Have you heard of the term “fixer upper?” This type of home is in need of some TLC, and often sits a little lower on the price scale as a result. Virginia realtors tend to agree that fixer uppers are a tougher sell. Many advise sellers to complete home improvement tasks before putting their home up for sale. Why is buying and selling fixer uppers a challenging task and can these transactions turn out well?
The Fixer Upper Challenge
Most home buyers want a house that delivers a comfortable, safe standard of living from day one. Fixer uppers often require a significant amount of work to be done before that standard of living can be achieved. We’re not talking about finishing the basement for additional living space; a fixer upper may be missing doors, have inoperable appliances or need extensive plumbing and electrical work before residents can reach a state of comfort.
This isn’t the case for every home labeled as a fixer upper. In some instances the finishes may require updating or improvement projects like new windows and roofing are required to boost the energy efficiency. Seniors moving into a retirement home may be looking to list a property in this condition, and Virginia realtors are happy to connect their clients with potential buyers. But sellers need to be aware of the disadvantages that come with selling a home in this state.
Fix It Up First
Unless time and physical conditions make it impossible, your realtor should recommend that some of the issues in your home be fixed up before the property goes on the market. Doing that will allow you to set a better price for your home, as well as attract more qualified buyers.
Two things flash through the minds of potential buyers as they tour through a home that requires an extensive amount of work. In the face of both major and minor house problems, buyers will wonder whether the home has been maintained properly. Those buyers are more likely to pass on the house due to a cautious nature and worries about hidden problems.
The second reaction of potential buyers is to knock thousands of dollars from the asking price to cover the necessary repairs and upgrades.
Sellers may come out ahead by fixing the problems within their house and sticking to a higher asking price. Otherwise they are at the mercy of buyers, who will use the issues as a bargaining tool to reduce the price.
It Is Possible
It’s important to note that buying and selling fixer uppers works for many people across the country. When time and economical circumstances do not allow for the repairs and upgrades to be done before the transaction, buyers snag a good deal and sellers offload their property. As long as everyone is aware of the circumstances and full disclosure has been practiced, this type of transaction can go through smoothly.
Virginia realtors are here to help, whether you’re selling a fixer upper or looking for an affordable way to move into the market. Their expertise and industry knowledge will guide the transaction, protecting the interests of both parties. Contact a local real estate professional to ensure your fixer upper sale is handled well.