According to a company that provides Sydney plastering services, there are reports of houses in Perth being sold in the middle of a renovation. These houses are practically half-built when listed on the market. This is because majority of home builders are stopping midway with their projects as an effect of the housing boom.
Renovators initially wanted to start the project in order to get bigger profits afterwards to take advantage of the skyrocketing prices of properties on the market. The problem is that the prices of homes in Sydney are currently declining. Knowing that these companies are going to suffer losses, they decided to stop many constructions and renovations midway.
One of the incomplete houses for sale is located in Ermington. It needs around $200,000 in order for the construction to be finished because the living area and the bathrooms need to be completed. There is another unfinished house listed in Kirrawee because the owner decided to stop the renovation. The property is supposedly being transformed from a three-bedroom house it will be converted into a duplex. There is only way to go for this property – to either fixed what was broken down or to continue to conversion into a duplex. Walls beams can already be seen inside the interior as the walls have been stripped down.
Connells Point in St. George features a luxury house that is only halfway done. For the work to be completed, the new owner must shell out between $500,000 and $600,000. This will complete the works already started and will cover the refitting of the rooms since all have been stripped down.
Michale Luck, a real estate agent, said that the half-finished luxury house is considered to be great opportunity for home buyers because it only needs a few finishing touches. It is considered to be a spectacular house after it is completed.
This is a chance for many Sydney plastering company to handle unfinished houses as there is an expected slowdown in construction of residential properties in the city soon. This is also a chance for buyers to buy a house and renovate the way they want it to.