Opportunities to sell real estate come at the least expected times. And although it is unusual, if you put your house up for sale you can receive offers even when the house is under construction or before it is completely finished.
In these cases, the sale is carried out under special conditions and its price may be “down” . But if you want to sell for an economic or personal reason and an interesting occasion arises, taking advantage of it may be a good choice.
On the other hand, if you decide to sell an unfinished house because you want to get rid of the property urgently, we have to tell you that the process is not easy and that the sale time can take a few months. In addition, during this type of operation problems or setbacks may arise, since buyers must assess many aspects, including the state of the work to ensure that, once completed, they will obtain habitation permits without problem.
As experts in the real estate sector, from Sky Marketing we advise you to be advised by professionals to close any sale with all the guarantees, especially if you want to buy or sell an unfinished house.
Why sell an unfinished home?
Selling an unfinished home is more common than we think, especially in times of economic crisis.
This decision is also common in families or couples who buy an off-plan apartment or who are committed to self-promotion but who, during the execution of the project, must move from the city or neighborhood, especially for work reasons, so they sell his house under construction to be able to acquire another.
Developers and individuals can find themselves in this same situation who see the opportunity to buy land and build as an investment to, after a while, sell the property.
3 Basic tips for selling a house that is still under construction
The steps to sell an unfinished home are the same as if you want to sell a finished home. Obviously, a fully finished house has more potential, but if you choose a good time and the real estate market situation is with you, you also have many options to sell.
In any case, if your intention is to sell an unfinished house, it is important that you consult and follow some practical advice to find a buyer in the shortest possible time.
Bet on order
The works are visually chaotic, especially when several guilds work at the same time (masons, plumbers, carpenters, plasterers, etc.) with their tools and materials. If you have to take photos of the house or if you want to organize a visit, the ideal is that you do it when the professionals are not working and when all the material is collected.
Ask the construction manager to accompany you during the visit
One of the advantages of selling an unfinished house is that you can ask the project manager or architect to show it to its future owners and explain all the properties and possibilities of the property, the type of materials that are being used or the finishes, as well as the duration of the works or the approximate date of completion.
In these cases, it may be convenient to draw up a “planning” to know how the work is progressing and inform potential buyers about it.
Collect all the information
As with any other sale, if you want to sell a house that is unfinished you will have to collect all the information related to the project and make it available to the buyer.
Some of the necessary documents are the Inscription in the Mercantile Registry, the plan of the house, the data on the useful surface, the memory of qualities, the Inscription in the Property Registry or the data related to the total price of the house.
Do you want to buy an unfinished or off-plan home?
These are the steps you must follow:
As happens when we buy a house off plan, if we want to acquire an unfinished house, we must take some precautions. In both cases, whether it is in the process of construction or if it is off plan, we can buy the home from a developer / builder or an individual.
If you want to buy a home under construction or off-plan, it is essential that, before starting any procedure, you investigate the entity, company or person that sells the house and that you verify that the land and the project is yours. Doing so is simple: you only have to request the information in the Property Registry.
We also advise you, in both cases, to review the clauses of the sales contract and request from the owner all the data related to the house (detailed description, plans, technical and geological reports, NIF to make the appropriate checks in the Mercantile Registry, key delivery date, etc.).
If the house you want to buy is under construction, the selling party had to apply for a building license at the time. This document guarantees that the project complies with the regulations and that it complies with the municipal ordinances. Doing this check is essential so that the work can continue its course.
If you want to buy a house off plan, you should also ask the developer or builder if they have the corresponding license.
On the other hand, it can give the impression that both construction homes and off-plan homes allow all kinds of changes and customizations. However, any modification must conform to the project endorsed by the Architect and by the City Council.
When can I register the property in the Property Registry?
Once the work is finished, the municipal architect will verify that the work has been carried out as stipulated in the project. If everything is correct, you will obtain the Final Certificate of work, the document that will allow you to register your home in the Property Registry.
Both this certificate and the cadastral reference of the property are necessary to obtain the First Occupation License and to register basic supplies such as electricity, gas, water or telecommunications services (Internet, telephone, etc.).
Can I sell my house without having finished paying for it?
Yes. In our blog you will find useful and complete information on how to sell a house or a flat that you are still paying for. The options you have in this case are three:
- Completely pay off the mortgage with the sale of the property.
- Subrogate the mortgage and offer the sale at an affordable price to the buyer.
- Apply to your bank for a bridge mortgage.
Check the building license (to see if it is expired or if it is still valid) and all the documentation, consult an architect or surveyor to indicate the status of the works and hire a professional to check the facilities (both the incomplete like those that are finished) are three of the first steps you should take if you want to buy an unfinished house.
If you want more information about the sale of flats and houses in your city or if you are looking for an investment opportunity. Tajarat properties is your trusted online real estate agency.