If you live in an older home, you’re aware of the many benefits and appealing features, such as more square footage, high ceilings, beautiful wood trim and molding, and character. When you want to sell that older home, though, especially to young buyers, you may face some challenges – despite the benefits and features. You will, for example, be competing in a market with lots of shiny new homes equipped with the latest gadgets. Here, then, are 6 things you need to know about selling an older home in Olympia.
1. Proving Maintenance Well Done
When selling an older home in Olympia, you’ll need to keep squarely in mind that buyers want to be sure they’re not taking on a maintenance headache. They don’t want to have to immediately start making renovations and fixing plumbing and electrical problems. So you’ll need to prove that you’ve kept up with maintenance and made repairs as needed.
Typically, buyers want reassurance about the following aspects of an older home:
- State of the foundation and basement
- Roof age and condition
- Age of the plumbing
- Age and condition of the wiring
- Age and condition of the HVAC system (if any)
- Age and condition of windows
Buyers will likely ask about the size of your utility bills to get a feel for several of these items. Be sure to talk to your Olympia agent about these matters, and ask whether having your own inspection done would be a good idea. To find out more, just call (208) 353-3176.
2. Attending to the Top Two Updates
Of all the things we listed just above, two stand out as the top concerns for buyers and should be where you concentrate your updating efforts for selling an older home in Olympia. And they are the age and condition of the roof and the windows.
According to industry pros, “[T]these are the two updates that must be done first and should be made apriority. Any roof that is older than 10-15 years will need replacement sooner than later. Older roofs begin to leak and crumble, thereby losing their insulation properties and causing more costly repairs. Older windows are usually single pane with very low insulating properties. Ancient windows equal a drafty home in winter and sweltering home in summer. . . . [P]ut these two repairs at the top of your to-do list.”
3. Lessening Homeowners Insurance Costs
Selling an older home also means that you’ll have to deal with buyers’ concerns about the cost of homeowners insurance. Insurance for older homes often costs more owing to the greater risks and hazards involved. So you’ll need to do everything you can within reason to reduce these risks and hazards.
“[O]ld homes come with more risks, and insurance companies are not willing to foot the bill for those unseen circumstances. Old wiring can be a dangerous fire hazard, old plumbing can pose major water issues, and crumbling concrete foundations can cause flooding and pricey structural problems.”
Your job, then, will be to upgrade and repair such things so that potential buyers will be assured that their insurance won’t cost too much. Your {market_city] agent can help you determine which of these issues to address for the greatest ROI at sale time. Discover more about this by calling (208) 353-3176.
4. Opening the Interior
Buyers today typically want an open floor plan with the feeling of lots of space. But many older homes have lots of rooms and less open interiors. Certainly, you don’t want to invest in a major remodel, But here are some of the things you can do to create a more open feel when selling an older home in Olympia:
- Create half walls between rooms by removing portions of non-load-bearing walls
- Remove doors between rooms in the primary living area
- Replace blinds and heavy curtains and drapes with lighter window coverings
- Paint over brightly covered accent walls in lighter neutral tones
5. Highlighting Space for Money
You can also overcome the lack of an open floor plan by emphasizing to buyers the amount of space they’ll be getting for their money. Older homes often have more square footage than newer homes, so buyers will be getting better value space-wise.
In addition, a lot of older homes have more outdoor space – larger lots, bigger yards, and expansive porches (often wrap-around and screened-in). So be sure to highlight the space-for-money benefit to help buyers see the square-footage bargain they’ll be getting as well as the potential in the home.
6. Emphasizing Character
And then there’s the character of an older home, which can be a huge selling point. And this appealing character subsists not only in the home itself, but also in the older neighborhood. So be sure to emphasize this character when selling an older home in Olympia.
“Wide-plank wood floors, solid wood craftsman doors, wrap-around front porches…the list of reasons to love an older home could go on forever.” In addition, “a new home usually comes with a young neighborhood that is still developing. This means no big century-old oak tree in the front yard and unpredictable neighborhood developments. A tree-lined street and quaint neighborhood do not happen overnight, hence the appeal of older neighborhoods where everything is already in place and established.”
So while older homes present some challenges, these are easily overcome with the tips laid out here and with the help of a good Olympia agent. If, then, you’re ready to find success selling an older home in Olympia, contact us today at (208) 353-3176.