How to sell a rundown property

Most people will spend time on money on a house before selling it. But there are occasions when you may need to sell a rundown property that needs some TLC.

If you’ve inherited, for example, the house may not need modernisation. Or your personal circumstances may dictate that you need to sell up.

Whatever the reason, here are some tips to help you sell a rundown property.

Will a rundown property sell?

Maybe you’ve inherited the property or it’s been left vacant for several years. Your mind is probably telling you that the house will never sell and it’ll be stuck in the family for another few decades.

But be assured – all properties eventually sell, no matter what the condition. One man’s trash is another man’s treasure, so they say! This is the case in the property industry. You’ll always find someone willing to take a punt. Just because it’s not up to current living standards doesn’t mean it won’t appeal to anyone else. \u2028\u2028

What price will I get?

How long’s a piece of string? Seriously, you should always be confident of getting a good price for your property, even when it’s rundown and a bit of a mess.

Location is huge for a fixer-upper property, and this will be considered in the valuation process. Have a look around the local market and think what your property might be worth once work is complete. See our blog about how properties are valued.
Buyers want to make a decent profit, but that doesn’t mean you have to give the house away. Someone will fancy a project, a quick bargain and hopefully it’s a win/win for both you and the buyer.

Methods of sale

There are three main methods of selling a rundown property:

• The open market. You can sell your property through an agent and see who comes along. It’ll be bottom of the pile compared to the glamorous and glitzy pristine properties, but there’ll be lots of interest. There are many DIY fanatics who love a project so put it out there and see what happens.

• Auction. A huge market for rundown properties is via auctions. This is where developers and builders go to pick up bargains. You’ll almost certainly find a buyer if you go down this route. Be aware of bidding wars, auctioneer fees and a different to normal buying process.
• House buying companies. These types of firms have shot to popularity in the last decade. They’ll pick up houses much cheaper than the market value and either renovate themselves or pass on for a profit to other developers. You probably won’t get your best price with this method, but you will get a guaranteed quick sale. Just do your homework and make sure there aren’t any extra fees.

What do do next?

If you have a rundown property to sell, contact us and we will talk you through your options. At Jill Moore Select Properties, we have a wealth of knowledge that we’re willing to share.

Whether you have a fixer-upper to sell or a 5-bedroom executive home in Washington, Houghton-le-Spring, Birtley, Gateshead or Sunderland, contact our team of property experts today.