When we talk about how to sell properties, we usually mean houses which need minimal work to achieve sale-ability. In these instances, small touches are enough to seal the deal. But, it would be naive to assume that a lick of paint is enough to help sell any house. In some instances, the work required is a lot more extreme.
It may be that you bought a fixer-upper but found you weren’t up to the task. Or, perhaps you inherited a property in a sorry state of disrepair. Whatever the reason, some homeowners face spending more to sell their homes than they’d receive from them.
If this is a situation you find yourself in, fear not. There are ways to ensure you get at least some money back when selling the property. And, we’re going to look at a few of them here.
Appeal to mortgage companies
Refinancing your mortgage is far from ideal, but it could be the best way to see a return on a dilapidated property. You could appeal on a personal level, or have your name and details placed on mortgage mailing lists like those found at American Profiles. Mortgage lenders use sites like these to judge those in need of assistance. And, if you’re dealing with a property like those mentioned above, you’re sure to fit the bill. While this option doesn’t get the house off your hands, it means you’ll have more monthly money to play with. Hence, you can get it fixed up before it goes on the market. You will have to repay the money you borrow when you’ve sold, but the rest will be yours for the taking.
Improve the condition as much as possible
You can’t work miracles, and it’s not worth trying if it costs you more than you’d make. But, it’s worth getting the property in the best condition possible. Dealing with major structural issues, and cleaning up could be your best bet. Even dabbing a lick of paint on the walls could detract from problem areas. Remember that your aim is to make the place look nice. Even just flowers in a room could make a huge difference. So, think about cheap ways to make those rooms more appealing.
Keep your expectations realistic
The chances are that you’re looking for a fast sale. While there’s nothing wrong with that, it’s important to note that you might not get the full value of the property. You could avoid the heartache, and sell straight to a company. The chances are that they’ll pay minimum and bulldoze the property. But, at least it’s money in your pocket.
Even if you opt to go to market, you’ll struggle to get a considerable amount. There is a market for fixer-uppers, but people usually deduct the cost of work from their offer. Bear that in mind before thinking you’ll make top dollar during your sale. Again, though, remember that money in your pocket is better than having an empty house on your hands.
This is a collaborated post.