Selling a vacant house is difficult for two reasons. First, the customers question why your home is unoccupied. Second, people are interested in purchasing a lifestyle. They are not looking for an empty house! When looking for a new house, most people will directly skip the vacant homes. Pictures of an empty home are not impressive, so it is tough to generate buzz for your house online.
That’s why it is critical to market your vacant property effectively. Learn about the common mistakes and tackle these errors before you put your house for sale.
Why Might a House be Vacant?
A house can be vacant for different reasons. Maybe it is new construction, and it does take some time to sell the home. Sometimes, the seller had to move because of job or for other reasons. They will need some time to tackle the process, and the house remains unoccupied during that time.
Some houses are abandoned either because of foreclosure, death, divorce, or bankruptcy. No one is responsible for taking care of the house. These types of properties often become the target of thieves and squatters.
Mistakes to Avoid When Selling a Vacant Property
Mistake #1: Leaving the House without a Security System
Having a security system in place is critical. You are away so you need to contact the local police/security department and request if they can make casual visits to your home.
You can also install a security system in your house. A decent security system can protect your home from thieves. It can also protect against water damage & fire-related accidents. Re-install the locks in your house. Make sure that the entry to your home is not barrier-free.
Mistake #2: Forgetting About the Curb Appeal
Curb appeal can sell your house!
When you are living in the house, you are cautious about the appearance of the property. You take care of the lawn. The mailbox is clean. However, when you are away, you cannot mow the lawn. Furthermore, if you forget about updating your address, your mailbox will be flooded. There will be a pile of newspapers and magazines which indicates that no one is living in the house.
Hire someone to cut the grass every two weeks. You can ask a cleaning service to clean the front of your house every week. Moreover, do not forget to update your mailing address.
Mistake #3: Forgetting About Repairs and Renovations
It is possible to sell your house as-is. However, if you want to sell your home in the retail market, then it is a must to repair the house. Re-paint your house and make sure that essential systems are working correctly. Inspect the plumbing system, electrical wiring, roof and heating & cooling systems. When buyers visit your house, they expect these systems to be functional.
Similarly, if you want the highest possible price for your house, then you must take care of renovations. Today’s buyers are interested in a ‘ready to live’ house. That’s why staging is critical to your success as a seller. Do not think of staging as an added expense. It is an investment which can help you sell your house within days.
Mistake #4: Picking Up the Wrong Price
Right pricing is the key to selling your house promptly. It can be difficult to price your house when you are selling from a distance.
When pricing your house, do consider the cost of delaying the home sale. Mortgage, utility bills, maintenance charges, and other expenses pile up quickly. Before you know it, you might be spending hundreds of dollars each month for keeping the property. Moreover, that money is not contributing significantly to your equity in the house.
Calculate all the expenses and do your best to sell your house fast.
Mistake #5: Forgetting About the Insurance Policy
Your home insurance policy expires if your property remains vacant for a longer time. Usually, after the 30 days, the regular insurance scheme will no longer stay effective.
If after the 30-days, someone breaks into your home or if the house is damaged by weather, water, fire; the insurance will not be responsible for the damage.
Before you leave the house unoccupied, contact the insurance company and ask them to provide extra coverage for the vacant house. Doing so will cost some extra money, but the peace of mind is worth the cost.
Mistake #6: Selling Your Home without Furniture
As mentioned earlier, people want to buy a house. They want to imagine themselves living in the house, and they cannot do this without seeing the furniture and the beautiful setting of your home. You do not have to purchase expensive furniture for staging purposes. You can read this article to learn how to sell a property without buying furniture.
Easiest & the Fastest Way to Sell a Vacant Property
Selling a vacant home is not easy. Consider staging your house. Price it accurately and then try selling it at the retail market. However, if you do not want the hassle of making repairs or hiring an agent, consider selling your home to a reputable redevelopment firm in Connecticut. You can sell your vacant home as-is to a cash buying firm in CT. The firm will buy your home within 14 days. You can let go of the house without worrying about repairs, commissions or closing costs.