Monday, October 27, 2008

Incomplete home renovations

Incomplete home renovations
Hard-up developers are giving up on unfinished homes, meaning a tidy profit for the next buyer

Susan Emmett
Pen y Bryn sits in a beautiful spot in the wilds of North Wales. Set in a bowl of rolling hills, with stunning views, it is an ideal location. Yet the condition of the property, which looks like a cross between a medieval castle in ruins and the remains of an old mine, is less than attractive.
It could be perfect – if only the work were complete. Sadly, the credit crunch and the banking crisis have taken their toll on the owners, Paul Hilton, 42, a sculptor from Liverpool, and his wife, Harpal Rai, 39, a fashion buyer. They cannot afford to finish the job.
“There is a huge amount to do,” Hilton says. “In the current market, there is no incentive to spend money I haven’t got finishing the place. Something has got to give.”
The couple’s mounting debt – they are also trying to sell their permanent home – means they cannot continue with their ambitious plans or dream of moving to a house in the country any time soon. They have had little choice but to call in the estate agents. The property is for sale at £350,000: still considerably more than they paid for it, but nothing like what they had hoped for.

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