Aug 24, 2020
The excitement of moving into a new house can sometimes be overshadowed by the burden of selling your old one. It’s often a daunting process that requires a lot of time and effort, especially if you lack the proper experience in this domain. Yet, what makes it even harder is if the property you are trying to sell is not in pristine condition or worse yet, damaged. Whether these damages were caused by fire or flood, the task is equally challenging. However, you don’t need to despair, there are some tips that you can implement to easily sell a damaged property. Read on to learn more.
Understand the Rules
There are many rules and regulations that govern the vast world of real estate, so you need to make sure you accumulate enough knowledge before you can even start. Search for trusted sources online to gather location-specific rules. You can also make visits to your local government offices and ask for relevant documents that elaborate on the dos and don'ts of selling property.
Partner Up with Specialists
Unless you have the interest and knowledge to take on this mission solo, the next best alternative is to work with specialists. However, it’s not always the cheapest option since an intermediary realtor will take a considerable amount of money in commission. Besides, not every realtor has the required know-how of working with damaged property. To help you find the right real estate agency and profit from a damaged house anywhere in the United States, click here to learn more about the important criteria that you can use to confirm your realtor’s relevant experience. You want your realtor to have verifiable experience and a track record of selling damaged properties. Furthermore, a professional realtor would be transparent from the first day and wouldn’t surprise you with a list of hidden costs after the sale is concluded.
Understand the Magnitude of the Damage
To your knowledge, your property was damaged by fire. However, you need to understand the magnitude of this damage and its possible ramifications. Hiring a certified inspector can be a great asset at this stage. Inspectors know what to look for to confirm whether the property you are trying to sell can be salvaged or if it’s a goner.
Do the Necessary Repairs and Cleanups
Following the inspector’s advice, your next move should be to handle the necessary repairs and clean up the property to make it ready for market listing. It’s recommended to hire professional contractors for this activity. Common problems like ceiling cavities and maintaining electrical and plumbing systems might seem straightforward, but they actually need experienced individuals to ensure their proper restoration. If you are in the house-flipping business, buying a damaged home at a discounted cost will make it possible for you to afford an efficient team of contractors for the cleanup job.
Set the Right Price
At this point, your property is no longer considered damaged, which means you have earned the right to seek a decent profit margin. Don’t only account for the repair costs you incurred, instead aim to make big wins. However, when setting the price, you need to keep in mind that the location is a detrimental factor. If your property is located in a high-demand neighborhood, you can leverage this even if your contractors did a mediocre job in reparations. Consulting a local appraiser might be a smart move to put your mind at ease and make you confident in your valuation.
Even a brand new property with a perfect location and an incredible price takes some time before it finally gets sold. In your case, having a damaged property, to begin with, you have to manage your expectations and keep in mind that it might take you months or even more before you can close a deal. In most countries, real estate is considered to be one of the most competitive markets. Many buyers can be easily turned off by the mere fact that your property was once damaged and went through renovations. So, if you want to succeed in selling your property, you have to remember to be patient. In addition to that, being patient also means that you don’t rush into taking the first offer you get. It’s always better to hold off until you get at least a couple of offers that you can choose between.
Selling a damaged property is not easy. However, if you implement the above tips you will find that it’s actually doable. Stay informed and surround yourself with qualified professionals to benefit from their valuable input. It might also help to stay focused on the final target to avoid being overwhelmed by the myriad of details involved.