How to Sell a Fixer-Upper Home in Long Island
Do you have an old house or a run-down property that you would like to sell? Most people renovate their fixer-upper homes when they are planning to put it up for sale.
However, there is an option to sell it as it is, albeit at a lower cost than if it is in perfect condition and ready to occupy. Property investors are always scouting for fixer-uppers to buy, remodel, and resell them at a higher price. Also, some homebuyers purchase such properties to restore them and settle down.
If you plan to sell a fixer-upper in Long Island and don’t have the resources to upgrade it, there’s no need to worry. There is a market for upper fixers where you can negotiate a good deal to sell it as it is. Here are tips to help you sell a fixer-upper in Long Island:
Find a Realtor
If you want to sell a fixer-upper, find a realtor with a proven track record in selling these types of properties. Real estate agent companies in Long Island, such as Leave the Key Homebuyers, can help make the sale quick and easy. Schedule an interview with the agents and discuss the details and pricing of the property.
Realtors can help answer your most pressing questions such as how long a fixer-upper takes to sell and what determines how fast it’ll move. Also, they can help fix a realistic price to sell your fixer-upper home in its current state.
An agent can suggest a few repairs that are cost-effective and are likely to increase the ultimate selling price. Also, they may have an extensive database of prospective buyers, ideal investors, and contractors who have an interest in flipping properties.
The agents can also help market the home in a way that it attracts a larger group of target buyers. For instance, they can offer online listing and organize viewing on your behalf. Though they’ll charge a commission for their services, the ultimate benefits are worth it.
Full Disclosure is Vital
Sellers should disclose all faults and defects of the property to potential buyers. The law requires agents to disclose certain information to property buyers when selling homes. For example, when selling a house in the New York state, you have to adhere to the different laws regarding the disclosure requirements. Some information such as how long you’ve owned and occupied the house, certificates of occupancy, and gas and electrical surcharges must be disclosed.
Since the buyer or investor is prepared to spend money on the fixer-upper, don’t misrepresent information intentionally or be dishonest about the faults of the house, for example, insect damage, structural defects, and roofing leaks. This information is vital, and they need to know.
Set the Right Price
Property investors buy fixer-upper houses to renovate and resell. Before they buy your home, they have to evaluate the extent of the ruin and calculate the cost of restoring it to the right condition. In this regard, it’s vital to set the price that would be fair both for you and the investor. Since the realtors have been in the industry for long and know a lot about the property market and the neighborhood, realtors can estimate the right price.
Property valuers can interpret and analyze the property market to determine the best selling price. They do this keeping in mind that the house is being sold as-is, while still comparing it with the other properties in the area.
Unlike the owner, the real estate agent will not let emotions drive them and will determine the highest and most realistic selling price using a standard formula. Also, they may advise you on other pricing strategies that you may consider, such as offering a discounted rate on the closing costs or any additional costs related to the sale.
Clean Up Your Home
It is going to be harder to sell the house if the yard is messy or full of trash. Cleaning up the place can help make it more appealing to potential investors and buyers. Clean the house, declutter, and stage your home to look its best. A disorganized exterior look can put off prospective buyers. While the home may require renovation, a simple clean up can make it stand-out.
Make Simple Cosmetic Changes
Simple cosmetic decorations can make a house look attractive. For example, new light fixtures, a fresh coat of paint, or simple landscaping can make a world of difference. Mention these features in your listing description as it can help attract a larger pool of investors.
Also, let the potential buyers know the most attractive features of the house. Even if the house is an upper fixer, it doesn’t mean that it has no positive points that buyers will like, for example, its history or solid structure. Focus on those features to make it a worthy investment sought by investors, and it can even push up the selling price.
Selling a fixer-upper may be challenging, but you should always market it as such. Try to be flexible during the entire process as you may have to make some concessions to sell the house. Keep things in perspective and stick to your main reasons for selling the home as-is.