Is it possible to sell a house that needs work?
If you thought that show home quality presentation is the only way to hook buyers, then think again. While you might assume property looking like something straight out of the pages of a glossy magazine is what’s most appealing to would-be purchasers, that’s not always the case. So, in response to the question: “Is it possible to sell a house that needs work?” The answer is a resounding: “Yes.”
Take a look at some of the reasons why in our blog below.
Know your audience
Not every buyer is at the same stage of the property journey – or indeed, has the same motivations for making an offer.
There are those who might be looking for their ‘forever home’. In order to make their next move, they will need to sell their own property first.
Then there are those who are renting and looking to get their foot onto the ladder. They might be willing to overlook certain faults in exchange for the security of ownership.
There are also developers and investors who are experienced in spotting potential and may be willing to put in some work in order to maximise their profit. Often, they’ll have a clear idea about what needs to be done and won’t be afraid to put in the hours if necessary.
Not everybody expects, or even wants, perfection.
Small changes make a big difference
Think back to that first and second group – the ones who own or rent a property but are ready to move on.
These are the people who might need an extra bedroom or a bigger garden. They may want to be closer to elderly relatives, a place of work or a particular school.
The reasons for moving are varied but under such circumstances, a threadbare carpet or tired bathroom is hardly likely to be a deal breaker.
That’s not to say that a seller shouldn’t try to make the most of what’s already there. Cleaning, opening the curtains and tidying up outside spaces can make a world of difference.
However, efforts should be concentrated on helping a viewer to see potential, not anticipating their every future requirement and taking potentially expensive preemptive action. Remember that people’s tastes vary and most buyers will ultimately want to put their own stamp on a property.
What happens if a property needs major renovation?
Of course, if there are structural problems or the roof needs completely replacing, then there is no point in hiding the issue as a property survey is likely to reveal all.
Honesty is always the best policy. If a home is in need of major renovation then you’ll be in a stronger position to build the cost of repairs into your asking price when you have been open and transparent from the outset.
A word of caution
Just because you accept you may need to adjust your ideal asking price in order to accommodate the cost of repairs, doesn’t mean you should completely sacrifice your own expectations. Keep in mind that developers will always be looking for ways to realise maximum profit so may offer lower than you could achieve with another type of buyer.
For this reason, it is always advisable to speak to an experienced estate agent who will consider factors such as the condition of a property before valuing a home.