Sell house half finished?

dllive

Hi
Ive recently bought a house that needed a complete renovation. However - for 'reasons' - I want to sell it. Im committed with the builders to finish the electrics, plumbing, kitchen bathroom install etc...
Whats the best time to sell: When its a 'working' house with electrics etc... put in? Or when the full house is completed with flooring, painted etc....?
Thanks

anselld

Flooring and painting are cosmetic and not going to worry most serious buyers.

You will need the major items completed, and signed off paperwork in place in order for potential buyer to be mortgageable.

If you cant get that far you would need to look at cash buyer / auction and that is where you would take a big hit on price.

dllive

Thanks andelld.
Luckily everything complies to building regs (windows, fireplaces, construction etc...). I can also share with potential buyers the plans I had and (ie foundations laid for future extension).

The first fixes are done for electrics and plumbing; and most of the woodwork (skirting, window sills etc...)

Is there any point getting valuers in now or should I wait til all the building work is done?

anselld

dllive wrote: »

Thanks andelld.
Luckily everything complies to building regs (windows, fireplaces, construction etc...).

But do you have all the completion certificates?

dllive wrote: »

The first fixes are done for electrics and plumbing; and most of the woodwork (skirting, window sills etc...)

Is there any point getting valuers in now or should I wait til all the building work is done?

No harm in getting a valuation, but first fix is too early to go to market. Most buyers want to see the finish and will not have the vision to see past the ongoing work in progress.

dllive

Ah ok. Ill wait until the builders have finished before getting valuers.

What are completion certificates? Do builders/eletcricians give this out as a matter of course to basically say "everything complies to building regs"?

bowlhead99

A quite restricted pool of buyers usually comes to view houses where everything needs doing or has been ripped out, but they'll have an eye for setting they potential of what they could turn it into.

However by already committing to put in kitchen/ bathroom of your own choice, you're not really giving them the chance to stamp their mark on some of the key features or get the work done at a knock down price through their contacts or DIY skills. So that restricts the market further.

If you were a big property developer doing a new build you would have all the slick and glossy brochures of what it'll look like finished, maybe a show home etc. Selling a private house you won't and will be needing your prospective buyers to just 'imagine' what it will look like and what the quality of finish will be, and trust that your builders will do things to a good standard.

So trying to sell it now with some more building/renovation / install work committed and not done, seems like a tough ask. If you mean not just a 'working' house with electrics, but with all the other committed works done too (new kitchen, bathrooms etc) - then you are giving the buyers a clean slate to do their own wallpapering and flooring etc and some people might find that more attractive than having you spending your own money putting in something boring and neutral and wanting a higher sale price.

You will definitely restrict the number of people who want the house if all the walls and flooring need doing because loads of people want something acceptably clean and livable and will plan to just redecorate bits and bobs to their taste over the next decade. So a quicker sale would be possible if you are offering a completed house. You just might not make your money back on the work.

"Dressing" a house for sale with strategically placed furniture and a lick of paint is one thing, but buying a cheap but brand new carpet or laminate floor that the buyer won't want to keep - or even an expensive wood floor where the buyer might prefer carpet or vice versa - is not something that would necessarily make you money. Because they'd be paying for something "brand new" without wanting to pay"new price" because it's not what they would have chosen with their own DIY budget.

I would guess if you want a broad market appeal to get a quick sale at a decent price, get the place finished, keeping the decor a bit neutral. If you're willing to wait around for someone who wants to do all their own choices on the walls and flooring and has the budget and time for that work before they move in, it might take you longer to do, so if your "reasons" mentioned in the OP are that you need to get your cash out and into something else quickly, it may be counterproductive to *not* do the finishing work, if you see what I mean

At the right price, anything will sell, even an empty shell needing electrics etc - you are proof of that, as you bought one. So you can't say the house *needs* to be finished before it will sell. But just thinking on timeframes etc - you mention you recently bought the house - mortgage lenders generally don't want to get involved with buying a house that the previous owner has had for less than 6 months. So to get more money by appealing to people who need mortgages a are not cash buyers, you might have to wait a bit. And while waiting, you could do some basic decoration to tidy it up so it's more livable.

Doozergirl

dllive wrote: »

Ah ok. Ill wait until the builders have finished before getting valuers.

What are completion certificates? Do builders/eletcricians give this out as a matter of course to basically say "everything complies to building regs"?

If you know that everything complies to building regs, then there must be a building control officer inspecting that for you? eg. You have buiot foundations for an extension - those needed inspecting as part of an application for the said extension.

It might be a matter of course for good tradespeople to organise this, but it's not a conversation that should be taking place once work starts.

If you aren't finishing crtain items then it would be a good idea to have things under different applications, so you can show that the extension is not finished but that others items are, and have been signed off.

eddddy

dllive wrote: »

What are completion certificates? Do builders/eletcricians give this out as a matter of course to basically say "everything complies to building regs"?

TBH, it's a little bit worrying that you're asking this towards the end of the project.

Hopefully your electricians are qualified, so they can self-certify their work. But regarding building work:

On small projects, or when changes are made to an existing building, approval may be sought by giving a 'building notice'. In this case, a building inspector will approve the works as they are carried out by a process of inspection.

Link: https://www.designingbuildings.co.uk/wiki/Building_regulations_completion_certificate

Depending on the type of building work you're having done, it might have needed to be inspected as the work was done.

Once it's finished (and covered up) it may not be possible to get a completion certificate.

anselld

dllive wrote: »

Ah ok. Ill wait until the builders have finished before getting valuers.

What are completion certificates? Do builders/eletcricians give this out as a matter of course to basically say "everything complies to building regs"?

Some do as a matter of course, some wait to be asked, some pretend they don't know!

Worrying that you have got this far without finding out, but it is going to be asked by buyers or their solicitors so you need to know ...
https://www.gov.uk/building-regulations-approval
https://www.planningportal.co.uk/info/200128/building_control

hazyjo

You might want to keep an eye on this thread:


https://forums.moneysavingexpert.com/discussion/5843324/financing-a-property-mid-renovation