How to Sell your Apartment ‘as is’
Selling an NYC apartment can be a lot of work. You have to declutter every room, splash up a new paint job, update your embarrassedly outdated kitchen and more before you can even think about doing an open house, negotiating with buyers and getting through the whole sales process. Fortunately, if you’re looking for an easier way there is one. selling your apartment in an ‘as is’ condition. This is when you forgo doing any repairs or renovations and sell your apartment in the very condition it’s in now.
However, doing this is not easy. The very words ‘as is’ in the listing description tends to set off alarm bells in buyer’s heads. And in the New York market these days it’s even harder to get buyers interested. But if you need to sell, and the funds just aren’t there for a renovation, here’s what you can do to give you the best chance of success.
Step 1. List it the right way
There’s no point in trying to hide the fact that you’re selling an ‘as is’ apartment. Make it crystal clear in the listing description so you can attract bargain hunters and avoid buyers who aren’t interested in a fixer-upper. With that in mind, you need to properly price your apartment. Otherwise, it will sit, and the value will go down steadily. Have an appraisal done or consult your broker to estimate so you know what it’s market value is and aim for that price once it hits the market. And if it has any desirable elements, such as a nice view, large size, well-proportioned rooms or good location, make sure your broker plays that up in the description.
Step 2. Make what repairs and updates you can
The whole reason you’re listing the apartment ‘as is’ is because you don’t want or have the money needed for a major renovation. But who says a renovation has to be a major one? just a few updates can lessen what defects are in place and make the home far more appealing.
At the very least you should put up a new paint job. Decorators white will attract the most buyers as it makes it easy for them to choose whichever paint scheme they desire. If your kitchen cabinets are looking a bit outdated, have them refaced.
Installing some new appliances can also sweeten the deal. When making any changes, the costs to make them must be carefully weighed against the cost and effort to sell. So do the math before you make any costly repairs or upgrades.
Step 3. Declutter and clean
First impressions are everything in a home sale so declutter everything. Buyers will want to see how they can use the space. Which will be difficult if all your possessions are still in place. Once decluttered and organized, hire a cleaning company for a professional deep clean. You’ll also want to keep the place extremely clean for each showing.
Step 4. Stage the apartment
Staging isn’t just for high-end properties. It can also pay off if your place is worth less than a million. If you can get the apartment empty, staging is the best option as it allows buyers to visualize how the space can be used and make it look like it needs less work than it does. Also, empty apartments feel smaller than they actually are.
Professional stagers have an eye for detail and know how to make a space appeal to the right buyers. If it’s not possible to make the apartment empty, try moving around the existing furniture and replacing any old curtains or pillow covers. Make it as fresh, neutral and appealing as possible.
Step 5. Know the market and the buyers
Expect some tough negotiations with potential buyers once you do attract some interest. They’ll be sure to point out any flaws and possibly ask for repairs or contingencies as part of the deal. It’s up to you whether you decline or concede to their demands.
If you know the market, both across NYC and your neighborhood, you’ll have a better handle on negotiations. The same goes for knowing the buyers, what they’re looking for and how long they’ve been looking. A good sales agent will know how to handle this step so if you want the best chance of success don’t try and sell without one.
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