How Do I Sell A Property in Anglesey & Gwynedd That Requires Renovation?
TPPUK posted on 5th August 2024
How can you sell a house that needs repairs in Anglesey and Gwynedd? Don’t be daunted, it’s possible with the right marketing and method. There are some things to consider if the house is run-down and dilapidated (a doer-upper!).
Do you need to do the repairs first?
Or can you sell your home as-is?
What impact will it have on the value of the property?
Our expert team here at Williams & Goodwin know a few things about how you can sell a property that requires renovating. We explain your options, such as selling on the open market by private treaty (estate agency) or at auction, how to reach the right type of buyer, and tips and tricks you can try.
Read on to find out how to sell a house in bad condition in North Wales.
Do Run-Down Houses Sell?
You may be worried your neglected property won’t sell, but that isn’t always the case. Properties in very poor condition may sell fast and sometimes the sale may not proceed, but will find buyers eventually, so have realistic expectations in terms of the sale price and speed. However when you sell by auction, you have certainty.
Who Buys Houses That Need Repair Work?
Many prospective buyers want a home that requires minimal work, so knowing who to target is essential. These are the types of buyers to market to when selling a property that needs major repairs:
Developers – property developers may be more interested in total redevelopment, or the land the property sits on.
House ‘flippers’ – buyers who intend to renovate the property and sell for a higher price.
Location hunters – buyers on a low budget or landlords wanting to increase their rental portfolio are willing to buy a bargain property in an area they believe will increase in value.
Remodelers – buyers who intend to restore the property, especially if it has period features and historical flourishes.
How To Attract Buyers For Your Renovation Property
There are small steps you can take to make your renovation property more appealing to buyers.
1 Get a professional inspection and Market Appraisal (valuation)
An inspection and building condition report may highlight the amount of work involved, any structural problems, what needs to be done and where, and give you a realistic price to market the property.
2 Improve kerb appeal
Sort out the basics of the property’s exterior and grounds to boost its kerb appeal and bring in potential buyers.
3 Highlight location & other benefits
Show buyers why your property is ideal, beyond the house’s condition. Good local amenities, low crime rates and a great location are all attractive to house hunters.
4 Take care of easy repairs
Even if there’s bigger work to take on, doing simple repairs and applying a fresh coat of paint can make a positive impression.
5 Be clear on the major repairs
Be upfront on what needs doing, including structural issues, don’t hide anything. This is your chance to show how it could be remedied too, so get quotes and costs from professionals to fix the issues.
6 Set the right price
Research local selling prices, then set a price that reflect the house’s state of repair. A fixer-upper listed at the same price as a local property in good condition, you’ll put off potential buyers.
7 Sell to the right buyers
Approach an agent with experience in selling houses in need of repair or go to auction. Auctions can be a good place to find buyers who are looking for renovation property opportunities.
How Much Will A Run Down House Sell For?
A property that needs significant repairs will probably sell for less than one in perfect condition, but the impact on its sale price depends on several factors.
To get an idea of what your property could be valued at, you need to take a few steps:
Make a comprehensive list of the repairs needed.
Research the local property market and work out the approximate value of your property (if it was in perfect condition).
Find a reliable estate agent or property auctioneer like Williams & Goodwin or All Wales Auction with an in-depth knowledge of the property market in your area!
Should I Do Any Repairs Before Selling?
You don’t need to complete repairs before putting your home on the market if you lack the money for them or want a speedy sale, especially if the works required are major. However, some small repairs can sometimes help to secure a quick sale, especially if they boost your home’s kerb appeal. If unsure, ask the expert auctioneer before doing anything.
How Do I Sell My Home If It Needs Renovating?
You can sell on the open market or at auction, but some options may be more beneficial for a property in need of renovation.
1 Experienced Estate Agents
Even though you’re targeting a niche group of prospective buyers, selling a fixer-upper on the open market through a reputable estate agent can give you a good chance of finding a keen buyer. Here at Williams & Goodwin, we’re experienced in selling a house that’s in need of repairs.
2 Auction
Selling by auction can be a good option, as it attracts buyers looking for a house that needs work. If you want to sell a renovation property in North Wales, consider All Wales Auction. With a reputable auctioneer and great marketing, you may sell for more than you anticipated. Prepare to market your property at an attractive guide price (but always have a reserve price to ensure the minimum acceptable is achieved).
3 Home Buying Company
The third option for selling a run-down house is to use a home-buying company. These companies promise fast sales but may use unscrupulous methods, sellers are often hit by high fees, and they tend to get a lower price than the property could achieve. So be careful, its not an option we would typically recommend.
And Finally
Expertise goes a long way when it comes to selling renovation properties. Whether you want to sell house that needs repairs in Anglesey, Gwynedd or across North Wales or a well-maintained property, don’t hesitate to call us on 01248250106 or drop us an email at northwales@allwalesauction.com. We’re looking forward to helping you find the perfect buyer.
Are you looking to sell or let your property? Take the first step and find out what your property is worth with a free no-obligation instant valuation.
Williams & Goodwin The Property People are members of the Guild of Property Professionals, National Association of Estate Agents, Association of Residential Lettings Agents, National Association of Valuers and Auctioneers and are Chartered Valuation Surveyors we are members of a National Network of approximately 800 independently owned and operated Estate Agents.
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John Lewis
Williams And Goodwin at Llangefni provided an excellent service throughout the process of selling our property. Caron and her colleagues were very efficient and helpful. Initial valuation was well organised turned out to be very accurate. Enquiries were handled quickly and effectively. Very useful t...
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