Here is a step-by-step guide to help you navigate the process of selling unmodernised properties:
Assess the Property
- Condition: Note the current state of the house, including any structural issues, outdated systems (plumbing, electrical wiring etc), and cosmetic concerns.
- Market Value: Get a professional appraisal to understand its value in the current market, considering its unmodernised state.
Decide on Selling As-Is vs. Making Minor Improvements
- As-Is: Selling the house in its current condition can appeal to investors or cash buyers looking for a project.
- Minor Improvements: Small, cost-effective updates (like fresh paint, decluttering, and landscaping) can make the house more attractive without significant investment.
Price Appropriately
- Set a competitive price reflecting the condition. Overpricing can deter buyers, while under-pricing might undervalue the potential.
Choose the Right Selling Method
- Traditional Estate Agent: A local agent with experience in selling fixer-uppers can be invaluable.
- Auction: This method can attract investors and competitive bidding might drive up the price, but setting the Guide Price will leave a digital footprint that can negatively impact the value if the property fails to sell.
- Cash Buyers: Investors and companies that buy homes for cash can expedite the sale but offer lower prices in return for convenience and certainty.
Market Effectively
- Highlight Potential: Emphasise the property’s potential, location benefits, and any unique features.
- Target Audience: Aim your marketing at investors, flippers, and buyers interested in renovation projects.
- Professional Photos and Staging: Even in an unmodernised house, clean and well-taken photos can enhance interest.
Disclose Honestly
- Be transparent about the property’s condition. Disclose any known issues to avoid legal problems down the line.
Prepare for Negotiations
- Be ready to negotiate with buyers who might seek discounts for the work required. Understand your bottom line and be willing to compromise if necessary.
Legal Considerations
- Ensure all legal documents are in order. This includes the title, property disclosures, and any necessary approvals and permissions for previous work done on the house.
Additional Tips
- Curb Appeal: Simple fixes like mowing the lawn, trimming bushes, and cleaning the exterior can enhance first impressions.
- Inspection Reports: Providing a pre-inspection report can reassure buyers about the property’s condition.
- Selling an unmodernised house requires a strategic approach to highlight its potential and reach the right buyers. By pricing appropriately, marketing effectively, and preparing for negotiations, you can achieve a successful sale.
- Contact My Property Selling Expert and let us guide you through the process