I've been asked to provide a probable sale price on a property that is partially renovated. It is approximately 70% complete. The house was gutted to the frame and has been rewired, new plumbing has been installed and the drywall is up. However, there is no trim. There is no kitchen and the second bathroom is incomplete. Some work on the floors is needed also. The basement also needs finishing. And if someone wants to be thorough, they still have to design and complete the landscaping.
So, there are two values at play here. How much is it worth "as is"? Also, how much "would it be worth" if all of the renovations were complete.
Before I provide and estimate of value, I've arranged for a couple of contractors to look at the house and give me an estimate of what it would cost to complete the job. This will involve a designer, a stager, and a fair amount of money to buy appliances, window coverings etc. The home owner can then decide if it's worth his while to spend the time and money to finish the renovation before selling.
This is a tough one. I'm going to call a fellow Realtor so we can do some brain storming on this. I need more information.