Read this guide to discover how to sell your property fast if it’s in need of repair.
Selling a house that needs repairs can be quite tricky.
Most normal buyers would pass your home up in an average sale.
So, where does that leave you?
All is not lost. You have options!
DOES YOUR HOUSE NEED MAJOR REPAIRS?
Options for Selling a House in Need of Repair
Here are a few options available for houses in need of repair for sale in the UK. Consider all these options very carefully as you strive to get the best value out of your home sale.
Work with an Estate Agent
First, you can sell it yourself without an estate agent, which means you can set your own asking price, avoid paying a commission on the sale, and you’ll have the flexibility to stop a sale quickly if you change your mind.
The second option is to go ahead and hire an estate agent to handle the sale of your home.
They are experts, so they can give you advice on how to manage the process and inform you if little tweaks might make your house more valuable.
Even if you choose to sell the home yourself, you can consult with an experienced estate agent.
This is a good option if you can’t do all the repairs needed on the home. However, the buyer you will attract will more than likely be a property investor looking for a complete renovation or refurbishment project.
Sell at Auction
Another option you have is to sell your house at auction.
All sorts of different properties are sold at auctions, from properties that require major repairs to homes in perfectly good condition that may have been repossessed. However, you will be charged fees when you use an auction house.
One big advantage of selling through an auction house though, is that the price can never go lower than what it’s initially set to – it can only go higher!
A reserve price needs to be set ahead of the auction. This is the minimum sale price, and the auctioneer cannot go below that pre-set number.
Be realistic when setting your reserve price.
If for whatever reason, the house has deteriorated, and it’s time to let it go, places called quick sale firms might buy your home for cash. You will get it sold rather quickly, so it’s ideal if you’re looking to make a clean break.
However, make sure to read everything they give you, so you know what they’re offering.
Sell the Home Yourself
If you decide not to use an auction house or estate agent to sell your home, then you can meet potential buyers yourself.
You will need to value the home yourself, take care of the viewings, and deal with solicitors.
You also need to be sure to advertise the home sale in the appropriate places to get the most out of your listing and reach more potential buyers.
Find a Cash Buyer
If you find that you can’t afford to make major repairs on your home but still need to sell your property, then you might want to consider finding a cash buyer. All legal fees will be included in the process, and it is more of a guarantee that the property will be taken off your hands in its current condition.
An estate agent can explain the process to you if you choose to find a cash property buyer, so you know what to expect. It is a relatively simple and straightforward solution for selling your property, even when it is in need of major repair.
Should I Repair My House?
If your house is worn down to the point that it is derelict and has structural damage, it can be challenging to sell, so a quick sale firm would be your best bet unless you want to finance the repairs to try to get a better sale price.
Selling a house that requires major repairs is difficult, but it can be done.
Sometimes just small improvements such as fixing broken windows, painting the walls, and giving the entire house a good, thorough cleaning can raise the value of your home if there is no significant structural damage.
However, if your house has structural damage that has been left unfixed for some time, it may cost a large amount of money to fix to get the house structurally sound.
If you decide to sell it, you have to go through the house and make a checklist of everything that’s wrong with it and then have a surveyor give you estimates of what the house is worth, even with the damages.
Sometimes selling it ‘as is’ will be your best choice.
Your home may be on the market for a long time, but it’s okay if you’re not in a rush to sell.
WANT TO KNOW THE FASTEST WAY TO SELL YOUR HOUSE?
You Can Get a Better Price for Your Home
If your home is in a great location, even in severe disrepair, it will go for much more than a home that is not in a prime area.
The price of a home in a popular area will always go for more, so if you subtract the cost of the repairs from the going rate in your location, you’ll get a good idea of a base price for your home.
Then, find an estate agent to help you with the house because if you sell it by yourself, you could be missing a significant opportunity to up your price.
The location of your home will always be a factor that you need to consider before selling.
When considering a buyer, it is essential to understand that there are criteria that you should look for.
One of them is to consider how the home will be financed.
The second is to assess the reliability of the buyer.
If they don’t seem to be serious about buying the home, then don’t be surprised if they pull out of a sale before contracts are exchanged.
The last consideration is the reduction in the price of the home. If they make you a counteroffer, you must decide whether it is worth it.
One of the ways you can do this is to consider how much less the offer is versus the amount of work that the home will need. If it seems pretty equal and fair, then you may want to take the offer.
If their offer is too low, then the buyer will be getting the better end of the deal. You want to recover some share of the home’s price, especially if the structural damage is not that bad.
Make sure that you know what the problems are in the home, discount them off the price of the sale, and offer the home at a reasonable price, but don’t cheat yourself.
The home and property still have value, even if it’s in need of a fix.
You deserve the asking price if you’ve given the fair value. Perhaps you can go a little lower for a quicker sale, but that’s solely up to you. For more information call Sell With Richard today.
How to Sell an Uninhabitable Home
If your home is unsafe to the point that it is uninhabitable, then your best option is probably to get a quick buy firm to purchase your home.
This way, you will recover some money without having to pay any fees, and the burden of a derelict home is off of your shoulders.
This is the best choice for handling the home in this condition because an estate agent won’t even assist with an uninhabitable home, so you’re left to sell it on your own.
Old, breaking-down homes can sit on the market for months, and deteriorate further until they must be torn down. This is why it’s a good idea to take care of an uninhabitable home before it gets to that point, and a sale to a quick buy firm is the fastest way to get rid of your property and get the money in the bank.
Save Money with DIY Home Repair
If the repairs aren’t too extensive, you can consider some DIY work to save money. This includes a fresh coat of paint, new kitchen sink or counters, replacing broken cabinets or windows, and filling in holes.
However, if the issues aren’t simple ones to fix and you need repairs carried on the plumbing, electric, or structure of the home, this is when you will need to call in the professionals.
Want to learn how to sell your house as is?
Prioritise All Repairs
When it comes to the list of repairs needed to be done on a home before it can be sold, it is important to prioritise everything. Major work will take a long time to do which can put off the home sale.
Remember, to sell your home in need of repair in the UK, you want to make a good first impression. This means upping the curb appeal of your front garden, freshening up the paint, and making the home look loved.
If you can’t afford new carpets, try having the current carpet professionally cleaned. These are all small and relatively inexpensive repairs that can be carried out ahead of the house sale to help you get the most amount of money possible.
Selling the Home As Is
What if you decide you don’t want to deal with all the repairs, and you just want to sell the house fast, as is?
If you decide to take this option, then you also have to be prepared for offers that are significantly below the value of the house if you were to make those repairs. Fixer-upper homes don’t appeal to everyone, and selling a home in disrepair will limit the number of potential buyers.
The majority of potential home buyers are looking for properties that are ready to move into immediately, or need a limited amount of work carried out.
Have more questions about how to sell houses in need of repair in the UK? Read through our brief FAQ below for answers to some of the more commonly asked questions.
Do banks give loans for fixer upper homes?
Yes. A potential buyer can find multiple mortgage opportunities for a fixer upper home. Most of these home types are approximately 8% below the market value which means the buyer will pay less in property taxes. These taxes are calculated based on the home’s sale price.
Are the renovation costs on fixer upper homes realistic?
When you make repairs to a home before putting it up for sale, you can get a much better price for the home. So, it may be worthwhile to make the necessary repairs on the home to add value. Some garden upgrades and cosmetic improvements can make a significant difference.
Was a low offer made because the buyer would need to do structural work?
This is most likely the case. The majority of buyers are looking for properties which won’t require structural work. Properties which do, tend to attract low offers, as would-be buyers have estimated the cost of carrying out major repairs.
How long has your property been on the market?
If the home has been on the market for a long time and there have been no offers, then you may want to consider making more necessary repairs or reducing the price on the home.
Do local amenities get figured into a sale price?
Yes, 100%. Properties that are close to good schools for example, can sell for much more than ones that are further away. Similarly, if you’re close to a train station with good connections, this can be a significant factor for many buyers.
Want to sell your house without paying for repairs?
If you are looking for a dependable house buyer that offers a choice so you can achieve the selling solution that’s right for your circumstances, then fill in your details below and Richard will get in touch to give you a personal fair offer on your property that needs repair.
About Richard Mews
Richard has 31+ years of property experience, has been Chairman of several regeneration committees and has helped more than 600 homeowners and landlords get easy, stress-free personal solutions for selling their property. Richard’s goal is to give you unbiased help to receive a quick house sale, even if that means not working with him.