If you’ve set your sites on a home that was flipped you need to take precautions. It sounds exciting, having all the renovations already done. You could get a beautiful home with all new features ready for move in. But remember, someone who is flipping a home is looking to make a profit. You want to make sure that profit hasn’t been increased by shortcuts on the repairs. Here are some tips to make sure that you’ll want to buy the flipped house.
- Research the seller – If the seller does a lot of flipping, then he’ll have a reputation. Check with your real estate agent or others in the business to see what that reputation includes. Get references if possible to find out if others are happy with the renovations in their homes or if there is a history of shoddy workmanship.
- Get a list of the repairs – Find out what repairs were made before the house hit the market again. Be sure to check those items carefully to make sure they were done properly. If the home is over 75 years old be sure foundation repairs were made or get a structural engineer out to check that the house will stay standing.
- Ask about the electrical and plumbing – The fixtures may have been changed out, but that doesn’t mean that the electrical has been updated. It’s an easy way to fool an unsuspecting home buyer into thinking it’s top of the line while saving a whole lot of money.
- Check every feature – Flush every toilet, turn on every light and test every faucet. It may seem like a small issue, but it proves if the seller has paid attention to all the details correctly.
- Go above a home inspection – Don’t skip out on this. You need a professional to make sure that you are not paying for a “new” feature that is not properly installed that will need to be replaced shortly after you move in. Be sure to have the roof, sewer line, chimney, termite and asbestos inspected. This may take a lot of time and effort, but it’s important that you do your due diligence when it comes to buying a flipped home.
If you’re thinking about buying a flipped house, take your time investigating the house and the sellers to make sure that you’re not being taken advantage of. For more information or help on checking a home you are thinking about buying, call Helen today at 847.967.0022 or email [email protected].