Planning to Sell a Dated Home? 3 Best Bets for a Senior Deed Holder

When you (or your senior relatives) need to sell a dated home, what’s the best strategy?

If you’ve happily held onto one deed for a long time, perhaps your success is apparent in the home’s interior. In other words, the home might look quite lived-in!

Given so many younger buyers out there, looking for inexpensive homes, should you simply sell it as-is? Or is a different approach better?

Here are three distinct paths to a successful sale in the situation.

1. Refresh Without Renovating

This can be the way to handle the home if it’s up to code and livable, and you don’t have the cash or time to do a full renovation. If you decide to do it this way, focus on cleaning and the most necessary touch-ups. And more cleaning!

Here’s a basic checklist (your home’s needs may vary):

• Rent a power washer for the outer walls. Have a pro paint the home’s exterior.

• Steam-clean the interior carpeting.

• Paint the full interior. Choose neutral shades. The idea is to offer a blank slate for the buyers to put their own mark on and in the home. Get a pro to take the wallpaper down, if any.  

• Clean the kitchen cabinet work. Give it a new coat of paint.

• Fix whatever needs repairing. Get some appliance touch-up paint to cover chipping and rust spots.

• Clean the windows, inside and out.

• Replace doorknobs, faucets, outlet covers, and light switch plates, and light fixtures (if necessary).

Finally, add some landscaping touches for that all-important curb appeal. Now you’re ready to put the home up for sale to a buyer who’ll be happy to find it. Refreshing the home may be quite possible for less than $5,000, even with the hired exterior painters.

2. Fix It Up Enough to Rent It Out

This can be a good move if the home is in a place that draws renters. A local real estate agent can inform you about the market, then help you find the renter. You’ll want to be confident that the rental income could substantially make your plans work. For example, the income could help to cover your (or your loved one’s) move or assisted living costs.

Here again, cleaning the home and painting the walls will be critical. You can avoid floor covering replacements, often for under $1000 per room, by hiring a floor person to put in a “floating” (laminate) floor.

You’ll want to replace old appliances that have overextended their useful lives. You might be fine leaving some basic furnishings in the home for the renter to use.

Most renters do not demand perfection. They do need you to have things repaired or replaced as necessary. This adventure is a trade-off. Managing a rental takes work, but can bring in a reliable income, and allow you to keep the home for as long as that feels right.

To create a financial base for your project, you could consider cash-out refinancing. Rental income could be used to pay the loan off.  

3. Do Nothing; Sell to an iBuyer As-Is

Yes, it’s possible. If you do not want to keep the home, an iBuyer could be a workable answer.

iBuyers are companies in the business of buying and flipping off-market homes who promptly get the homes listed on the open market. The theme of this model? Quick and easy deed transactions. 

You’ll likely fetch less for the home sale, but get it done a lot faster. Selling it in its current condition will spare you the time it takes to meet with contractors, and get all the sprucing up finished.

And it will spare you the headaches of applying the DIY method. People who aren’t experienced with DIY remodels are unlikely to recoup what they pay to do the work and the value of their time.

Clearing out the old gear before going to a buyer may be one step you do want to take. It’s getting easier to give old stuff away. Check online for “buy-nothing” and “marketplace” sites.

Then the company will spend the time and resources needed to finish the job.

Reasons to Call a Professional In

A local agent knows the local market. And you need to know the best plan for your home, in your neighborhood. Consider asking an agent. An experienced agent can examine the potential financial success of each path, and support you through the work ahead.

One important piece of advice a pro might give? Get a pre-sale home inspection—especially if you intend to do any of the work yourself. This will ensure you get everything done and up to code.

Best wishes as you bid a fond farewell to your longtime deed, and welcome the next chapter in your life.