Selling a house can be difficult. For starters, the process itself is quite tiring. You should first look for a reputable real estate agent, list your house, and then wait for anyone to inspect it. This process alone can take up to 6 months to finalize if not more. Then there’s also the part where dozens of potential customers inspect your house, but something hinders the sale. If that isn’t bad enough, try selling an old house in this age!
Most of those looking to purchase houses are looking for new and modern units, which puts an old house further down their lists. It may be difficult to sell a traditional abode, but that doesn’t mean it’s impossible. It doesn’t mean you wouldn’t be able to get a decent price for it, either, you just need to know how to maximize the value of your property.
Here are 7 secrets to selling your old house for a good profit.
1. Price It Right
Obviously, getting the most money means pricing it right. However, this secret may not be obvious when it comes to real life. It’s natural to want to get a high price for your house, even if it means overpricing the unit. However, overpricing will just make it less appealing. On the other hand, down-pricing the unit will leave you with a losing bargain. The best thing to do is to find the right price to value your property. To do that, you should first get an assessment of the current state of your home and get a professional, yet unbiased, opinion on its value.
2. Make Quick Fixes
More often than not, the result of an assessment can come with bad news for an old house. The older the house, the bigger the probability of serious issues that decrease the value of the unit. In the worst-case scenarios, old houses may be declared substandard altogether. However, some issues can be solved or partially fixed, such as having a mold problem. While it’s not impossible to sell a house with a mold issue, you can get more money out of your house by doing some quick fixes to remove mold fungi. Fixing this issue can instantly improve the value of your property, and the same goes for other kinds of quick fixes. However, when you find yourself needing to invest in thousands of bucks to do the repairs, then it’s time to pause and consider the benefit-to-loss ratio.
3. Be Transparent
It can be tempting to sell your house as it is for buyers, especially if a certain issue isn’t all that obvious. For instance, some types of mold can’t even be seen by the naked eye. But then again, those are the types that cause structural damage to the property. Sooner or later, the buyers will realize the issue and come back to you for reimbursement or, worse, they’ll file lawsuits against you. The best option is to be transparent about the current state of the house, even if it means selling it for less.
4. First Impressions Matter
Keep in mind that first impressions matter, especially when it comes to buying something you’ll live in. Your main goal should be for your house to be inviting, appealing, and pleasant. Organizing your entrance and investing in simple decorations would be a good place to start.
5. Clear Up More Space
Whether your house is big or small doesn’t really matter, what matters is what the eyes see. A huge house can feel too crowded with clutter and a small unit can appear magnificent with good lighting and mirrors. Remember, it’s all about impressions.
6. Depersonalize Your Home
On this note, it’s important to depersonalize your home. New owners don’t want to see your presence in the unit, they want something raw in which they can leave their own touch. This also means you should find another place to place your pets during an inspection.
7. Choose Your Selling Method
Almost everyone knows how traditional house selling goes, but the industry is changing and so is the process. You can still seek a real estate agent and go through the process, but you can carry out the role of the real estate agent and take care of the selling process yourself, too. You can also find iBuying companies willing to purchase your unit as it is for cash.
The older the house, the more difficult you can expect the process of selling it to be. While you may be tempted to make expensive repairs before listing the house, it’s important to weigh the benefits and losses before spending too much money. However, by correctly pricing your unit and planning smartly, you can surely make a good profit out of your bargain.
