Tips for Marketing an Older Home

Although some buyers looking at existing homes can be tempted by a newly con structed home, it's rare that a buyer interested in purchasing a new home will seriously consider an older home.

That's because the older home buyer is markedly different.

They are drawn by the eccentricities of a Victorian, the stately elegance of a Tudor, or the mysteries of a brownstone that was constructed when Woodrow Wilson was president.

They likely enjoy history, family genealogy, antiques, older architecture, or may be preservation-minded buyers.

They may have fond memories of visits to the family farm as a child, of sleeping soundly in a large bed, waking to the smell of bacon frying and feeling completely safe.

Or, it could be something as simple as being drawn to This Old Houseor some other renovation program on television.

And, although they are willing to forego some of the more modern home components, many homes in our older neighborhoods have actually had major upgrades and include gourmet kitchens and spa-like bathrooms. So sacrifice of all modern amenities should not be assumed.

Regardless of the reason, an older home appeals to the buyer's emotions. And this is the key to your marketing strategy.

But before you can effectively list, show and sell an older home, there are some very important factors you should consider.

Get a home inspection first
It's agreed that all home purchases involve emotion at some point. But the buyer of a new home or one that is in very good condition can also justify the purchase with the logic that the major components are up to date or perhaps still under warranty.

That may not be the case with an older home. So, one of the most important and tangible issues you'll need to deal with is the condition of the home which includes the age of its electrical and mechanical systems.

Order a home inspection before putting the home on the market. An inspection, which usually costs from $250 to $400 depending on the size and special features of a home, will find serious and not-so-serious defects with a house. Once owners know these problems, they can either address them before allowing the home to be shown or reduce the asking price accordingly.

An inspector who has experience inspecting older homes is recommended. They should look for evidence of lead based paint and radon gas as well as determine the condition of the electric, plumbing, roof, foundation, windows, etc.

Although home inspections are common after the property goes into contract, in the case of an older home, an inspection is an important preventative action both to protect the seller and avoid major price renegotiations after the buyer's inspection.

Improve & Repair
After the inspection, you can discuss what improvements could be made so that buyers won't look at the home as a potential burden.

In today's market, buyers expect a seller to upgrade an older home's electrical systems and plumbing as well as replacing an old roof, outdated furnace and inefficient air-conditioning system. Note: As these improvements can be quite costly, it would be prudent to discuss the condition of these elements and determine the seller's financial position and interest prior to taking the listing. These facts will certainly need to be taken into account in determining the listing price.

In addition to the normal pre-showing activity (cleaning, de-cluttering, washing windows, etc.), pay special attention to the lighting as older homes have smaller, older windows and can appear darker. Move or add lamps to heighten each rooms appeal. Make sure you consider the lighting situation at night as here in Ohio, most winter showings will be in the dark.

Squeaky doors are common in older homes and an immediate emotion buster -- bring your household oil and check every one of them including cabinet doors, vanity mirrors, etc.

A new coat of paint is always a good idea and has been proven to add the most value for the investment.

A home warranty that covers repairs for a year or more after the sale might also help reassure anxious buyers.

If your seller balks at these suggestions, remind them that they are competing with a surplus of homes with much more modern amenities as well as very competitively priced new construction.

Research
Thorough and conscientious research is where you can really sell yourself as an asset to the seller of an older home.

Many older communities have commissions or architectural review committees that regulate what improvements can be made and how. Homeowners in Victorian Village, German Village and Italian Village, for example, will need to get approval to change the exterior paint color or replace windows or roofs. Find out.  

Although a home may have been built in a residential area at the turn of the century, things could have changed in the last hundred years and that home might be sitting on a lot that is now zoned commercial. Find out.

Double check the `legal use' as recorded with both the county andcity. It is not out of the question for a home to be listed with the county auditor as a 2- or 4-family, but still recorded with the city as a single family residence. If so, have the seller get the legal documents changed to avoid yet another potential snag in the home sale process.

Become familiar with the federal, state, and local regulations related to historic preservation. Find out if any grants for the restoration of older homes are available. Your seller might not be interested, but this would be a great selling point for potential buyers.

And, by all means, visit other older homes on the market to see how your listing compares.

Compile a written history of the home
A historical home can bring more if buyers can connect with the past. So research and prepare a written history of the property, if none has already been attempted.  

Histories can include everything from the type of home and how that type of home served society at that time, to who lived there to what changes were made to the home over the years. You should consider including copies of:

ⁿ maps of the street, neighborhood or even the entire city for reference throughout the years
ⁿ air photos of the property throughout the years
ⁿ list of owners/residents
ⁿ the home's documented history
ⁿ newspaper articles about the home
ⁿ changes to the property and structures on the property
ⁿ miscellaneous information discovered along the way -- i.e. the property was once marshland, a famous WWI pilot once lived next door, the first Columbus Martin Luther King parade 
  went down this street, etc.
ⁿ include everything you find out. Although you may not find it relevant or interesting, the buyer might (hey, their father/uncle could have been a famous WWI pilot also!)

Getting histories can be a challenge, but there are ways that don't take a lot of time. Check with Government offices, the local library and the historical society. Use city directories that go by street names or addresses to find out who lived in the house and from what dates. Look up local "TAP" records to see when the house was connected to the local water system for running water.

Details such as when the porch was added, or when the outhouse was torn down and replaced with indoor plumbing, can really add interest and help a buyer feel more a part of the home's history.

If you search on the Internet, you'll find hundreds of articles and research sites geared toward helping owners research the history of their home. You'll also find companies that will provide histories of homes for as little as a report fee to as much as $400 for a leatherbound copy.

Home histories can be a great listing tool, a great closing gift, and a great legacy for referrals. If you're involved in compiling it, be sure to permanently include your name and information. The new homeowners won't ever throw away the album and they'll show it to all their friends -- with your name on it.

Marketing
After you've had the home inspection, completed repairs and researched the home's use, zoning and history, it's time to tie it all together into an effective marketing strategy.

Start by making a list of every individual feature of the home. You'll want to include all architectural elements, every item that has custom woodwork, every room with hardwood floors, etc. Key in on every item that suggests craftsmanship unique to this home. Your list should be lengthy so don't leave anything out.

Then write a description of the history of the home, the street, the neighborhood and community with whatever details you were able to gather in your research.

Remember, the older home buyer is working with emotion so use language and/or graphics that tug on the heartstrings of this breed of homebuyer.

Then prepare marketing materials which emphasize the home's character and charm. Armed with your material, you can:

ⁿ Hold a special open house at your property in cooperation with the area Historical Society.
ⁿ Create a webpage specifically for your older home.
ⁿ Advertise in publications which are designed for restoration or older homes; This Old House and Country Living are two places to begin.
ⁿ Contact area newspapers and suggest an article on the home's history and beauty.
ⁿ If they aren't interested, consider writing an article yourself on the topic of preservation and restoration -- and make sure you mention your property!
ⁿ Put your leather bound history album front and center on the coffee table.
ⁿ Put out an issue of This Old House, Antique House, Veranda Magazine,or Old House Journal;or a magazine geared toward the unique style of the home such as Cottage Living,
  Victorian Homes,or Traditional Home; or possibly even a book from the library on the particular style of home.
ⁿ Consider adding your listing to the variety of web sites that feature older homes such as OldHouses.com, HistoricProperties.com, AntiqueRealEstate.com,
  HistoricHomesteads.com, AnitqueHomes4U.com, etc.

Whether you are marketing an older home or helping a buyer find one, the experience can be both educational and fascinating. Use the opportunity to growth your own knowledge of our local community in the process.