Have you ever purchased a home to fix up and ended up in over your head with repairs, deciding to sell it before it is complete? I ask because in my area, it seems to be a common thing. I see a lot of homes with gutted walls, missing bathrooms, and broken down kitchens for sale. I have to wonder if this is homeowners or those who bought the property looking to profit.
It could be either or.
I have friends in the industry who had to focus on other things so they ended up selling a property not yet livable. Very often though you'll find houses on the market that were not properly looked after by the homeowner.
Let’s face it: Selling an unfinished house can be challenging at the best of times. Buyers can have trouble visualizing what an unfinished property could look like when renovated and this can be a deal-breaker.
I have seen a number of them. I have never had to sell one or worked with someone who was but I would imagine now would be a bad time to be selling with how the market is and people getting tighter with their money.
We only did this once and this was down to not wanting to deal with the flooding issue. Someone did end up buying it for the land. They knocked the house down and put in a raised home. It looks really lovely too. He finished it up back in November and invited us to check it out.
Putting a half-renovated property up for sale is not an ideal situation for investors. But sometimes unexpected situations come up that you cannot control and can affect your personal and financial plans. Issues such as unemployment, divorce or a new baby may result in you having to sell your property, even if renovations are not finished.