Selling A House That Needs Work
You might think that selling a house that needs repairs will be difficult. However, buying fixer-uppers is our specialty! Learn more about what we can do for you in our latest post about this subject.
If you want to sell a run-down, Salt Lake City house, one of the last things you will likely want to do is spend money to make all of those house repairs and make the house look nice. It doesn’t always make sense to repair a house before selling it. There are no guarantees that you will see a return on your investment, so in essence, you could be throwing your money away for nothing. Actually read here to find out which home repair gets you back 97.1% of your cost and which house repair will get you 47.6% of your cost back if you sell your house after the repairs are done. If the repairs are cosmetic, you could repair the way you like houses decorated, but maybe interested buyers might not like the colors you picked out. All your hard work could actually be what causes someone to pass over your property! Don’t make repairs until you are 100% certain they will be worth it! If you have a house that needs work, consider all of your options carefully. We buy houses in all areas of Utah if that is something that interests you.
Before we get into your options with your fixer upper, here is a list of home repairs you do not have to do when selling a house to Gary Buys Houses.
How Much Will It Cost To Fix?
It can be a little mind boggling to price out all of the materials and labor for each specialty of subcontractor by yourself. An easier way is to contact a few contractors to get estimates on the needed work. Even if it is just cleaning and maybe some carpet and paint, having someone manage all of the work will save you a ton of time and headache. Most, probably all, buyers will choose to have a home inspection done after they get the house under contract from you. These home inspections take 4 to 6 hours and look at every aspect of the house except for cosmetic only issues. Buyers will typically want all major electrical, plumbing, roof etc. repaired and brought up top code. If the buyer is getting an FHA loan, there can be no tears or bad wear spots in the carpet, no peeling paint, no drips no matter how minor in the plumbing, the roof must be certified to have 5 years life remaining and so on. It is probably a good idea to bring the house up to at least FHA standards if you will be listing the house on the MLS looking for a buyer that wants a move in ready house .
Which Repairs Are Critical?
People are more inclined to buy a Salt Lake City fixer-upper property if the repairs are more cosmetic like carpet and paint. If you want to find a broader range of buyers, make sure that a person could at least live in the house if they chose to making repairs while living there. It can be a bit more difficult to find a buyer for an uninhabitable house. As mentioned above, selling a house that needs work will require different levels of repair and cleaning depending on what kind of buyers will be interested in the house. Will you be selling to a professional house buyer like us, to a person that can live in the house while making repairs or to a FHA qualified buyer? Determining who your end buyer will be will help you determine what repairs to make.
Consider Your Selling Options
There are a few things you can do:
- You can pay to fix and list the house
- You can sell it directly to a Professional House Buying Company, such as Gary Buys Houses
- You could try to list it as is
If you decide to fix and list, make sure you know how much you will have to pay out of pocket. Aside from the repair costs, listing your Salt Lake City house will require marketing, cleaning, and commissions all be paid. As we mentioned above, most of the time you do not get back the full amount of money on repairs you do when you list the house. And for repairs that are things like a roof or plumbing, you will get zero money back because new home owners expect these things done.
Gary Buys Houses is very interested in buying Salt Lake City fixer-upper properties. We love to make the repairs and revitalize the house for new buyers. There is never any obligation or hassle when you receive an offer, learn more about what a direct sale can do. It might be the solution you have been waiting for! Call 801-382-9199 Today!
Trying to list a run-down property can be difficult. When people see a photo of a damaged house, they are very quick to move on to the next listing. Not everyone is comfortable with spending a fortune on a house, only to have to spend more time getting it ready to live in. When trying to sell your Salt Lake City fixer-upper property, one of the best decisions you can make is to sell it to a professional investor directly. If you decide to list the property as-is, your pool of buyers is reduced because the buyers typically have to pay cash or put down a lot of money.
Get It In Front of The Right People
A house that needs work has a smaller pool of buyers than a move in ready house. This is because most people want a house ready to move into. But, there are people out there looking for houses to fix-up. Just because your property needs repairs, doesn’t mean it isn’t sellable. You simply need to find the right buyer for it!
Attend networking events in your area for investors, real estate professionals and general business matters. Let people know about your property and that you are offering it at a great price! The more people who know about your house, the more likely you are to find a buyer for it. Talk to everyone, you never know who could be in the market for a new house!
Showcase The Potential
You can still show off a house that needs work. Help people to use their imaginations when viewing your home. Even if you are listing the house as-is, you can declutter, clean and make the yard look as best as possible for that first impression. Showcase the property’s potential in all of your marketing.