Where to Sell a Derelict Property?
If you want to sell a derelict property, you first need to consider the state of your property. Does the property seem to be in a bad shape? Is it salvageable? Is the property on prime land, such as a beachfront?
When you know the state of your property, it is easier to answer the most important question: how much money can you generate from selling your derelict property? You will be able to strategize more effectively on how to sell your derelict home if you set a price.
Learn what a derelict property is, how to sell it, and which method is best for you to take.
What is a Derelict Property?
A derelict property is neglected and abandoned by its owner. The structure of the building is often still sound, but because the owner has neglected the property for so long, it has become run-down and dangerous to gain entry.
Derelict properties include blighted buildings with unsightly elements such as broken windows, graffiti, or overgrown vegetation.
As a result, finding a legitimate buyer for your derelict property can be a real pain considering its neglected state. Yet, you want to sell quickly, but finding the right buyer is difficult.
So, how do you find the right buyer? It is critical that you do your research before deciding on the best way to sell your property. Then, select one of the options below and let your abandoned property find a new owner who will care for it.
What Options Do I Have for Selling Derelict Properties?
There are several ways to sell a derelict property. These options include:
Sell through an Auction
Auctions are a good option because they attract many buyers, meaning more people will bid on your property. You list your property on an auction site and await potential buyers’ bids. The more the number of bids, the higher the price for your property. There’s also no risk of being stuck with an unsold house when you sell at an auction.
You can also conduct auctions online or through the mail. As a result, you are not required to attend an auction if you do not wish to.
Furthermore, auctions are a great option if you don’t want to deal with the hassle of selling privately. You won’t have to waste time showing potential buyers around your house or answering their questions about it. Instead, when at an auction bid, everyone gets to see what’s on offer and make their own decisions based on their preferences and needs.
Using an Estate Agent
If you believe an auction will not provide you with the best value for your abandoned property, consult your estate agent. The agent will assist you in organizing an open house or spreading the word about the property and ensure that all your paperwork is in order but at a fee.
You will also receive the following benefits if you use an estate agent:
- They understand what buyers are looking for and how to entice them to buy your home.
- They have access to information about other houses for sale in your area, allowing them to determine what will be competitive price when it comes time to negotiate.
- They can also assist with some of the more minor aspects of selling a home, such as taking high-quality photographs of your property.
- They know how to market your property and will list it on major marketing channels such as Rightmove, Zoopla, and Primelocation.
- They will take a professional approach to make buyers feel at ease about purchasing from you.
Selling The Dilapidated Property Yourself
If you find using an estate agent expensive, you can always sell your derelict property yourself. If you have pictures of the building, ensure they are clear and well-lit. Make sure promotional materials are up-to-date and include all relevant information like your contact details and the location of the property.
To sell the dilapidated property yourself, there are a couple of ways to get the word out. You can advertise online, post flyers around town, or post an ad in a local newspaper. You can also ask friends and family members if they know anyone who might be interested in purchasing your home.
If you decide to advertise online, think about using sites like Rightmove. The advantage of using these sites is that your ad will appear on search engines and thus attract people looking for similar properties.
You can even place an ad in a local newspaper, but ensure that the information about your property is correct.
Sell to a Property Investor
According to Zoopla, the rental rate in the UK will grow by 4.5% in 2022, excluding London, where it is forecast to rise by 3.5%. Therefore, flipping a dilapidated house is a worthwhile investment for real estate investors.
It is important to capture the selling point of your derelict property when advertising it online or through any other marketing channel. Emphasise how much land the buyer will receive. Is there a scenic view that you recommend? Is it the beach, the forest, the mountain, or other water bodies like lakes or rivers?
Providing this information will assist a property investor in determining whether it is worthwhile to purchase your derelict property.
The property investor will then purchase the house, renovate it, and resell it for a higher price than they paid. Using this method, you will not have to wait long for a buyer.
So, Which Option Should You Choose for Selling a Derelict Property?
Your resources, like time and money, determine the method you choose to sell your abandoned property.
You need to know how long you can keep your property without incurring more expenses like paying taxes. The amount of money you have available for marketing, hiring a real estate agent, or putting your house up for auction is another important factor to consider.
As a result, selling the abandoned property yourself is the most cost-effective and time saving option if you are on a tight budget. Other options, such as auction, property investor, or estate agent, require you to spend more money and time.
However, hiring an estate agent is the best option.
Agents can help you get the best price for your home, even if it’s in bad shape. They can market it as a fixer-upper and sell it as a diamond in the rough, which will attract buyers who want to make their improvements. They also have connections with many other agents, so they can help you find the most qualified buyers for your property if you need over one offer.
In the end, with so many options for selling your derelict property, it’s important to take the time to weigh your options. Then make the best decision about your current situation, whether you need money urgently or if you can afford to hire an estate agent.