Consider these important factors when looking at a flipped house.
A flipped home is one that has been purchased, renovated, or remodeled, and is now listed for sale for a much higher price than what it was purchased for. In many cases, flipped homes are purchased by investors who are looking to purchase a home below market value, fix it up, and sell it for a good profit. While not every investor will cut corners, there are a few things you should look for when viewing a flipped house.
Look at the Details
It can be easy to get caught up in the amenities of the home, especially is everything is shiny and new. However, it’s important to look at the home’s details to see the quality of the renovation. Consider checking light switch plates to make sure they’re snug into the wall, check that the crown molding lines up at the corners, and even open and close doors and cabinets to ensure they’re the right fit. Since you might be the first person to live in the newly renovated property, there are some issues, technical or cosmetic, that may need adjusting.
Book an Inspection
A flipped house doesn’t necessarily mean a new home or even a property in good condition. An inspector can check the contractor’s work and see if any shortcuts were made during the renovating process. If a home inspector finds any major problems, you’ll have the opportunity to pass on buying the home or negotiating the purchase price.
Learn About the Seller
Ask your real estate agent for some background information about the seller who flipped the property. Were they new to remodeling houses? Do they have a portfolio of their previous work? Did they use reputable contractors? Successful flippers generally want happy homeowners with few to no problems.
Need help on your next real estate move? Contact Dean Rathbun when it comes time to finding the perfect plan of action to buy your home. We are happy to help you.