Gaining knowledge about your competitors can be advantageous, particularly when it comes to selling an old property. Selling an old property differs from selling a new property in various aspects, such as potential market value and final sales price. Typically, new properties fetch substantially higher prices than old ones.
By comprehending the dissimilarities between old and new properties, the present inventory, and the recent sales history, you can equip yourself with the essential information. In this article, we will discuss five significant differences between selling an old property and a new property in Philadelphia to help you gain a deeper understanding of the topic.
Carrying Costs
Carrying costs, also known as holding costs, represent a crucial contrast between selling an old property and a new property in Philadelphia. Generally, older properties require more energy, maintenance, and unexpected repairs, resulting in higher carrying costs. Additionally, if you’ve already relocated before selling your property, you may incur travel expenses and additional property-related expenses. Professional buyers, such as Philly Home Investor, can provide insight into potential costs and help you navigate the selling process.
At Philly Home Investor, our professional buyers provide a guaranteed closing date, often within days.
Rarity
Selling an old property in Philadelphia differs from selling a new property in various aspects, including architectural design. Older properties often feature distinctive architectural elements that make them unique, and if few similar properties are available in the market, you may be able to demand a higher price. The team of professional buyers at Philly Home Investor can assist you in assessing your market position, identifying your target buyer, determining the current market value, evaluating potential carrying costs, and more to help you make informed decisions about selling your property.
Modernity
More modern technology and up-to-date safety in the materials used in new properties make them more desirable. This difference between selling an old property and a new property in Philadelphia may mean that improvements are necessary to compete.
At Philly Home Investor, our professional buyers buy properties as is, so there’s no need for the cost, hassle or time involved in improving your property.
Market Saturation in Philadelphia
If the market is saturated with older properties, you may need to consider adjusting your sales price or making improvements to differentiate your property from others. In such cases, professional buyers, such as those at Philly Home Investor, can help you compare the potential profits of selling your property “as is” versus making necessary improvements to increase its value. At Philly Home Investor, our experienced buyers will provide a detailed breakdown of every factor used to make a cash offer that you can confidently agree is fair.
Layout
Newer properties in Philadelphia typically adhere to more contemporary design trends, which sets them apart from older properties. At Philly Home Investor, our team of professional buyers can assess whether your property requires remodeling to meet current market standards. We understand that selling your property may be one of the most significant transactions of your lifetime, and we want to help you make an informed decision. As members of the Philadelphia community, we value transparency and strive to provide a seamless selling experience. At Philly Home Investor, we prioritize building long-lasting relationships with our clients, ensuring you feel confident working with us long after the sale is completed.
At Philly Home Investor, our team of professional buyers is well-versed in the nuances of selling an old property versus a new one in Philadelphia. When you choose to sell your property directly to us, we streamline the process, making it hassle-free and straightforward. Our in-house professionals will guide you through every step, saving you time and money. Unlike traditional real estate transactions, we handle every phase of the sale without any closing costs, commissions, or hidden fees. Our goal is to make the selling process as smooth as possible for you, and we welcome any questions or concerns you may have. If you need to sell your property by a specific date, let us know, and we’ll do our best to accommodate your needs. Contact Philly Home Investor today to speak with one of our professionals without any obligation.
Call Philly Home Investor at (215) 422-3288.