Selling a Home That Hasn’t Been Updated

As I’m sure you’ve heard your whole life, when you sell your home, it must be updated and in pristine condition. Granted, a few years ago even that didn’t matter. But what about your parent’s home - it hasn’t been updated in years.

Most homes in this situation aren’t “market ready” in reality. The kitchen is likely in need of an update, the bathroom probably needs a little work, and 90% of the time, there is the dreaded popcorn ceiling.

And that’s okay!

You do not have to spend tons of money rehabbing it. You have enough going on getting your mom or dad into their new home.

What Matters

The most important thing in selling your parents home is having good and accurate pricing. The price you set initially has to be in line for the condition of the home. Condition doesn’t factor in as much when the price is right. I have worked with a few investors who buy the home “as is.” I have asked investors to even buy the home leaving some of the “stuff” behind. Some families are reluctant to do this as the offers are typically 15-20% below where you may see a home in great condition.

The convenience of not having to do much after you get the important things out of the home is sometimes unmatched. You also won’t have to deal with the minutia of inspectors picking apart little things.

What Families Miss

A lot of families try to go and fix everything. They spend a lot of time and energy fixing things that sometimes don’t matter at all and, also, can be fixed by the eventual buyer cheaper and better.

There is also the tendency to want to update some rooms. If you’re not willing and able to update the whole home, don’t only do one. There are a few reasons for not doing so:

• Professional insight - Kitchens may need more work than other rooms in one house and the opposite in another.

• Costs - Professionals get these on discounts.

• Time - You don’t have the luxury of time on your hands.

It’s not always necessary to do a lot of work and spend a lot for possibly little return. I know you have heard that your neighbors’ brother’s next door neighbor made an extra hundred grand by putting a new toilet and shower insert. That’s the exception to the norm.

Key takeaway:
You don’t need perfection — you need the right strategy.