You’ve come to the difficult decision to sell your house, but you realize there is some damage to the property. If you don’t have the extra cash to make the repairs before selling, here are 5 tips for selling your house with damage in Ontario.
Tip #1: Include As-Is in Your Listing
One way to sell your house with damage in Ontario would be to include the term “As-Is” in your property listing. This will signify that you are not willing to make repairs to the property before the sale, and any interested buyers will understand this. You must take into consideration that using “As-Is” in your listing will also signify that there is likely something wrong with your property and may deter buyers, especially since you will not fix any damage. On the other hand, there may be investors with large enough portfolios who may not mind As-Is listings.
Tip #2: Inspect and Disclose Everything!
Another tip for selling your house with damage in Ontario is to have the property inspected and make sure to disclose any known damage to potential buyers. Making these inspections and disclosures available on your listing will help the buyers determine how severe the damage is and if they are willing to repair it if they buy it. Some properties may be in such disrepair that it is less expensive to have the structure demolished and build a new structure to the buyer’s taste. Some properties have such a great location that the land itself is worth most of the asking price and it is worth buying and tearing down the structure, especially if it is a great waterfront property or has some other fantastic feature.
Tip #3: Visually Spruce it Up
Another tip for selling your house with damage in Ontario 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 Ontario 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 Ontario 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!