Buying a flipped home can be tempting for many reasons. They can be a pit of mistakes too; so it is important to make sure you have the knowledge of all that could go wrong? There are benefits to buying a flipped home — just be sure to do your homework first. Otherwise there is every chance the flip home can become a flop investment for you.
Make sure to take time to evaluate the pros and cons as most flippers want to unload their property quickly, so there are usually some shortcuts involved which may lead to long term pains;
Here are five ways to make sure your flip doesn’t become a flop.
1. Sellers: Find out as much as you can about the sellers. Generally if they are experienced flippers they may be popular and known among real estate agents or home inspectors. If you ask around you may also know whether their reputation stands up. This helps to decide further if you want to buy the home or not and how easy or difficult would it to maintain this home.
2. Due Diligence: It goes without saying that you should always have your prospective home inspected, but this is especially important when buying a flip. And if any problems come to notice do not hesitate to hire an inspector with experience in that particular area.
3. Built: It helps to know when the home was built. This can also help you translate whether structural work has been done. You can easily estimate the repairs and the reason behind them was not to cover up underlying problems.
4. Peek: Take a peek at all the unexpected places. Ask the sellers if the plumbing, electrical system was updated and whether they have the paperwork to prove it.
5. Visualize: Most flipped homes are vacant, so when you view the house, walk in as though you own the place. Use the toilets, flip some switches, and turn on the faucets and stove burners. Open the windows and give the floors a closer look to see if they are faulty.
Have you bought a flipped house? Did you uncover any surprises after moving in? Share in the comments below!