Selling an unfinished building can be challenging because most property buyers seem to go for completed buildings rather than incomplete ones.
Most times, many of the buyers that you want to attract may not want to purchase an unfinished building and those who do show interest may make an offer that’s less than ideal.
Putting an unfinished building 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 health reasons may result in you having to sell your property, even if renovations are not finished.
If you are in a situation where you’ve got a property that is an unfinished project, and you want to sell this incomplete building, the following tips may be of help to you.
Virtual renovation
This is an easier way to sell an unfinished property. With Virtual renovation, buyers can visualize what an unfinished property could look like when renovated and this can be a deal-breaker. Virtual renovation is a technique in home staging that allows you to use current furnishings and decor to create virtually staged photos of vacant homes, especially unfinished ones, thereby producing exceptionally photorealistic staged photos for prospective clients.
Innovation/Creativity
Knowing how difficult it can be to sell a house not finished yet, it is important that you are creative and innovative in introducing your property to the public. To grab the attention of potential buyers, you can run advertisements using videos mirroring the lifestyle of future owners or owner of the property. People love luxury so using the luxury lifestyle angle in the ads are a plus.
Marketing
Of course, the importance of marketing in sales and real estate cannot be overemphasized. After launching your lifestyle film, virtual renovation pictures or other amazing content. It is now time to make sure it is viewed by as many people as you got. Oh can do this by creating a viral marketing campaign after which you can boost your content on social media with paid ads and organic posts.
Do the numbers
Helping potential buyers calculate and know how much it would take to complete the unfinished building can also help you in selling the property. You can have the builders draw up estimates on the cost of the home and when you introduce the unfinished building to buyers you also provide these estimates.
What you should know: It is pertinent to note that although selling an unfinished building has challenges, it also has advantages it offers potential buyers. Some of the pros include;
Uniqueness: The buyer has the opportunity to create a one-of-a-kind home. How the unfinished building turns out is totally up to him or her.
Customization: The buyer can change every little detail to fit their lifestyle and taste.
Control cost: Choosing the builder, workload, and pace of a project eliminates extra profits a builder could be gaining.
Additionally, when selling an unfinished house, you need to acknowledge the fact that any other investment you make in changing or renovating anything in a bid to make the building look better may not be seen in the sale price. Unless all works are completed and the home is finished, selling an unfinished building may not always get sold at the price you anticipate.
Recall that Propertydome had previously published an article on Valuable Tips To Note When Buying An Uncompleted Building In Lagos. The article gives buyers useful tips to note when buying an unfinished or uncompleted building especially in Lagos. The importance of checking the property documents as well as inspecting the building was emphasized as key tips. Read more here.
