Selling Your Buyer on an Older Neighborhood and Home

by Steven Young . 1 Comment

Selling Your Buyer on an Older Neighborhood And Home

Houses are getting larger and consumers are getting more demanding about amenities. Everyone feels they are entitled to the latest amenities such as granite countertops and stainless steel kitchen appliances. But these features don’t come with older homes. They just don’t. You have to make the most of the market in your area. So, you’ve got to get your buyers interested in the idea of an older home instead of a new construction home and neighborhood.

• What you see is what you get. In older neighborhoods everything is obviously, already built. You can see what kind of growth is taking place, and you can see what kinds of updates are being done by other families to make the most of the space and what kinds of amenities they are adding. What is a low-cost neighborhood today may be up-in-coming tomorrow. Actually, an older, stable neighborhood is the most likely to be targeted for change and improvements. No big-time investor will back a project that doesn’t have existing or new consumers.

• Hot neighborhoods net full recovery of remodeling costs. If your neighborhood is being rediscovered by buyers, they may be more inclined to remodel an older home if you can tell them that they may get a large portion of their renovating costs back. Improvements help the home, the neighborhood, and the community. An older home takes on charm and appeal with an updated kitchen, new baths, or an expanded bed or living room, and makes it more appealing for the next buyer.

• Negotiation. Because of the low margins on new homes, there’s very little opportunity for negotiation. The builder is more willing to sit on an unsold home to get the right price because he has more leverage. The average homeowner may be in a must-sell position and may be more willing to deal on issues such as move-in dates or repairs, especially if the buyer insists on a repair allowance. That can provide needed cash to make repairs without your having to incur a home improvement loan right away.

• Sell them on the neighborhood. Take your buyers around the area, and sell them on the experience. Show them the cute old time-y shopping center, the dog park, and the one of a kind local grocery store that sells famous pie. Show them what is special about this area over the newer neighborhoods.

• Show your buyers how they can get involved. Your buyers may be interested in making new friends and volunteering. Introduce them to all of the activities going on in the area.

Buying Old Homes vs. New Construction – Zillow

Buying an Old House? Common Problems, Hidden Costs & Benefits

Should You Buy That Fixer-Upper? – Times, “This Old House”

One Response to Selling Your Buyer on an Older Neighborhood and Home

  1. Lucy says:

    I would say that it is important to not write off a house in a certain neighborhood. A hot trend these days is purchasing homes in “up-and-coming” areas. In terms of resale value, they’ll pay off big when you decide to sell.

    February 29, 2016 at 5:30 am

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