Selling a vacant house can be a bit of a double-edged sword. On the one hand, keeping it clean and show-ready is easier because you’re not living there day to day. On the other, a house with no one in it can seem cold and empty, making it more difficult for a potential buyer to imagine themselves living in the space.
This is one of the main reasons why selling a vacant house is different from a regular property. Maximizing the transaction means a slight variation in your approach is in order. In this post, we’ll explore some of the ways to make your vacant listing seem warm and welcoming to attract the interest of the most qualified buyers.
Assess the Current Situation
During fast-paced seller’s markets, attracting a buyer is much less challenging. High demand coupled with limited inventory means most listings sell quickly, whether beautifully prepared or not.
Nevertheless, an effective presentation and marketing strategy will help you maximize the value of your home, even in an advantageous market. Following a proven plan becomes even more critical when conditions are slower or more unpredictable. After researching the market, the next step is to assess the condition your vacant home is currently in.
- Is it furnished or unfurnished? Though an unfurnished home can have some appeal, it can also require too much effort on the buyer’s part to conceptualize the floor plan.
- Are there any minor repairs or updates you could make to wow potential buyers from the get-go? Slight cosmetic flaws can be particularly noticeable in a home that is not lived in.
- Is the exterior well-maintained or unkempt? Outdoor curb appeal is necessary to create a positive first impression as soon as prospective buyers see your home from the street.
Do you plan to downsize after selling your vacant property? Here’s some related reading you may enjoy next:
- Where Do Toronto Downsizers Go?
- Should You Retire Near The Waterfront In Etobicoke?
- Your Guide to Downsizing in Toronto in Style
Challenges and Considerations When Selling a Vacant Home
On paper, it may seem that selling a home you don’t live in would be easier. However, there are also a few challenges and considerations to be aware of.
First and foremost is security. If you’re not careful, a vacant home can be an open invitation for thieves and vandals. You will want to take more extensive precautions before it hits the market.
- Wording such as “ready to move in” rather than “vacant home” is recommended so as not to broadcast the fact that the property is unoccupied.
- Timers to have lights turn on and off will also help. Just be sure to set them at different times of the day so that the schedule is not predictable.
- Maintaining outside curb appeal will not only make your home more attractive to potential buyers, but it will also give the impression of being lived in and can discourage criminal activity.
Although renovating a vacant house is less invasive than living in a construction zone, the downside is that you are not there to ensure the project meets your specifications.
More than ever, it’s critical to partner with an experienced real estate agent, preferably one with a network of contractors whom you can trust to perform quality work.
Advantages of Selling a Vacant Home
Selling a vacant property also offers many advantages over listing a house you’re currently living in. Chances are, you’ll have less emotional attachment, which allows you to be more objective about cleaning and decluttering. That’s just one of many perks when a home is unoccupied:
- If your real estate agent determines that painting or minor repairs would be beneficial, you don’t have to move heavy furniture.
- Scheduling contractors is easier when they come and go when it’s convenient for them.
- Listing a vacant house also removes the hardship of living out your daily life in a staged home, which is one of the biggest challenges for most homeowners.
- If you decide to sell the home unfurnished, there will be very little to pack up and move on your closing date.
- The flexibility in showing your home is arguably the biggest advantage of all.
In most cases, it’s better not to be present as your real estate agent takes buyers through. This is challenging when you’re living there, especially if it’s a slow market and your home takes longer to sell. When the house is empty, there’s no need to wonder where you can go or how you will pass the time.
Looking for more tips to earn the maximum value from the sale of your home? The resources below will help:
- Elevate Your Lifestyle By Maximizing The Sale Of Your Current Home
- Can You Sell A House In Toronto As Is?
- Should You Sell Your Toronto Home in the Off Season?
Should You Stage Before Selling?
It’s a common misconception that an empty house looks bigger. While the absence of furniture can create the illusion of space, it also makes it more difficult for potential buyers to picture where their belongings will go.
That’s why we always recommend staging whenever possible. Multiple real estate studies over the years have demonstrated that staged homes tend to sell faster. A shorter time on the market is important if you want to earn the highest amount possible from your listing. The longer a house sits unsold, the lower its perceived value to prospective buyers.
The right arrangement of furniture and decor makes the home appear liveable immediately. Staging your home makes it instantly more desirable for buyers who want an option that’s move-in ready. In fact, many people often ask if the furniture and artwork can come with the home. This added edge can give you more negotiating power if a prospective buyer is considering other options.
Do you have more questions about selling a vacant home or other challenging situations? We are ready and waiting to help with anything you need. Give us a call at 647.232.7317 or email ana@asantos.ca to start a conversation.