New construction can be stiff competition for resale homes. Here in Las Vegas, even homes built in 2007 are coming across as dated now. This is especially true when you compare them to the brand new, modern homes that are currently getting a premium price per square foot. If your home is new or has been beautifully renovated, people will come out in droves to see it. But when you have a home that hasn’t been renovated in years, there’s a more advanced approach you can take to help make the sale. Here are a few creative solutions to deal with the #1 complaint that buyers make: “It needs too much work.”
1. Architectural Drawings
Certain buyers have the ability to see the potential of even the most dated property with the worst floor plan, but many buyers don’t think this way. Instead, they only see what’s right in front of them. One way to help buyers envision the potential of an older home is to hire an architect to make drawings of what an alternative floor plan might look like. These can range from simple blueprints to in-depth artistic drawings. Put the drawings in your brochures, in the online listing, and maybe even on an easel during open houses. When potential buyers see an alternative floor plan alongside the actual floor plan, they’re better able to visualize what they can do with the space—such as blowing out a wall, reconfiguring a kitchen island, or even adding a room.
2. Virtual Renderings
To take the architectural drawings a step further, you can hire someone to virtually stage your home. Using software like AutoCAD or SketchUp, professional graphic artists can make 3D renderings of potential renovations. From wall treatments to flooring to structural remodels, these renderings can display a wide range of materials and can look almost as realistic as photography. Pair these renderings with samples of actual building materials, and your buyer will not only be able to see the potential; they’ll also be able to feel it. You can find 3D graphic artists for hire on sites like Upwork and Fiverr. Many 21st century interior designers also have the skillset to create good renderings.
3. Contractor Quotes
Buyers are often deterred by the cost and the headache associated with finding contractors to do renovations. Buyers also tend to grossly overestimate what renovations will cost. Of course, the sky is the limit on how much money one can put into a home, but there’s a lot that can be done for a reasonable price. That’s why it’s a good idea to bring in a contractor ahead of time and get two different quotes for renovations—one midrange and one more high end. This way, you can have in-depth conversations with potential buyers about what work might need to be done and what it will end up costing. You can also put them in touch with the contractor who gave you the quotes. By providing all this information, you take out the guess work. After all, nobody likes uncertainty. When you solve these problems ahead of time, it helps buyers to focus on the space, visualize what’s possible, and understand what it will cost to get it there. Plus, they get the added convenience of a solid contractor referral.
Sure, these things cost money, but if you take these tactics into consideration when selling a home that needs renovations, it will make a huge difference in the marketing and final sale of the home. You might not be on the same playing field as these brand new homes, but at least you’ll be able to compete.