Ways to Sell Your House When You Live in a Bad Neighborhood
If you live in a bad neighborhood, you could be doing everything right and getting nowhere when it comes to selling your house. It’s not just bad neighborhoods, sometimes the location alone can deter buyers. Houses near train tracks, apartments, airports, loud teenagers and less than desirable school districts can have the same outcome. The worst part is, sometimes homeowners buy in what used to be considered a desirable neighborhood, but over time the layout, landscape or crime rates changed. This leaves homeowners in quite a predicament when they go to sell their homes. Here are some ways to sell your home if you live in a bad neighborhood.
Many times, families will be looking for starter homes in less than desirable areas. Many of these families are on tight budgets and looking in these neighborhoods will give them an opportunity to purchase a home that fits these budgets. If the home needs drastic improvements, it is important to weigh those improvements against how much you are willing to drop the price. If you plan to lower the price of your home, spend as little as possible on the improvements to avoid losing out on money. Some buyers will expect that when they pay a lower price on a home, it will come with repairs that still need attention. If you feel you do not want to drop the price of the home, you can also consider owner- financing part of the cost of the home. This is very risky because you are relying on the buyer of the home to pay you and you end up in part becoming a landlord. It is not a recommendation you should take lightly because of the stress and time involved in dealing with a legal battle if the buyers end up not paying their portion. Offering owner- financing can help bring in more potential buyers.
What happens if you don’t wish to drop the price of the home? You can also use some tips and tricks to help enhance your home’s curb appeal.
This involves being careful not to spend money that you won’t get back after the home is sold. Spending money on repairs, fresh paint, new carpeting or landscaping can end up helping the situation instead of hurting. Making small updates to the kitchen, bathrooms or closets can improve how a buyer views your home. Even minor details can improve your chances of making a sale. Host some open houses when possible. This gives buyers an opportunity to come look at the home while others are also looking at the home, which shows buyers that they aren’t the only ones interested in purchasing the home. When you are hosting an open house, be sure to give directions to the home through the nicer parts of the neighborhood. You can also ask your neighbors if they are willing to talk with potential buyers. Sometimes all a buyer needs is reassurance that the neighborhood is not so bad after all.
Selling to an Investor
Another option can be selling your home to a real estate investor. They can see the opportunity in your home where others are blinded. Many times, selling to an investor keeps you from having to spend thousands in costly repairs to make the house look presentable. Selling to an investor also saves you the time of having to host open houses and keep your house in tip top shape on a regular basis. Real estate investors such as We Buy Ugly Houses can offer a fast and fair evaluation without the obligation.
For more information about selling your home to an investor, contact us today. We are always open to questions and offer a low-pressure approach to helping you understand your options.