3 Issues To Look For When Buying Homes To Flip
Posted on: 3 February 2017
Flipping homes is a popular event today, and you can see this by turning on a home improvement channel on your TV. If you are interested in doing this, it is best to find a home that is priced right that only needs facial or surface work done. If you end up buying a house to flip that needs major work, it may be hard to turn a profit on it. As you look for homes to flip, try to avoid purchasing homes that have any of the following three problems.
Foundational Issues
A house is only as good as the foundation it rests on, which is why you should avoid homes that have major foundational issues. Minor issues can be relatively easy and affordable to fix, but major problems can cost thousands and thousands of dollars. It's also important to realize that timing is vital when flipping homes, if you expect to make money. This is important to know because fixing issues with a home's foundation can take a lot of time and effort.
Water Damage
While minor water damage is really not a huge deal, major water damage is. Major water damage can destroy the wood used to build a house, and it can leave a home full of mold. The problem with this is that you may not even realize the extent of the water damage until you start ripping old drywall off the walls. When you do this, you may end up with a lot of extra expenses if the insides of the walls are covered in mold.
If you are not sure how severe the water damage is in a home, hire an inspector to check it out for you. This will give you a good idea as to how much work the home will need.
Electrical System Problems
Electrical system problems can also be a nightmare to fix in some cases. For example, if you buy a house that is really old and needs the entire house rewired, it could cost a lot of money. It can also be a lot of work, simply because you will have to cut open a lot of the walls in order to install new wire and remove the old wiring system. If a house needs new wiring, you cannot skip doing this. Old wiring is very dangerous in a house and can lead to fires if left too long.
If you would like to begin flipping houses, contact a real estate agent to help you locate some homes that are priced right and that need only facial work.
Share