This is an in-depth article on solutions for selling a house for renovation. The main problems of those who want to get rid of an old and dilapidated property are to find a buyer who understands its potential. But how to sell it without having to invest money? How to express the potential of the real estate unit by leaving it as it is? In the next chapters we will deepen these aspects.
This article is an in-depth look at the complete guide on how to sell a house .
Selling a property in bad condition is difficult
Most perceived s-rating
The difficulty in receiving a purchase offer for a house in bad condition is the perceived devaluation by the potential bidder with respect to the potential of the property. Furthermore, if it has cracks, infiltrations, high heat loss, fixtures to change, electrical systems no longer up to standard, obsolete plumbing pipes, how can you be wrong? The poor conditions of a house to be redone reasonably raise doubts and perplexities in the eyes of those who visit it.
Buyers are generally frightened by the refurbishment work (because they are never certain of the final disbursements), so they tend to devalue the property further. In doing so, the meeting between supply and demand is not always easy. For this reason, the devaluation of an old house is almost always greater than the real cost of renovation. In fact, in the collective imagination a property to be restored is much more problematic than a new one ready for use.
Let’s take an example, let’s pretend you want to sell a 90 sq m property to renovate for 162,000 euros (1,800 euros / sq m). You would like this price because if it were renovated it would be worth € 252,000 (2,800 / sqm). So let’s assume for simplicity that € 1,000 / sqm is needed for the renovation. However, in addition to the restructuring costs, those who buy take on potential unforeseen circumstances and are aware that they will buy a property with a dated supporting structure. The difference of opinion between sellers and frequent proposers is based on perceived value.
How long does it take to sell a property to renovate?
The time to sell a battered property that needs to be repaired is generally longer than for a new product. But this depends on the circumstances, because it could be a remote cabin in the mountains or an apartment. Therefore the realization time depends mainly on the location and the asking price.
However, you can consult with a 100 percent commission real estate company otherwise it takes between 8 and 12 months to sell a house for renovation . To get rid of it as soon as possible, try contacting a construction company, which may make you an offer to buy the entire lot.
The most relevant interventions
We know for sure that the color of the internal walls of the house has an appreciable influence on the perception of freshness and harmony of the rooms. For example, there are colors capable of arousing emotions such as tranquility, calm and security. And diving into environments capable of arousing this is a marvel in terms of marketability. No color looks good on its own but should be combined with another to detach a little. An example of coloring can be the following: use darker shades to paint the ceiling if high or vice versa the walls if the room is low. In the first case the room will appear to be fuller while in the second case the room will appear higher.
The colors obviously have to marry properly with the choice of flooring. In general, a new floor can be installed directly on top of the old one, thus avoiding unnecessary dismantling costs. However, before hiding a marble or wood surface, you may want to opt for polishing or sanding. You will be amazed by the beauty in giving new life to the floor. And above all, in this way you will reduce labor costs by a lot.
Furthermore, the lighting enhances or inhibits the presentation of the rooms. White light is generally used with more modern furnishings or in the living areas while a warm light is better suited to wooden furnishings or in the sleeping area.
Finally, the interior fixtures and the bathroom immediately appear to the eye of the potential buyer. Today it is possible to change the doors and repaint the bathroom with little effort without having to change the tiles.
In conclusion, certainly the color, the flooring, the bathroom and the internal fixtures are among the interventions of greatest perceived importance. But there are other details of it which fall to the buyer’s eye and therefore it is good to investigate.
Get help from a home stager
Some professionals such as architects, interior design and home stagers are helpful in selling a property to be repaired, especially if the conditions are not dilapidated but still in good condition.
Thanks to professional home staging services, you get significant benefits by increasing the so-called WOW effect. The aim is to create a strong and positive first impact with the potential buyer. This will cost you something which you will, however, recover abundantly on sale. Even and especially if the house is empty, home staging is ideal.
I suggest you contact a furniture expert or do a Google search about it. With little material and in one or two working days it will transform the look of the interior.
Think about whether you should split it up
An excellent solution to sell a house to renovate is to divide it . Obviously this implies that there must be the square footage to create at least two distinct units. Often the old buildings offer important spaces to the point that the study of new internal subdivisions helps to modernize the environments. The splitting requires drawing up a specific technical file by the hand of a qualified surveyor. So you can target a larger audience by increasing your sales potential and getting better revenue.
Use renders instead of restructuring
Thanks to computerized technology (in jargon we speak of rendering), you can demonstrate what the unexpressed potential of the real estate unit actually is. In fact, you can literally make the potential buyer imagine what it will be like when the job is finished without actually having to do it. Making a render allows you first of all to make various changes virtually offering various modernization solutions (enlarge the bathroom, move walls, windows, change floors). So it is a great help in selling a home for renovation while offering a plausible overview of the details.
Obviously the quality varies with the price but it is the best solution between expense and yield.
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