How to Sell a House in Need of Repair in the UK
When it comes to selling your house, this can be an extremely stressful time. The stress levels increase if your house needs major repairs too. This is even more of a challenge if you can’t afford those repairs!
What are your options?
How do you sell a house that requires major repairs UK – what are the options
What are the options if your house needs repairing and you need to sell?
The options are as follows:
- DIY repair your house – do it yourself and save some money.
- Get the experts in to do the repairs.
- Sell it as is and don’t do the repairs.
1. DIY repair your house – do it yourself and save some money
The first option if you want to sell a house that requires major repairs is to fix it up yourself. But if the repairs are major, it may be you aren’t able to do it yourself.
Major may include building work. It could include structural damage like subsidence. If it does need structural repair and especially if subsidence needs to be fixed, you are probably better off getting the experts in.
However, if major repairs includes a new bathroom, a new kitchen, decorating and such like,you may be able to cope with some of these repairs on a DIY basis.
But if some of these major repairs includes repairing the electrics, you much get an electrician it to fix this. In the UK it’s against the law to fix the electrics yourself. Plus it could be dangerous too.
You may be able to do some of the repairs yourself on a DIY basis and have builders, plumbers and electricians to help with other aspects.
What should I fix before selling my house?
The very minimum improvements you might want to make to your house before selling include patching holes and cracks in the walls. Once these have been repaired, you should paint and decorate your house.
You might also want to attend to any broken windows, missing light fixtures or bulbs too. You may also want to check your roof for any missing or broken tiles or slates too.
Don’t neglect the exterior decorating too. Plus the garden. An over grown garden will put potential buyers off.
If you are able, you should consider updating your bathroom(s) and kitchen too. These are the rooms that sell houses.
Always remember that first impressions count. A fresh clean house is more likely to sell.
2. Get the experts in to do the repairs
If you can’t do DIY, either because you don’t have the time or you are not that way inclined, you may need to get the experts in to repair your house.
Of course using experts to repair your house before you sell it will be more expensive than going down the ‘do it yourself‘ route.
You will need to have the funds to be able to afford builders, plumbers and electricians.
But sometimes, by doing your house up and fixing the major repairs will pay dividends. You can many times get back much more than you spend in repairing what’s wrong.
If you don’t have the cash to repair your house, you may want to consider a short term loan to fund the repairs. Of course this short term borrowing can be paid-off when you sell your house.
3. Sell it as is and don’t do the repairs
If you have to sell your house that requires major repairs and you choose to not do those repairs, you will need to prepare yourself for offers significantly below the value of what your house would be worth otherwise.
By trying to sell a house in disrepair, you are cutting down on the market of buyers. There are some buyers who are happy to buy run-down houses. Where as there are also those who want to move into a newly refurbished house. Not everyone is prepared to fix houses up.
This means your likely market of buyers are either going to be home-buyers looking for a project. Or alternatively, investors. Both of these potential buyers will not want to pay top-dollar for your house. So be prepare for some low-ball offers.
If a person is looking to buy for themselves and to do it up for their own home, they are likely to offer more than an investor. The reason for this is that an investor is running a business. Investors need to be able to make some money on turning your house around to sell to someone who wants to buy a done-up house instead.
How do you sell a house that requires major repairs UK – how best to sell it
Depending on which of the above options you choose. Whether you opt to repair or leave the house as is. How you actually sell your house is then another decision.
What are you selling options?
- Employ the services of an estate agent.
- Sell it at an auction.
- Sell the house yourself.
- Sell it to investors like us.
1. Employ the services of an estate agent
Whether you’ve done the work to repair your house or not, you can use an estate agent to sell it for you. Choosing the right estate agent can be tricky, but if you do your homework, but also seek the advice from at least two or three agents, you should be okay.
Choosing an estate agent that’s be recommended to you is always better. But if not, look at their reviews from previous customers.
If you are unable to do the major repairs to your house, you can sell it using an estate agent. However, the type of buyer you’ll be attracting will be investors mostly. There are usually only a handful of people who are looking for projects. Most people who are looking to buy through and estate agent are not looking for house requiring major repairs.
This where selling at auction is ideal.
2. Sell it at an auction
One of the best ways to sell a house that is in serious need of repair is through an auction. Of course you can sell your house using an auction even if you’ve repaired it, but you’re probably better off selling through an estate agent in the conventional way where you’ve fixed your house up.
If you choose to sell at an auction, you’ll need to decide on a reserve price. The reserve is your minimum sale price, at which the auctioneer will not sell it below. But if you’re keen to sell your house, be realistic with your reserve price.
The advantage of selling at auction is it’s quick.
3. Sell the house yourself
It is possible to sell your house without an estate agent. But if you choose to go down this route, you will need to meet the potential buyers yourself.
You will need to value your house, you’ll need to do all the viewings, deal with your solicitor and so on.
To sell your house yourself you need to be prepared to advertise it for sale in the appropriate places. This article on the top 11 steps to sell your house without an estate agent will help.
4. Sell it direct to investors like us
One of the big advantages of selling your house to investors is there are no estate agents fees. This of course assumes you’ve not already signed up to a contract to an agent beforehand.
The other advantage of selling to an investor is the speed at which it will happen. However, as investors, and as explained above, we obviously need to be making a profit in the deal.
The offer we make will need to take this into consideration. However, there are alternatively ways to buying out-right, which might mean you’ll get more for your property than you might do otherwise.
To find out how we can help you to sell you house that requires major repairs, please contact us.
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