At first, selling a house that needs repairs will feel like a daunting task. However, if you know which steps to take, you’ll soon realize that selling a rundown property isn’t all that hard.
The main things to focus on are planning and budgeting. Also, knowing what local buyers are looking for is essential.
In this post, we discuss all the things you need to know if selling a rundown Milwaukee home is your top priority. Let’s begin!
Who Buys Homes That Need Repairs?
Most buyers are looking for homes that are move-in ready, but many are actually eager to purchase properties that need repairs, including:
- Cash Home Buyers In Milwaukee: They buy homes as is and for cash, and they can close in two weeks or less.
- Real Estate Investors: They flip or rent homes after all necessary repairs are made.
- iBuyers: They buy homes without mortgages, but they usually pay well below market value.
- Traditional Buyers: Some traditional buyers are open to buying homes that need repairs, so long as they get a good price.
How To Sell A Home That Needs Repairs
Strategy is everything when you’re selling a home that needs work. Here’s what you can do to ensure a smooth, quick, and profitable sale:
1. Get A Pre-Listing Inspection
Before any repairs are made, get a professional inspection. This will help you understand the exact condition of your home, and absolutely necessary repairs will be identified.
If you know what’s essential, you won’t waste time or money on unnecessary upgrades. Plus, an inspection report will assure buyers and reduce the chances of them backing out later.
2. Research And Prioritize Repairs
Not all repairs are worth it. Focus on improvements that will impact your home’s value significantly. Ask yourself:
- What condition are similar, nearby homes in?
- What’s the current demand in the marketplace for homes like mine?
If a repair will not significantly enhance your home’s value or justify a higher asking price, then skip it.
3. Decide Which Fixes To Make
Create a list of repairs that need to be done. Also, make a list of optional repairs. If you have some money left over after the main repairs are made, consider the optional ones.
Necessary Fixes: Issues that affect the home’s safety and functionality, such as a leaking roof or wiring problems.
Optional Fixes: If walls need to be repainted or outdated fixtures replaced.
Remember: Minor fixes, like patching small holes or deep cleaning, can turn an undesirable house into one that sparks a bidding war.
4. Set A Repair Budget
Your budget in large part determines which renovations can be done. If you need money to make repairs, consider drawing on your savings or taking out a home loan.
And, of course, if you don’t want to spend a dime on home repairs, you can sell the property as is.
5. DIY Vs. Hiring A Contractor
Don’t hire a professional to make repairs you can handle. Seek professional help when you encounter major problems, including those which relate to electrical, plumbing, or structural damage.
When searching for a contractor, get at least three quotes to ensure you get a fair rate.
6. Price Your Home Correctly
Pricing a home that requires repairs can be tough. If you don’t get the price right, your home may sit on the market for a long time. Here’s how you can determine a fair price:
- Have a CMA done by a real estate agent.
- Compare your home with similar properties that sold recently.
- Consider the price of major repairs that buyers will have to take on.
If your home requires extensive work, pricing it competitively is the key to achieving a fast sale.
7. Consider Selling As Is
If taking care of repairs feels overwhelming, you can sell your home as is. This means you sell it in its current condition. The benefits of this option include:
- No waiting for repairs to be completed.
- No managing contractors or dealing with unexpected costs.
- Investors are always looking for as-is properties.
Need To Sell Fast? We Can Help!
If you don’t want to deal with the hassles of making repairs, Metro Milwaukee Home Buyer has the solution. We buy houses in Milwaukee as is and for cash, so you won’t have to repair, clean, or stage beforehand. We promise a 100% fast and stress-free sale. Contact us today to get a no-obligation cash offer!