If you decide to sell your home but know that it is in need of some significant repairs, you have some important decisions to make. Depending on your approach, you might save a lot of money for no return, or end up spending nothing and receiving only low offers. Handled correctly there is a happy medium. Compare conveyancing and cheap remortgage solicitors.
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Is It Worth Spending Money On My House Before Selling?
If you spend a little time getting your home in a good condition to sell, you may be rewarded with a faster sale and a higher price. Lack of good presentation is often a reason for a house sitting unsold until you’re forced to reduce its asking price.
However, whilst some buyers like a challenge, a blank canvas so to speak, more important structural problems can be a major red flag and render your property unmortgageable. Again, some buyers want a house they can move straight into or one that needs just the bare minimum of decoration..
Maybe you are not in a position to get the repairs done or wonder if it is best to sell it as a ‘project’ / ‘do-er upper’. Whatever position you find yourself in with a property in a less than ideal condition, there are a few things you can consider when deciding which direction to take.
Should I Do Up My House Before Selling?
People are often open to buying a property which needs a lot of renovation. This is something they might intend to do themselves. However, the The asking price for the property will reflect the amount of work that needs doing.
There are some simple steps you can take to highlight your property’s potential and help viewers see how great it could be.
Consider how much the house is worth in its current state and determine how much it would cost to fix it up. From there, find an estate agent and ask them to estimate how much the house would be worth before and after all of these changes. If you are going to be losing money or just breaking even, it is not really worth fixing up. If you are going to earn money, it is a question of how much and if you have the cash up front to do it. Compare conveyancing and cheap remortgage solicitors today.
First Impressions
First impressions count. Certain cosmetic repairs can improve the initial impact of your home visually. Nice window frames for example and good exterior paintwork can give the most unloved property a degree of kerb appeal. Are the bathroom and kitchen of a decent standard, regarding fixtures and fittings and cleanliness? Perhaps you could do with replacing the front door, tidying up the front garden or jet washing the driveway. All these things can freshen up your property and make it more appealing.
Structural Issues
Structural issues are not such an easy fix. Are there any known issues that could be flagged up on a survey? Do any of the walls have cracks or show any damage either internally or externally? Are there any slates missing from the roof or issues and a crumbling chimney? Are there any leaks or problems with the boiler? All these things have potential buyers running in the opposite direction.
Make sure you are aware of any work that needs doing and be prepared to pay a professional so that the job is done adequately. This may add value to your property, rather than be a sunken cost.
Don’t try to hide any structural issues. Whilst they might go unnoticed during a viewing, the survey will show any underlying problems. If you cannot afford to fix anything yourself, just be honest with your estate agent and potential buyers. If they are aware of any issues from the beginning, you’ll find it easier to negotiate the asking price. Compare conveyancing and cheap remortgage solicitors.
Know Your Target Market
A fixer-upper is not everyone’s ideal buy. Get an idea of the type of person who would be interested in your house as it stands right now and market it to them. People involved in buying and selling houses for a living are known as “Flippers”. They seek out properties like yours in the hope they can carry out the required repairs before selling the house on at a profit. This buyer will look to maximise their profit, meaning they may well make a very low offer.
Be realistic about the value of your home, taking into consideration the work any buyer will need to finance but don’t feel like you should accept an unfair offer. Find an estate agent who can make a house valuation based on the property as it stands. When deciding which estate agent to use, enquire about their experience with properties like yours.
Buyers on a budget who would like to relocate to a more expensive location are another potential target for a house that needs work. Whilst they might ideally like to walk straight into their ideal home, they will know their budget will only stretch to a property that needs work, one that they can get at a lower price. This buyer is not necessarily looking to make an immediate profit, they are looking for an affordable option. This could work out well for both you and the buyer.
Price It Right
Many buyers will be put off by the amount of work that needs doing if the price is too high. Make a list of essential repairs and get quotes for the work. Review the market: look at the asking and sale price of local properties in a similar state as yours. Consider what the property would be worth if all the renovation work was complete. If your house is in a prime location and potentially worth a small fortune, factor this into the asking price.
An estate agent can carry out a house valuation, no problem, but remember, buying and selling houses is their business and so they may tell you what you want to hear rather than what is realistic.
What Repairs Have The Biggest?
In most cases, it’s not feasible to undertake lots of renovations before moving. Home improvements take time, and can be expensive. So which renovations should you prioritise if you’re looking to sell your home soon?
- Painting
Painting is one of the most simple and affordable ways to liven up your property, whether internally and externally. Neutral shades will appeal to a wide range of potential buyers. Particularly re-paint dark overcast rooms and see if your fences or front door need a freshen up. - Simple DIY
We’re not talking expert renovations here. The basics will make a big difference such as cleaning grouting, replacing door knobs, fixing any broken fence panels and a tidy garden. - Kitchen and Bathroom
These two rooms always inspire an opinion in potential buyers. Whilst completely re-fitting both may not be practical, it is worth considering any minor tweaks you can make to impact a viewer’s first impressions. Give both rooms a deep clean. Consider re-grouting tiles and descaling products in the bath and shower areas and protecting against mould. - Lighting
Maximise the space with clever lighting. Let as much natural light in as possible, especially during the summer months. - Bin The Carpets
Are you aware of any beautiful hardwood floors lurking underneath old carpets? If so, pull up the carpets and treat your floors to a sanding and polishing. This will really give your home the wow factor.
Which Conveyancer?
We are all advised to get at least three estimates for any professional work that we need to be carried out. Conveyancing Supermarket will generate conveyancing fee quotes for a minimum of 4 law firms or conveyancers (dependent on your property details). They are like for like and contain the same breakdown of fees and disbursements.
Conveyancing quotes will vary from firm to firm for many reasons. However, we provide a breakdown of all fees and charges that is clearly show on-screen, so you can see a direct comparison.
To choose your local Conveyancing Solicitor you must compare both conveyance fee and the quality of service. Whether buying, selling or remortgaging your home, you want the legal process managed as quickly as possible. Quality of service comes before cheap, low cost fees.
