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 finished.
In these cases, the sale is carried out under special conditions and its price may be “downward”. 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. You can get the best Villas & Houses for Rent in UAE if you want to stay in Dubai at affordable rates with exotic places. Contact Zoom property and avail of this opportunity now.
Also, 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 a problem.
As experts in the real estate sector, at Replace we advise you to obtain professional advice 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, during the execution of the project, must move from the city or neighborhood, especially for work reasons, so they sell their houses under construction to be able to acquire another. In the same situation, developers and individuals can find the opportunity to buy land and build as an investment too, 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 you intend to sell an unfinished house, it is important that you seek advice and that you 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 (bricklayers, 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 to 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 to inform potential buyers about it.
Collect All The Information.
As with any other sale, if you want to sell an unfinished house you will have to collect all the information related to the project and make it available to the buyer.
Some 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 at 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 request a building permit at the time.
This document guarantees that the project complies with regulations and that it complies with municipal ordinances. Doing this check is essential for the work to continue its course.
When Can I Register The Home 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 property’s cadastral reference 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 an apartment 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.
- Surrogate the mortgage and offer the sale at an affordable price to the buyer.
- Request a bridge mortgage from your bank.
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 tell us the status of the works. And hiring a professional to review 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.