When selling a home, you may wonder if it is better to put it on the market when it is vacant or while you or a tenant are still living there. While there is no easy answer, since every city's market is different, there are some benefits and drawbacks to consider when making this decision.
Pros To Selling A Vacant Home
One of the big benefits to selling a vacant home is that you do not need to be ready to leave your home at a moment's notice so that your agent can show your house. You do not need to worry about packing up your personal items, or making sure everything is always spotless, something that can be difficult if you have children or pets.
There is also a better chance your home will be showed by an agent, because they do not need to call to arrange a showing if the home is vacant. Instead, they can go straight to the house and show it.
If you live in an area that has cold winters, continuing to live in the home you are selling can help prevent pipes from bursting. This will save you from needing costly repairs, which have been known to occur in vacant homes when there is an unexpected cold front.
You have to keep paying for utilities while the house in on the market, so living in the home can save you from having to pay for utilities in two houses at once, which is expensive. It can be hard to sell a home that does not have utilities turned on, especially when the weather calls for having a heater or air conditioner on; that also helps you avoid pipes bursting.
Cons To Selling A Vacant Home
Selling your home while you are still living in it can be inconvenient, since you have to pack away so many personal items and keep it clean enough to show at all times, so moving out may seem like the better, easier option. However, recent studies have indicated that vacant homes sell for about $11,000 less than occupied homes. They also tend to be on the market for longer.
One of the reasons that vacant homes are often on the market for longer and sell for less is because they are empty. It is hard to envision yourself living in a home when there is nothing but empty rooms, especially if you have some large rooms or oddly shaped rooms to help buyers get an idea of how the home might look when full. You can choose to have it staged, but unless you have enough spare furniture to fill the house, you will have to pay an additional fee. This fee can be worthwhile though, since it can help buyers get a good idea of what they are seeing. Empty homes also can feel lonely, making it harder for buyers to connect with them emotionally.
You do have the option to use virtual staging for your online listing, though this can be expensive. Since the bulk of home shopping is done online these days, you can have furniture digitally added to help make the space look its best online. While anyone who tours the house will see it empty, having already gotten an idea online of how it would look with furniture can make a difference.
Vacant homes can attract crime, and the empty home may be vandalized. If you do not have a separate vacant home insurance policy, which can be expensive, you may have to pay for any damages vandals cause, leaving your home on the market for longer while you have repairs done.
Todd Wilkinson is the Founder and Owner of FonHome Realty. FonHome is a customer-centric brokerage where our clients are in control and our experienced agents are respected for providing the positive and exciting experience the real estate transaction should be. Todd is an accomplished real estate investor with an undergraduate degree in Financial Economics and a Masters’s degree in Business Administration. Todd has held senior management and executive-level positions with the world’s two largest retailers and a successful startup venture. Todd has served terms on the University of Arkansas Advisory Board and is actively involved with the St. Theresa School in Kenilworth. Todd opened his own brokerage after feeling underserved in his personal experiences with real estate transactions and wanted a firm whose mission was on serving the fiduciary responsibilities guaranteed to the Buyer and Seller. Contact Todd today for a free Comparable Market Analysis for your home or for advice on beginning your search for a new home at www.fonhomerealty.com.
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