If you purchased a property that needed a lot of work and now you’re trying to sell, it may be a little more difficult. While it’s challenging to sell a work in progress, it may be easier than you think. You’ve got to focus on finding the right buyer who is not afraid to tackle a big project that has a lot of potential. Here are some ways you can help attract this type of buyer to your project property and sell it quickly.
Advertise It as a Fixer Upper
Start your property sale process by advertising your home as a fixer upper. There is a market for buyers looking for older properties that need some work. Investors, such as those who tout, “We buy any home,” are constantly on the search for properties with amazing potential. When you list your home, make sure you indicate you’re selling it “as is” and that it needs work.
Focus on Unique Details
Another way you can move your fixer upper off the sale market is to spread the hype about your home’s unique details. If your fixer upper home is a historic property, advertise the history behind your home. Find old photographs or illustrations of your home to help buyers see the property in a more positive light. For a newer home, make a list of all of the parts of your home that don’t need work. If you have a new roof, a new HVAC system, or something else that doesn’t need to be updated, mention this in your listing.
Play It Up as a Bargain
The biggest draw of a fixer upper for many buyers is the bargain price. So, if you’re trying to sell a property that needs work, you’ll need to knock down the price a bit to make it seem like a bargain to the average buyer. Do some research on similar properties in your neighborhood that have sold to come up with an appropriate price point. This way, you can give your buyers room in their budget for fixing it up.
Use Nontraditional Home Buyers
Your future buyer for your fixer uppermost likely will be a nontraditional home buyer. In many of these situations, you won’t need to deal with real estate agents or traditional home contracts. To get it sold quickly, consider going with a home buying business that specializes in purchasing fixer upper homes with cash. They may advertise themselves saying, “We buy houses,” and can turn around a fixer upper property quickly.
Provide Information About Remodeling Options
A buyer without a lot of experience with a project property may be overwhelmed at the thought of all of the work required to get the home looking great. You can help show the possibilities by providing information to buyers about remodeling options, such as renovation loans, pictures of similarly remodeled homes, and tax credit details. If you disclose this information to all buyers and present your property as something with hidden potential, you may have more success with fast offers.
Fix Anything Minor
Finally, even if your home needs a lot of work, you can help move the buying process along by fixing a few minor things. Don’t invest thousands of dollars in any of these updates; instead, focus on small projects that take a few minutes or little cash. Work on fixing broken windows, holes in the walls, or other unsightly blemishes on your fixer upper home. Leave the big projects and pricey remodeling transformations to your buyers.
A fixer upper is not always going to sit on the market for months at a time. Many of these properties can sell quickly if you position your home in the right way and price it accordingly.