You’ve arrived at the difficult choice of selling your home, but you’re aware that there is some repairs needed on the property. If you don’t currently have the required funds to fix the damage before selling, here are 5 tips to sell your house with damage in Toronto.
Tip #1: Include the Term As-Is in Your Listing
One tip for selling your home when there’s damage would be to designate the property as being sold “As-Is” in your property listing. This will let prospective buyers know that you are not willing to make any repairs to the property before selling. Of course, you must take into account that putting “As-Is” in your listing will also give the perception that there is likely something wrong with your property and this could deter buyers, especially since you will not fix any damage. On the other hand, there may be investors with large enough portfolios or construction experience who may not mind As-Is listings.
Tip #2: Inspect and Disclose Everything!
Another strategy to sell your house in Toronto when there is damage is to hire an inspector prior to listing the property for sale and disclose all the damage and deficiencies to all prospective buyers. Making the inspection report available on your listing will enable buyers to determine the extent of the repairs and decide whether they are willing to take them on. Some properties may be in such disrepair that it is actually less expensive to have the building demolished and build a new structure to the buyer’s taste. Some properties have such a great location that the land itself is worth the majority of the asking price and it is worth buying and tearing down the structure, especially if it is a great waterfront property or in the downtown core.
Tip #3: Visually Spruce it Up
Another tip for selling your house with damage in Toronto is to visually spruce it up. The damage might not seem so overwhelming if the rest of the property is taken care of. This may include a fresh coat of paint, a few new flowers in the flower bed, or just simply pressure washing the property. This will help make the property look more promising and more ready to be occupied. Keep in mind the repairs that will need to be made so you don’t waste your money improving the look of an area that will just be destroyed during repairs anyway.
Tip #4: Entertain “low-ball” offers
Another tip for selling your house with damage in Toronto is to entertain “low-ball” offers. If you have added As-Is to your listing, disclosed all known damage, and visually spruced up your property, you will most likely be receiving many offers that you feel are a bit too low. You may need to entertain a few of these offers and really take them into consideration. With damage, you will probably not receive offers near the average market value, so you may have to sell at a lower amount than you maybe would prefer.
Tip #5: Sell Directly to a Home Buyer
One of the easiest ways to sell your house with damage in Toronto is to sell directly to a professional home buyer. Most of these buyers are in search of any property they can get their hands on and are willing to purchase them with damage. Most of these home buyers will also make you cash offers with short closing time frames. This would be the ideal buyer to go with because you do not have to work with a real estate professional, you probably won’t have to deal with showings or order inspections or do any improvements at all to your property. You will also have to be prepared to receive a lower than market value offer from these buyers since they are willing to put in all of the work and may also pay for your closing costs!