7 Tips for Selling an Older Home to a Younger Buyer
Sellers of Older Homes Face Unique Challenges
Philadelphia is a city of new construction, mid century & older homes. By older, sometimes we are talking 1700’s/1800’s old. While older homes come with a particular charm that can not be recreated with new materials & building styles; they also have their own specific challenges when selling. This city is full of first time home buyers who tend to be intimidated of older homes & are bewildered by the cost of repairs. Sometimes a little homework & education are in order.
1. Perform a Pre-Inspection of Your Home
Performing a pre-inspection will cost a few hundred dollars, however, you can determine if any repairs are absolutely necessary. You can also provide the report as a rider to your marketing materials along with any receipts or documentation outlining any work performed as a result of the inspection. In the interest of full disclosure any buyer can see what they are getting themselves into BEFORE placing an offer.
You want your buyer thinking bliss.
2. Service Your HVAC
Hire a professional to clean & service your HVAC unit. Provide the documentation to future buyers by adding it into your marketing materials. HVAC is seen as a costly repair & knowing it’s been serviced & in working order by a certified HVAC contractor can help ease a buyer’s mind.
3. Provide a Home Warranty
Home warranties can also help give a buyer peace of mind that any major repair in the first year will not be their full responsibility. As with any warranty from a 3rd party read the small print carefully & ensure you are getting the correct coverage.
4. Provide an Estimate to Modernize
Shag carpeting throughout? Provide an estimate to put hardwood floors in the whole home, including materials & labor. Tiny kitchen? Provide an estimate to create an open kitchen/dining area. Helping a buyer see the potential (& that not all kitchen renovations are 100K) can be eye opening & helpful in eliciting an offer.
5. Provide Information on a FHA 203K Loan
This is a traditional FHA loan that allows construction allowances. The buyers will have to jump through hoops & be very organized. Some will not mind because this can be the way to get their dream kitchen or utilize your estimates to modernize without having to pay out of pocket.
6. Lighten & Brighten
Older homes can have smaller windows, lower ceilings & no recessed lighting. Make it as bright & happy as possible by taking off heavy window treatments & cleaning the windows well. Paint the walls in neutral colors. Think staged.
7. Think Community
This new crop of buyers is very into location & the neighborhood as opposed to more house & a huge yard. Think about what’s in walking distance, nearby grocers, public transportation & accessibility for commuters. Do you have a beautiful outdoor space? Possibly the most perfect roof for a roof deck? Highlight these features & make sure they are outlined in your marketing materials.
If you have questions about any of the information above please contact us today! We love to help!