We have all heard a lot of advice on what you should do to help your property sell, “present it in the best light”, “keep the colours neutral”, “de-clutter”, “tidy the garden” and so on but if you are selling a property which needs a lot of work there is a far greater chance of selling at top money if you do nothing to make it look better. The demand from people looking to buy and improve a property has never been higher and the more work for them to do the better.
The choices are
- Do a complete refurbishment and take the profit from your work. If this is the route you take you are then selling a property which has cost you money and effort and you are now in competition with most properties on the market. The higher price you need to achieve means less real buyers and much more hassle as they will be likely to need a mortgage.
- You just do the inexpensive improvements like redecorate and gardening to make it habitable and minimise your cost, keeping the price competitive. This way you are now selling a property that also has huge competition and is not as good as most others for sale. Harder to sell and still with the complications of buyers funding.
- You do nothing, offering it for sale, warts and all. Now you have much less competition, you attract cash buyers who are keen to do a deal and want to fight off the other buyers.
The best way to attract the attention of such buyers is to sell by Public Auction. At every auction sale I’ve had at Pearsons the most popular lots have always been the properties where the buyers can see what they can do to improve the property and increase its value. If they believe that others will be put off by the work required, they get even keener.
Buyers will look for a property at auction hoping to find a bargain but as soon as they find one they want their thoughts quickly move to the highest price they will pay. In the auction room they can see there are other people there who might want to buy too and this increases the confidence and determination so the price will often go even higher on the day.