We started renovating... then we ran out of money.

Should I finish incomplete renovations before listing?

The short answer is... don't panic. Let's look at where you're up to first.

I see this more often than you might think.

People start renovating with the very best intentions.

Life happens.

The budget blows out.

Unexpected expenses come along.

Or quite simply...

The money runs out.

Before long, they're left wondering whether they can even sell the property in its current condition.

The good news is that every situation is different, and there are usually more options than people realise.

Where I like to start

The first thing I like to understand is exactly what's incomplete.

There's a big difference between a home that just needs a few finishing touches and one that's missing an essential part of the home, like a functional kitchen or bathroom.

That's because incomplete renovations don't just affect how buyers see your property.

They can also affect whether buyers are able to obtain finance.

For example, if the property no longer has a functional kitchen or bathroom, some lenders may consider it uninhabitable. That can make it much harder for buyers who need finance to purchase the property, which may reduce the number of potential buyers.

Cash buyers generally don't face those same lending restrictions, but the reality is that most buyers rely on finance to purchase a home.

That's why it's important to understand exactly where your renovation sits before deciding what to do next.

I've seen this happen so many times

I've met plenty of homeowners who felt embarrassed because they'd started renovating and couldn't afford to finish.

Please don't be.

It happens more often than people think.

Sometimes finishing the renovation is the best option.

Sometimes it's better to sell the property as it is.

And sometimes there's another solution altogether.

Until we've had a proper conversation, it's impossible to know which option is likely to give you the best outcome.

What if I've simply run out of money?

If that's your situation, I'd really encourage you to have a conversation with me before making any decisions.

Many people don't realise that before becoming a real estate agent, I spent more than 25 years working in the finance industry, and I still hold my Credit Rep Licence today.

That means I'm licensed to discuss certain finance options with you if you're comfortable doing so.

Depending on your circumstances, there may be solutions available that could help you complete the renovation without having to refinance your home or increase your existing mortgage.

These types of facilities are generally designed to be repaid once your property settles.

Like any financial product, there are eligibility requirements, costs and terms and conditions, so it's important to understand whether they're suitable for your circumstances.

And if another lending solution is more appropriate, I'm also happy to point you in the direction of a trusted mortgage broker who can guide you through the options.

The important thing is knowing what's available before deciding your next step.

How I look at it

I never like seeing people feel stuck.

An incomplete renovation doesn't automatically mean you've made a mistake.

It simply means we need to work out the best path forward.

Sometimes that's finishing the renovation.

Sometimes it's selling the property exactly as it is.

Sometimes it's exploring finance options that make completing the work achievable.

Every property is different.

Every person's financial situation is different.

That's why I think the best place to start is simply with an honest conversation about where you're at and where you'd like to end up.

Cheryl's Tip

If you've run out of money halfway through a renovation, don't assume your only option is to sell the property unfinished.

Before making that decision, have a conversation with someone who understands both property and finance.

Let's Talk

Every journey is different

The information in this guide is general in nature and isn't intended to replace advice that's tailored to your individual circumstances.

If you've started renovating and you're unsure what to do next, I'd be more than happy to have a conversation, look at your property and help you explore the options available to you.