Just because a given property isn’t in the best condition doesn’t mean it won’t sell. It just means you’re going to have to be a bit more strategic about selling than you would normally be.
There are always ways to accomplish what you set out to do, the key isn’t the difficulty involved, it’s the will to overcome that difficulty.
In this article, we’ll cover a few tactics that can help you sell even the most degraded property, and at a decent price. Remember, it’s not just the structure that rests on the property which has value.
1. Reduce Utility Rates To Showcase What Works
Many foreclosed properties have utilities completely disconnected. If someone comes to inspect such a property with an intent to purchase, they won’t know if electric or plumbing works. The thing is, it can be an expense to pay utility bills when no one is living at a given property, be it residential or commercial.
How can this be done? Well, in many regions, electric and other utility bills may have more than one provider. As an example, this site can help you find the cheapest electricity for your home.
If a prospective buyer sees much of the utility infrastructure still works, even if the property is degraded, they know they’ll save money on fixing those problems.
If the property you’re looking to sell has utility issues, to begin with, then of course this doesn’t apply; but it can be worth spending a few grand fixing such issues.
2. “We Buy Ugly Houses” Sites Specializing In As-Is Properties
Plenty of real estate companies like the infamous “We Buy Ugly Houses” people exist. What they’ll do is purchase bad properties for a cheap rate as-is, then either demolish the structure for land sales, or they’ll refurbish it as cheaply as possible to sell it at a markup. Sometimes they’ll just buy it cheap from you and sell it at a higher rate to buyers.
Regardless, with such companies, you can very quickly move a property. It may not be at a price you would prefer, but then again, the cost of maintaining it while you try to sell it yourself may ultimately be higher than the discount rate such as “we buy ugly houses” companies may offer you.
3. Don’t Be Afraid To Sell The Property Yourself
One way to sell a house that’s not in the best condition, and get a fair price, is if you do it yourself. This will usually take longer than going with an “as-is” property-buying company or a traditional realtor.
However, you can sell the property for a price much closer than it’s worth. Instead of getting talked down by a buyer and also paying a realtor commission, you’re able to get precisely as much as you are paid after the buyer makes an offer you expect. What you’ll want to do is explore the local realty scene, and go about the process of seeking buyers in town.
4. Effect What Minor Repairs Are Possible
Painting walls, fixing light bulbs, replacing ceiling panels, fixing holes in walls, redoing the floor, and all the little “honey-do’s” in a property—repairing those things will add property value. It may not fix a house that has a foundational issue, but you might be able to command a few thousand more than you’d be able to otherwise.
5. Facilitate Curb Appeal Through Basic Landscaping
How does the yard look? Is it all overgrown with foliage? Are there tires and vehicular husks in evidence? Is there garbage all around? When a prospective buyer has a mess to clean up from the outset, not only are they less likely to buy, if they do make an offer, it will be lower than your asking price.
Curb appeal can increase property value extensively. If the yard is beyond help, then till it up and put down wood chips or rocks. Remove all the debris. Fix what you can cost-effectively. If you can’t afford to hire people, explore what DIY options are available, weigh the time you have to use, and make fixes accordingly.
6. Demolish The Structure And Sell The Land Beneath It
Sometimes a structure is so fundamentally degraded there’s no point refurbishing it; it would be cheaper to demolish it. The best choice is to demolish it and sell not the property, but the land on which it rests. Now not all property owners have this option, but many do. If you can pull that off, you’re in a good spot. Land can be worth $50k+, depending on its location.
7. Sell The Land Without Demolishing The Structure
Conversely, you can simply list the land on realty sites like Zillow, and make a reference to the degraded building on it as a sort of “aside”; maybe as though the broken home there is a bonus. Again, the land has notable value, so just because the house on it is falling apart doesn’t mean you won’t be able to sell.
How to Sell A House As Profitably As Possible
Selling the land beneath the property either by demolishing the structure or making the land it sits on taking marketing preference can help you move degraded property. Doing a few basic things to facilitate curb appeal can additionally help you move such properties. Repair things as you can. If you dare to sell yourself without an agent, do so.
Also, look into websites that buy properties “as-is”. These can help you get the job done quickly, though you won’t make as much money. Lastly, if you’re in a position where it’s wise to maintain utilities, shop around to find the cheapest possible providers. These tactics can help you sell even the most difficult properties as high as they’ll go.