appealing to a buyer looking for a ready home with minimal repairs, if any. Instead, think of the buyers that are looking for a fixer-upper.
You may be having a hard time believing there may not be a buyer looking for a home just like yours. However, the following story from Australia may just help you change your perspective:
Williamstown fixer-upper sells for $3 million as buyers target large period homes with renovation potential
Williamstown’s reputation as the “Toorak of the west” was given a shot in the arm at the weekend as a dated weatherboard home climbed $220,000 above reserve to sell at auction for $3.02 million.
The sale of the three-bedroom Victorian house at 218 Osborne Street with a time-capsule kitchen and an abundance of old-style wallpaper drew a crowd of 150 and tossed up Saturday’s highest-priced reported auction result. Read full post at Domain Media…
Once you have your target market defined, you’ll have a much easier time developing a suitable strategy for selling your home. This also means that there are things that you may need to do that would not be done by sellers of homes in great condition, and that’s okay.
On the other hand, while negativity will not serve you well, it’s just as important to be realistic about what selling a fixer-upper involves. For instance, you need to understand that you will not get the full market value for your home, as highlighted in the following post:
When people see the term “fixer-upper” in a real estate ad, they read “cheap.” Accept that you’re not going to get top dollar for a fixer-upper. Your options are to put a substantial amount of money and effort into renovating it and then sell it for more money, or to leave the work to someone else and sell it for less. Don’t be offended if you receive offers that are substantially below your asking price. Many people in the market for fixer-uppers are renovators and wheeler-dealers who are looking to make some money, so they’re going to drive a hard bargain. Read full post at Pocket Sense…
With the right strategy and the right expectations, selling a fixer-upper can actually turn out to be much more pleasant that you’d expect.
We at Sell Fast Fair Offer are always on the lookout for a hot fixer-upper, so if you’ve got one in El Portal or other cities in Florida, give us a call or fill the contact form below. We’ll have a cash offer for you within 24 hours.
We pride ourselves in being reputable real estate investors, so don’t worry about feeling pressured to sell for a price that isn’t fair. The entire process will be at your own pace, and you’ll be the one to decide when to close. Call us today at (305) 590-8500.