- A house that is sold for less than market value or for a discounted price because it requires significant maintenance or repairs.
spruce up, beautify, dress up, 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.