Are you looking to sell a house that needs repairs, but don’t know where to start? Don’t worry, you’re not alone. Many homeowners will find themselves in the same situation, but with a little bit of planning and preparation, you can successfully sell your home, regardless of repairs.
Here are some tips to help you get started:
Assess the Damage
The first step in selling a house that needs repairs is to assess the damage. A good idea would be to walk through your home and make a list of any problems that you notice. This may range from anything include things like a leaky roof, broken windows, or outdated electrical wiring.
Once you have a list of the issues, you’ll need to decide how to address them. If you’re handy, you may be able to make some of the repairs yourself. For more extensive issues, you may need to hire a contractor.
Now that you have identified the repairs that are needed, it’s time to get estimates for the work. Contact local contractors and get quotes for the repairs that need to be made. This will help you determine how much money you will need to invest in the repairs before you decide to sell your home. But like we mentioned, you can decide whether to make the repairs yourself you may not need to hire a contractor. If you choose to do the repairs yourself, make sure you are aware of local building codes and regulations.
Determining Your Budget
Once you have a list of the repairs that need to be made, you’ll need to determine your budget. What you could do is focus on only on what you consider to be the “essential” repairs. This will obviously vary from house to house or even by person. It is important to focus on the essential repairs that will add value to your home. These would include repairs that are necessary for safety, such as fixing any broken windows, doors or stairs, as well as any repairs to the roof, foundation or plumbing. Repairs that will make your home more attractive to buyers, such as painting and replacing old fixtures, might also be considered necessary. Whether you have some money set aside for your home repairs, or you may need to take out a loan to cover the costs, it is important to take into account the cost and time this will take, and what you consider to be worth it.
Just remember that any money you spend on repairs should be considered an investment in your property. If you are able to make the necessary repairs, you may be able to increase the value of your home and make a profit when you sell it.
It’s important to be realistic about your budget. If you overspend, you may not be able to make a profit when you sell your home. After all the more you spend the more likely there is to be a diminishing return. On the other hand, if you don’t spend enough, your home may not sell for the price you’re hoping for.
Pricing Your Home
Now comes the part to pricing your home. Pricing your home correctly is essential if you want to get the most out of your sale. You could get started by utilizing online tools such as Zillow Zestimate or Redfin to compare prices of similar homes in the area. If you need assistance in determining the right price for your home based on the needed repairs and upgrades, a real estate agent or appraiser can be a great asset. They’ll help you decide your optimal listing price, so you don’t miss out on any potential profits.
Make the Repairs
Once you have your budget and a list of the repairs that need to be made, it’s time to get to work. You can either make the repairs yourself, or you can hire a contractor to do the work for you. There are many ways to find quality contractors in your area, one way is to get referrals from friends and family. Or you can go the traditional way seek contractors on Homeadvisor, yelp etc.
When making the repairs, it’s important to use high-quality materials and to follow building codes. We wouldn’t recommend try to be cheap on critical aspects of a home. It’s good to be frugal, but not cheap. This will ensure that your home is safe with quality build and will meet the standards set by local authorities.
Staging Your Home
Now that your repairs are complete, it’s time to stage your home. Staging is the process of arranging your furniture and decor to make your home look its best.
You can stage your home yourself, or you can hire a professional stager to do the work for you. Either way, you’ll want to make sure your home looks clean, organized, and welcoming to potential buyers and don’t forget to emphasize on recent repairs or any updates you did.
Marketing Your Home
Finally, it’s time to market your home. You’ll want to make sure your home is listed online, or if you want to sell your home yourself you next step is marketing. There are many parts that come into play here includes high-quality photos and a detailed description.
You can also work with a real estate agent who can help you market your home. A real estate agent can list your home on the Multiple Listing Service (MLS), which is a database of homes for sale that is used by real estate agents and home buyers. Just remember on average a realtor will charge a 6% fee, they work on your behalf, they will not charge upfront, but will receive a commission if the transaction closes.
Selling a house that needs repairs can be a bit of a challenge, but with a little bit of planning and preparation, you can successfully sell your home and be on your way to a new place. Just remember that there are varies hurdles that repairs can bring. Not all repairs are the same and a lot will come down to the age of the property, the style, and ultimately what the issues are.
Need to sell a home that needs repairs but don’t have time, money or don’t want to do the heavy lifting? Look no further than Squarerise! We are a real estate company that buys houses and can do all the hard work for you. One buyer, cash, and a closing timeline that works for you – it’s that simple. Don’t wait any longer, contact us today and let us handle the homebuying process for you!