My husband and I bought a house at auction in complete need of everything. Great neighborhood, nice lot, just a total mess. We are in drywall and finishing phase and have a ton of money sank into the project. We've completely gutted the place, full replumb, new electrical wiring/box/service, all new fixtures, floors, trim, appliances, doors, fireplace rehab, everything inside is new, opened floor plan, etc. New roof, siding, trim, new wrap around porch, deck, everything exterior down to the landscaping. We are still and projected to be profitable, but obviously we could list for more if we could list as new construction. I ask because of the level of reno and a project in the same neighborhood, that was also a huge reno, just got listed as new construction. We live in PA, just outside of Philly. Does anyone know of any guidelines or have any advice for listing a serious reno to get the max money for it? Thanks so much!
My husband and I bought a house at auction in complete need of everything. Great neighborhood, nice lot, just a total mess. We are in drywall and finishing phase and have a ton of money sank into the project. We've completely gutted the place, full replumb, new electrical wiring/box/service, all new fixtures, floors, trim, appliances, doors, fireplace rehab, everything inside is new, opened floor plan, etc. New roof, siding, trim, new wrap around porch, deck, everything exterior down to the landscaping. We are still and projected to be profitable, but obviously we could list for more if we could list as new construction. I ask because of the level of reno and a project in the same neighborhood, that was also a huge reno, just got listed as new construction. We live in PA, just outside of Philly. Does anyone know of any guidelines or have any advice for listing a serious reno to get the max money for it? Thanks so much!
Unless you tear it down and start over it ain't new construction.
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
7y
No such thing....unless you tore it completely down and rebuilt it from the ground up, it is not new construction. Someone may get get away with “advertising” one as new construction, but it will soon become apparent it is not. I would think the agent/brokerage would get in trouble for listing such as “new construction”.
My husband and I bought a house at auction in complete need of everything. Great neighborhood, nice lot, just a total mess. We are in drywall and finishing phase and have a ton of money sank into the project. We've completely gutted the place, full replumb, new electrical wiring/box/service, all new fixtures, floors, trim, appliances, doors, fireplace rehab, everything inside is new, opened floor plan, etc. New roof, siding, trim, new wrap around porch, deck, everything exterior down to the landscaping. We are still and projected to be profitable, but obviously we could list for more if we could list as new construction. I ask because of the level of reno and a project in the same neighborhood, that was also a huge reno, just got listed as new construction. We live in PA, just outside of Philly. Does anyone know of any guidelines or have any advice for listing a serious reno to get the max money for it? Thanks so much!
Unless you tear it down and start over it ain't new construction.
Real Estate Agent · Grand Junction, CO · Member since 2015 · 1k+ posts · 736 votes
7y
@Emily Hosage "like new" "full gut rehab" "old house charm with new house amenities" "better than new" (after all, it probably has established landscaping right?) - there are plenty of ways to get your point across without calling it new construction.
Real Estate Agent · Cleveland, OH · Member since 2019 · 359 posts · 295 votes
7y
@Emily Hosage did the other 1 that listed as new construction build from the ground up with new foundation, etc? If not then it's not new construction but it can be marketed as "like new." Its not going to raise your value to market as new construction for many reasons, most importantly being the appraisal will not consider it new construction thus if price point for new builds are a lot higher than Reno's then it won't appraise as such.