Selling an older home can be challenging in today’s housing market. While typically older homes are harder to sell, often these have some unique selling points that you can emphasise to highlight the positives of your property.
Furthermore, some properties and houses may be listed or may have conditions attached whereby you are not allowed to make certain alterations or renovations. Such properties may be in a more desirable or protected neighbourhood, but an inability to carry out renovations and other refurbishment work can put certain people off such properties.
Having an older house or home does, nevertheless, present some unique challenges which can in turn make it harder to sell an older property. Yet, this may also not always be the case. Keep reading to find out why an older home may be harder to sell and how to combat any arising issues.
Why Are Older Homes Harder to Sell?
Often, older homes can be harder to sell and thus, it can be very stressful and difficult for anyone trying to sell an older property. Although this is not necessarily always the case, it is important to consider that trying to sell an older home may be more difficult and may pose different challenges.
1. Renovations and Repairs
If the house is older, it may have some degree of damage or even just wear and tear. If maintenance and care have not been properly done over time, it can affect your chances of selling the home, as any element of the property that has not been properly maintained or that is an any state of disrepair, can make the home, house or property in question that bit less appealing to prospective buyers.
Potential buyers are often put off by large renovation projects and the time and hassle construction can be as well as the potentially high costs which are often associated with large refurbishment projects.
2. High Maintenance Costs and Upkeep
As well as renovation costs, older homes are also not uncommon to come with higher maintenance expenses. The upkeep of an older home can be trickier as it is not always possible to source replacement parts and equivalent materials should anything need fixing or replacing.
For example, hardwood floors need re-varnishing and resealing to maintain their quality. Poor insulation and single-glazed windows may also boost heating prices. This may be one of the reasons why, if you are looking to sell a property for any reason, your property could end up being harder to sell if not properly maintained and looked after.
3. Negotiating Power
Even with surveys completed, the potential of hidden or underlying problems like Japanese Knotweed, subsidence, mould and damp or something else could well make any property more risky for potential buyers.
As a result, buyers can end up having a great deal more negotiating power when it comes to the home buying process. This can make it challenging to receive reasonable offers on your property. As an alternative, you may therefore seek to simply sell your house fast for cash and receive a cash offer and quick completion.
Can Older Homes Get Higher Offers?
Although selling older properties does come with numerous challenges, there are a number of positive selling points for older homes, even when selling the property as-is and without any extensive works having been completed.
For example, some property buyers like ‘a project’ and thus, may be more willing to buy a run down property or one in a state of slight or even great disrepair. Find below some reasons why older properties may have unique selling points:
Charm and Character
A buyer may be enticed by the charm and character of your older property.
Older homes often have character features that can’t be found easily in modern homes and new builds and which are desirable to many buyers. These include hardwood flooring, quality craftsmanship, brickwork and period fixtures. They also tend to be more spacious and have higher ceilings.
Higher Grade Construction and Building Materials
Older homes, particularly those built many decades ago are very likely to be built with plaster and lathe as well as brickwork, making them structurally more robust than the drywall used to construct modern homes. These older materials also provide a better sound barrier and often have superior insulation properties.
The property’s location may be the most significant selling point in terms of positives. A good neighbourhood, close to good schools and local shops and services can help you find a buyer no matter the state of your home.
Without undertaking any renovations to bring the home up-to-date, no matter what type of property it is; be it a flat, bungalow, house or something else, a home flipper may take an interest in your home as a project.
House flippers look to purchase homes at lower prices to renovate them and sell them quickly for a profit. It is preferable for house flipping investors that you haven’t begun the renovations yourself, as they typically have specific changes they want to make to boost the home’s value.
How Can I Make an Older Home Easier to Sell?
There are a number of things you can do to make older homes easier to sell, which in turn may make it less stressful when it comes to the otherwise stressful process of looking to sell your home. Here’s how to sell an older home:
1. Declutter Your Home
You don’t have to take on expensive renovations to help sell your home. It may not make sense to spend money doing up the property when the next owner could decide to rip out the brand-new bathroom to complete it to their own taste.
However, there are effective ways in which you can improve the property without spending too much money. It is more helpful to focus on cleaning the property and conducting minor fix ups.
If you don’t want to renovate, you can think about decluttering, so viewers can see the property’s full potential. For example, if the garden is completely overgrown, potential buyers will find it hard to envision the possibilities for that space. Simply mowing the lawn, ensuring your fences are in good condition and getting rid of the weeds can make a big difference.
2. Set the Right Price
Above all the other factors mentioned in this guide, pricing will be the factor that impacts how easily you manage to sell your property most. Pricing the property too high can leave you stuck on the market for months. But finding the right price for an older, non-renovated home can be particularly challenging.
You can use an online home value estimator tool to get an instant online house valuation to help you figure out an asking price. However, a professional property appraiser will be able to provide a complete and thorough report on your home and its value in its condition.
3. Remove Outdated Décor
Outdated décor can be very off-putting and can be hard to see past, making it harder to sell your home when people come to view it. Even when using estate agents, whose job it is to sell your property, outdated décor and run down features can make the property less appealing.
Rather than replacing the interior with new expensive furniture and design, simply remove any outdated décor and paint walls a plain, neutral colour. This will allow viewers to picture themselves in the home.
If you are struggling to sell your older home, do not despair. ProperEaze can help you sell your home easily and hassle free. Get an initial quote with ProperEaze today, free of charge.