Selling a home ‘as-is’ can be a lot of work. You have to declutter every room, splash up a new paint job, update your embarrassedly outdated kitchen, and more before you can even think about doing an open house, negotiating with buyers, and getting through the whole sales process. Fortunately, if you’re looking for an easier way, one is selling your home in an ‘as-is condition. This is when you forgo any repairs or renovations and sell your apartment in the condition it’s in now.
However, doing this is not easy. The words in the listing description tend to set off alarm bells in buyers’ heads. And in the New York market these days, it’s even harder to get buyers interested. But if you need to sell and the funds aren’t there for a renovation, here’s what you can do to give you the best chance of success.
List it the right way.List it the right way.
There’s no point in hiding that you’re selling an ‘as is’ apartment. Make it clear in the listing description to attract bargain hunters and avoid buyers who aren’t interested in a fixer-upper. With that in mind, you need to price your apartment correctly. Otherwise, it will sit, and the value will go down steadily. Have an appraisal done, or consult your broker about estimating so you know its market value and aim for that price once it hits the market. And if it has any desirable elements, such as a nice view, large size, well-proportioned rooms, or a good location, make sure your broker plays that up in the description.
Make what repairs and updates you canMake what repairs and updates you can
You’re listing the apartment ‘as is’ because you don’t want or have the money needed for a significant renovation. But who says improvement has to be a major one? A few updates can lessen what defects are in place and make the home far more appealing.
If your kitchen cabinets are looking a bit outdated, have them refaced. At the very least, you should put up a new paint job. Decorators’ white will attract the most buyers, making it easy for them to choose whichever paint scheme they desire.
Installing some new appliances can also sweeten the deal. When making any changes, the costs to make them must be carefully weighed against the cost and effort of selling. So do the math before you make any costly repairs or upgrades.
Declutter and cleanDeclutter and clean
First impressions are everything in a home sale so declutter everything. Buyers will want to see how to use the space, which will be difficult if all your possessions are still in place. Once decluttered and organized, hire a cleaning company for a professional deep clean. You’ll also want to keep the area extremely clean for each show.
Stage the apartmentStage the apartment
Home staging isn’t just for high-end properties. It can also pay off if your place is worth less than a million. If you can get the apartment empty, staging is the best option as it allows buyers to visualize how space can be used and make it look like it needs less work. Also, empty apartments feel smaller than they are.
Professional stagers have an eye for detail and know-how to make a space appeal to the right buyers. If it’s impossible to empty the apartment, try moving around the existing furniture and replacing any old curtains or pillow covers. Make it as fresh, neutral, and appealing as possible.
Know the market and the buyersKnow the market and the buyers
Expect some tough negotiations with potential buyers once you do attract some interest. They’ll be sure to point out any flaws and possibly ask for repairs or contingencies as part of the deal. It’s up to you whether you decline or concede to their demands.
Selling your home ‘as-is’ might be a decent plan. You’ll better handle negotiations if you know the market across NYC and your neighborhood. The same goes for understanding the buyers, what they’re looking for, and how long they’ve been seeking. A good sales agent will know how to handle this step, so don’t try and sell without one if you want the best chance of success.