An unfinished house can be challenging to sell, but it’s not impossible. By following these tips, you can increase your chances of selling your house for a fair price and promptly.
What Is Mean Unfinished House
An unfinished house is a house that has yet to be completed according to the original plans. This can include houses that are still under construction and houses that have been abandoned or foreclosed on.
Unfinished houses can be challenging to sell, as they often need significant repairs or renovations before they can be considered move-in ready.
How Many Unfinished Houses Are Selling?
The number of unfinished houses that are sold varies depending on the market. In some markets, unfinished houses can be difficult to sell, as buyers are often looking for move-in ready houses. However, in other markets, unfinished houses can be a good value, as they can be purchased at a lower price than finished homes.
According to the National Association of Realtors (NAR), the median sales price of an unfinished house was $236,300 in January 2023. This is 5% lower than the median sales price of a finished house, which was $247,400.
The NAR also found that the number of unfinished houses sold in January 2023 was 12.5% lower than the number of finished houses sold. This suggests that there is some demand for unfinished houses but that they are less popular than finished homes.
How to Sell an Unfinished House
1. Get a professional appraisal
The first step to selling an unfinished house is to get a professional appraisal. This will give you a realistic idea of how much your house is worth and will help you set a fair asking price.
2. Fix any major defects
Before you put your house on the market, you should fix any major defects that could turn off potential buyers. This includes things like broken windows, leaky faucets, and electrical problems.
3. Complete any unfinished projects
If you have unfinished projects in your house, it’s best to complete them before putting them on the market. This will make your house more appealing to potential buyers and help you get a higher price.
4. Stage your house
When you’re staging your house, you want to create a warm and inviting atmosphere that will make potential buyers feel like they could live in your home. This means decluttering, cleaning, and making minor repairs.
5. Selling the House to Cash Buyers
If you want to sell your unfinished house quickly, consider selling it to a cash buyer. Cash buyers are often willing to pay more for houses than traditional buyers and can close the sale quickly.
Liberty House Buying Group in Gainesville is a cash home buyer company that buys houses in any condition and fast. They can close on your house in as little as 7 days, and we’ll pay you a fair cash price. If you want to sell your unfinished house, try to sell to cash buyers.
How to Finish a House Before Selling It in Gainesville
If you need more time to be ready to sell your unfinished house, consider finishing it before putting it on the market. There are a few ways to go about this, but the most common is to hire a contractor.
When hiring a contractor, get multiple quotes and compare prices. You should also get a written contract that spells out the scope of work, the timeline, and the cost.
Once you have a contractor lined up, you can start working on finishing your house. The specific steps you take will depend on the condition of your house, but some common tasks include:
- Framing the walls
- Installing the roof
- Wiring the house
- Plumbing the house
- Installing the HVAC system
- Installing the cabinets and countertops
- Painting the walls
Once your house is finished, you can put it on the market and start looking for buyers.
Selling a House As-Is in Gainesville
If you’re not interested in finishing your unfinished house, consider selling it as-is. This means selling the house in its current condition without any repairs or improvements.
There are a few pros and cons to selling a house as-is. On the one hand, you can sell your house quickly and without making any repairs. On the other hand, you may get less money for your house than you would if you fixed it up.
If you’re considering selling your unfinished house as-is, there are a few things you can do to increase your chances of success.
- Get a professional appraisal – This will help you set a realistic asking price.
- Stage your house – This will make your house more appealing to potential buyers.
- Offer a home warranty or other incentives – This helps reassure potential buyers that they’re making a good investment.
Here are 5 tips for selling an unfinished house
1. Get a professional appraisal to determine the house’s fair market value
The first step to selling an unfinished house is to get a professional appraisal. This will give you a realistic idea of what your house is worth and help you set a fair asking price.
2. Make sure the house is clean and presentable
An unfinished house can be challenging to sell, but you can increase your chances of getting a good price by ensuring the house is clean and presentable. This means decluttering, cleaning, and fixing any minor repairs.
3. Highlight the potential of the house in your marketing materials
When marketing your unfinished house, it’s important to highlight the house’s potential. This means focusing on the house’s desirable features, such as its location, size, and lot.
4. Consider selling the house as-is or completing the unfinished work before listing it
There are two main options for selling an unfinished house: you can sell it as-is or complete the unfinished work before listing it. Selling the house as-is is usually the faster and easier option, but it will likely result in a lower price. Completing the unfinished work will take longer and cost more money, but it will likely result in a higher price.
5. Be prepared to negotiate with potential buyers
When selling an unfinished house, being prepared to negotiate with potential buyers is important. This means being willing to compromise on the price and the terms of the sale.
Following these tips can increase your chances of selling your unfinished house for a fair price.
Conclusion
Selling an unfinished house can be a challenge, but it is possible. Following these tips can increase your chances of selling your house for a fair price and on time.
