How to Identify The Right Flip When Buying a Flipped House?
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In today’s age, flipping houses is a popular trend that one comes across. What is a flipped house? It is an older, distressed house which goes for sale. It gets purchased, remodeled and resold. This concept came into play a couple of years ago for a very simple reason. Why go through the hassle of buying and remodeling? Instead, buyers can make one single down payment and get a ready to move place. Over the years this has been trending.
Why? High incomes and demand for convenience serve as a reward for these updated homes. While 3D printed homes can solve the global housing crisis considerably, it’s still something that not many people look at first.
That said, flipping a house is easier said than done. Turning an old buy into a profitable one isn’t an easy a process considering that you have to make a profit as well. It’s a risk, more so, if you don’t know what factors to include. Some flippers do fantastic work. They are careful about the details in every corner. Making essential repairs with a modern touch, at the same time keep the element intact. But some sadly put together superficial mends to make a sale.
Read more: Seven Things To Check Before Buying a House
Here are some tips to identify the right flip
Are you buying a flip?
As a potential house owner, it is important to keep the basics in check. You would want to make a checklist of all that you need to do first so that you don’t miss out on anything important.
First, you have to make sure if you are buying a new property as is or has this house been flipped over. How will you do that? Check when the house was up for sale. If it was more than a year ago, then it’s a flipped property. Secondly, check the price difference between now and then. Lastly, to conclude, check the details of the house. Quality finishing is the key to a good flip.
Read and research
Get yourself educated. Essential to any right decision. Read books, get acquainted with the business, find good contractors and more importantly the right projects. Many contractors do a shoddy job and charge you for it. What’s more, they also do not follow building permits which are legally required. Without building permits, many flippers do a job which is a deviation from the permit requirements. You don’t want to be investing in a slapped-up job and land up living with the downsides.
Read more: How do I know the zoning of my property?
Observe and choose
Look at the house very carefully. Finishing touches are beautiful. But they usually tend to hide whatever is going on inside. Kitchen counters and sinks (especially below the sinks), smooth flooring, wooden flooring without the loose sawdust, no cracks in the paint – inside and outside, are some things that you might want to pay attention.
Keep looking at various properties before you set your heart on the one. If you take a good hard look, it is not difficult to differentiate the honesty from the haste.
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