Q:For my latest development, i am thinking of marketing now with a local agent before i start fitting bathroom, kitchen, heating, tiling, etc. The idea being for a quick exchange and delayed completion, similar to new builds i suppose. Also if a buyer comes along soon enough, they can chose there own colours, fittings etc. In the past i have waited for the house to be finished, dressed and then market which means more time. The agent is happy to do this with something like "Coming Soon" in the window. He and i will have pictures of what the house will look like when its finished. Just wondering what all you buyers out there think. Would you be interested in an unfinished house? Would you like to chose your own fitting?
Only now is he considering this option and coming on here to find out
whether it's a good idea.
This tells me 2 things-
He is a chancer and he is skint.
As Warren Buffet says -
"it's only when the tide goes out that you find out who has been swimming naked"
I sound like such an idiot, I wish I'd never said anything!
I'll send you a link for my house guy. You tell me what you think .
Give it a shot, nothing to lose & report back how you get on, but beware spec creep.
is the formula 1/2a x b2 = cxp + by any chance guy?
Seriously, I'd love to know your formula… might be able to use it if we ever buy a house again!
As buyers, we went to see a house that was being done up by developers recently and many things were half finished… kitchen cupboard doors not on, back garden not turfed, electric sockets and light switches not fitted, tiling in the bathroom not done, driveway not tarmaced, broken window needed fixing, to name but a few bits (all of these things the developer insisted would be done before completion). He told us he was spreading all these 'last little bits and bobs' over a period of time until completion so as not to leave a perfect property empty day and night.
Whilst I could see his logic and wanted to believe him, as potential buyers we would not take the risk of exchanging before all these things were done. Even assuming the contract stated that these things would be finished prior to completion, experience has taught us that, in effect, this would not be worth pursing through legal channels should the developer not keep his word.
I am sorry to say that I no longer trust many people to keep their word when it comes to house buying/selling/renting…. experience has taught me that at least 50% of perople lie in these situations and unfortunately I am unable to tell which are the 50% who are actually telling the truth so I'd rather not take the risk.
guy is right in that a valuer has to value as they see the property so if it doesn't have a kitchen etc. then it is potentially unmortgageable. I don't think as a small developer that you will get anyone to agree to a quick exchange The then issue is that you have to wait for the valuation which results in a mortgage offer – leaving you potentially with a property specced up to someone elses specification that they can't actually buy.
I wouldn't do it. I think a property holds most value when it is finished and will hold most appeal when it is finished. It's different when a developer has a showhome and invests bags of money in an interior designer. It does much of the work for them.
I'm learning that there is a formula for interiors that seems to appeal to everyone.
When the mortgage valuer comes along, he will value it in its current state. If your buyer is getting a high loan to value, this could be a problem.
Could be attractive to someone who hasn't sold their own place yet. They see the house they can get, know what it will cost them and then sell their own place. Only problem is that they won't be in a position to exchange contracts until they have a buyer themselves.
But aren't you concerned that they will treat it a bit like buying off plan, and try and reduce the price? And you will have to give them a choice of finishes, otherwise I would be picking granite worktops and Fired Earth tiles What if they want to take the house in it's unfinished state, or ask you to make lots of changes?
What are the benefits for you in doing this, is it just a quick exchange?thanks for that. From a developers point of view, the benefits of trying this is the house is sold more quickly and from the buyers point they could have what they want/like. Obviously the buyer will have a spec sheet to work from and within reason could make certain changes. The house is not for sale in its present state. Just trying to find out from a buyers point if this is a good idea or not.
Wrong, as usual.
But aren't you concerned that they will treat it a bit like buying off plan, and try and reduce the price? And you will have to give them a choice of finishes, otherwise I would be picking granite worktops and Fired Earth tiles What if they want to take the house in it's unfinished state, or ask you to make lots of changes?
What are the benefits for you in doing this, is it just a quick exchange?
I think you've run out of money and are getting desparate.