• A house that is sold for less than market value or for a discounted price because it requires significant maintenance or repairs.

dress up, spruce up, beautify, repairable


Related Terms and Acronyms

  • Betterment Definition,
    • An improvement or replacement that increases a property's value.
  • Broom Clean Definition,
    • Ready to be cleaned and painted. The term does not mean immaculate or spotless or entirely clean.
  • Curable Defect Definition,
    • A problem with a property that can be remedied. Peeling paint is a curable defect, but location in a crime-ridden neighbourhood is not.
  • Curb Appeal Definition,
    • The look of a house when viewed from the street.
  • Investment Property Definition,
    • Property bought with the hope of it making money.
  • Sweat Equity Definition,
    • The value of the work put into a house by its owner. This can be used in place of a full down payment. Up to and including 50% of a down payment.
  • Tear-down Condition Definition,
    • A house that is bought so it can be razed to make room for a newer house; usually located in a spectacular setting.
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