Do you own a home that’s currently in need of a new roof, a new electrical system, a new furnace, a new kitchen, or even a new foundation? If so, you might not think there’s any way you’ll be able to sell it.
Selling a house that needs repairs and maybe even major renovations can be problematic. It’s why some people will hesitate to try selling a house in poor condition in the first place.
But you should know it won’t be impossible to go through the process of selling a home that needs major repairs. You may just need to get creative. By doing this, you might even be able to achieve the goal of selling a dilapidated home.
So, what are some of the ways you can make selling a home with significant damage possible? Here are a handful of tips that’ll help you get the job done.
List It For Sale Like Normal
The U.S. housing market isn’t quite as hot in 2023 as it has been in recent years. But there are still some parts of the country where homes are selling ridiculously fast. It has led to a lack of home inventory and put people in positions where they’re willing to at least consider buying fixer-uppers.
With this in mind, selling a house that needs repairs in the traditional way might not be a bad idea. It may be worth giving it a shot to see what kind of results you’re able to get.
This obviously isn’t going to work out too well if you’re selling an uninhabitable home. People will still scoff at the idea of buying a home like this from you unless you’re practically giving it away to them.
But if you’re selling a house that needs repairs that can be done once someone moves into your house, you might find some takers out there.
Fix It Before Selling It
If there are dozens of repairs that need to be done to your home before you sell it, the idea of making them all might be daunting. You won’t want to spend a ton of time and money making all these repairs in most cases.
But if your home only needs, say, a new roof and a new furnace installed, it might be a different story. You could possibly pay to have these types of repairs made to your home and then list it for sale.
Even if you have to borrow money to make these kinds of repairs, it could still be the best option you’ll have. Unless your home is in truly awful condition, you should be able to fix it up and recoup the money you spend on repairs and then some.
Price It Below Market Value
If you attempt to sell a home for what it should be worth when it’s in need of repairs, you may struggle to bring in many offers for it. Potential buyers won’t want to spend an arm and a leg on your house and then have to spend even more money on it once they buy it.
But if you’re willing to price your home on the lower end of the spectrum? That could bring buyers out of the woodwork. They may start to jump at the chance to purchase your home when it seems like it’ll be a steal.
Don’t be afraid to do your research on what local homes in your area are selling for and price yours aggressively. It could be the only chance you’ll get to steal the spotlight from other homes that are in much better condition than yours.
Offer It to a Local Contractor
Throughout the COVID-19 pandemic, many contractors were incredibly busy. People were at home so much that they started to contact contractors left and right, wanting to take on renovations.
Since the pandemic has pretty much come to a close, though, many contractors are now starting to slow down a little bit. Some of them are looking to fill the gaps in their schedules by buying and flipping properties to turn profits.
If you don’t mind putting in some legwork, you could start reaching out to local contractors and asking if they have any interest in buying your home. They may appreciate hearing from someone interested in selling a house that needs repairs.
Just be prepared to get lowball offers from a lot of these contractors. You might have to call around to about a dozen of them before you’re able to get what you would consider to be a fair deal.
Sell It to a Cash Home Buyer
Of all the options that you’ll have when selling a house that needs repairs, this one is easily the best option of the bunch. It’ll be so simple to sell your house to a cash home buyer like We Buy Houses Memphis without encountering any issues.
All you’ll have to do to sell your home in this way is touch base with us and provide us with some basic information on your home. We’ll respond by making you an offer for your home that is both fair and competitive.
There will be many benefits of selling a house in poor condition in this way. Here are just a few of them:
- You’ll be able to sell your house incredibly fast
- You won’t need to schedule a home inspection or an appraisal
- You’ll eliminate a lot of the stress so often associated with selling a home
- You won’t have to worry about hitting any last-minute snags while closing on your house
Over the years, many people in and around the Memphis area have taken advantage of their ability to sell their homes to companies like ours. You’ll love how quick, easy, and painless the home-selling process will be when you take this approach to selling a home that needs major repairs.
Knock It Down and Sell the Land
In the event that your home is situated in a fantastic location, you might be able to think way outside the box when trying to sell it. Instead of selling the home itself, you may want to knock your house down and simply sell the land that it sits on.
There will obviously be a cost that’ll come along with knocking your house down and removing all the different parts of it from your property. But you should be able to clear your land fast and get it ready to sell in a hurry.
This may be a decent option for those selling an uninhabitable home. But before you do it, you should still weigh your other options. In particular, you’ll want to see if you can sell your house to a cash home buyer that will decide what to do with everything next.
Let It Go for Nothing
Is the house that you’re interested in selling in shambles, and does it also have property tax liens against it? This can put you in a tricky position since you might not have the option to sell it in the way you may want to.
In this case, you might want to go ahead and let it go for nothing. Your city will eventually take ownership of your abandoned home and figure out what should be done with it next.
This isn’t exactly the most responsible thing to do with a home you don’t want. It could contribute to the blight in your city and make it look worse for wear.
Before you give up a home for nothing, you should speak with a company like We Buy Houses Memphis to see how they might be able to help you. You might miss out on a nice payday by not at least exploring this option.
But there are some people who will find that this isn’t going to work out well for them based on what is still owed on the house they want to sell. You might not have any other choice but to say goodbye to your home and let someone else claim it.
We Make Selling a House That Needs Repairs Possible
Selling a house that needs repairs might seem like it would be way too difficult to do. It may leave you feeling like you’re trapped in your own home.
But as you’ve seen here, there are many ways to sell a house that’s falling apart. You just need to consider all your available options and pick the one that seems like it’ll be your best bet.
We Buy Houses Memphis would love to make you an offer for your home. Contact us now to see what it might be worth.