If you are moving into a new home that is quite far, selling your old home is a good idea. This way, the money that you will earn from it can help you pay for the new home that you are eyeing. However, if your current house is dated, it can be a bit challenging to sell it, especially with lots of new houses in the market today. But as DRP Property Management says, a bit of creative marketing and some staging techniques can help you attract the right buyer for your old home.
You also do not need to worry that much because when you put your home on the market, you are not competing against brand-new houses as much as you might think. According to the American Community Survey, in 2018, about 43% of the 136 million housing units in the United States were built between 1970 and 1999. Also, based on the National Association of Realtors, the usual homes bought in 2018 were built in 1990.
However, you also need to remember that houses aren’t like wine, cheese, and comfortable jeans that improve with age. Therefore, you need to put in some effort to be able to sell home fast for cash. To help you, here are some of the best tips that we can give.
1. Show proof that you have kept up with the maintenance of the house.
One of the top concerns of home buyers is maintenance, especially for older houses. Therefore, it is also a good idea to hire a home inspector and other specialists before you list your home for sale. And of course, make sure to contact trusted Colorado Cash Buyers to sell your house fast at a decent price. This way, you will be able to get ahead of any issues that could break the deal. Based on the National Association of Realtors, 39% of buyers prefer to buy newer homes as most of them want to avoid renovations and issues when it comes to electricity and plumbing.
Here are the different factors that most buyers of old houses need the reassurance of:
- Foundation and basement: In addition to looking for any cracks and mold, try to walk around the main floors of your home. If you see some bowed walls, long cracks, and separated siding, you might need a foundation inspection.
- Roof condition: When you check your roof, ensure that there aren’t any loose shingles and leaks. Checking the exterior, ceilings, walls, and attic is also important.
- Plumbing age: Check if your water looks cloudy or if your home has low water pressure. Also, any house that is 60 years old or older could have some faulty connections, so it’s better to check.
- Wirings: It is also important to check if your home has grounded outlets. See if your electrical panel can handle WIFI and modern appliances. You might also need an electrical system inspection of your home is 40 years or older.
- Utility bills: Prospective buyers will also ask you about the cost of heating and air conditioning. They might also ask how old your HVAC system is or if the windows and doors are insulated.
2. Market the unique features of your home.
One of the best selling points of older homes is that their architecture does not resemble the styles of newer houses. A lot of buyers are drawn to these types of homes due to their uniqueness and quirky features. Therefore, if your house has some historical value, like being owned by a famous person, being associated with a significant event, or has a unique design and construction, you can easily market it.
When you list your house for sale, you need to ensure that you market its unique and special features. Even if it is just something simple, let the prospective buyers know what you love most about your home.
3. Update the décor of your home.
While emphasizing the charming architectural touches of your home is a good idea, don’t make the possible buyers feel like they are entering a time machine. Small improvements and updates can go a long way. These can include new paint and hardware on cabinets and drawers, and as well as LED lighting and energy-efficient bulbs. These things are usually appreciated by many buyers.
4. Stage your old home to impress prospective buyers.
Even if your home has not undergone any major renovations, staging it can make it look more appealing to buyers. Try to lessen the furniture and other things inside the house so that it will not look cluttered. This will also help the buyers see natural materials around the house, like hardwood floors. You should also try to designate the function or versatility of each room n the house. For example, if you have a home office, it can also double as a family room or a hobby space.
In addition to that, you can also use other things to enhance the architectural features of your home. You can paint the crown molding or wainscoting, you can add a ceiling medallion on the entrance of the house, or place an ornamental fireplace insert. The goal is to make your home look cozy and inviting for buyers.
5. Highlight the amenities around your home.
It is also important to let the prospective buyers know about the amenities that are near the house. If your home has a beautiful yard or a good location within a village close to the school, park, mall, or hospital, you need to ensure that those things are highlighter in your marketing.
6. Get a home warranty.
A home warranty means an insurance company will pay the new owner of the house if major appliances fail within the first year. This way, buyers will be a bit more confident that they will not get stuck with the cost of replacing the HVAC unit or the refrigerator right after they move into your house.
7. Ensure that you price it right.
No matter how much you love your old house, keep in mind that it will only sell for what it is worth in the current housing market. Therefore, getting some market analysis from a real estate agent may help you. When you competitively price your house, you are more likely to get early offers. These offers that come in soon after listing are, most of the time, closer to the asking price compared to offers that come in months later.
When you price your old home too high, it could just sit on the market and make other buyers wonder what is wrong with it. However, if it is underpriced, buyers will also wonder what is wrong. Pricing depends on the recent sales figures and the current home-buying trends. In this step, getting professional advice can pay off.
Selling any kind of home can be challenging as it depends on the market. Therefore, if you have an old home and you want it to appeal to younger buyers, taking some extra steps will surely help. Keep in mind that an older house usually has great appeal. You just need to dress it up a little. We hope that the tips we gave in this post helped you learn more about selling your old home.