The home flipping process can take any house and turn it into a dream sanctuary, but be careful! While a listing might look perfect on the outside, not every home condition is in tip-top shape. Before you sign on the dotted line, there are some things you should be on the lookout for. With these few tips, you’ll be a pro at your next walk through.
1. Underneath it all
When purchasing a flipped property you must be wary of any mold issues. Many flipped properties were at one point distressed properties and may have had water issues. The investor who picked up the property may or may not have tested for mold or might have just painted over it. Pay for a mold test for peace of mind.
2. Cover yourself
Check the roof, its age, any potential leaks, or paint overs. Replacing a roof is a huge investment and many investors will not want to put that much money into a replacement if it isn't absolutely necessary. You can check with the city where the property is located for permits on how new a roof really is.
3. It’s electric
On older properties, the electrical and plumbing may not be up to code. Investors will not replace electrical panels or update plumbing connections unless there is a problem. Hiring a good company to perform an inspection is key to finding out all the details regarding your plumbing and electrical work on your property. You can use a well-researched inspection report to negotiate on the price of your soon to be property.
Remember, not all flipped homes have issues! Don’t be afraid to keep these options open when you’re shopping the market for a new home. For more flipped home advice, check out the article below, or give us a call at 561-713-8872.