How Do I Avoid Major Mistakes When Flipping a Home?

 Contrary to popular belief and what you see on TV, flipping a house is different process filled with many pitfalls along the way. As a buyer of a potential flip, you need to make sure that you do a thorough inspection when previewing the property prior to purchase. When a potential buyer does the first walkthrough in a home, there usually are red flags that will pop up, and all you have to do is look around to spot them! Here are 3 warning signs that a home is not a good candidate to flip.

  1. Structural Issues

Curb appeal is everything. It's the first thing you see when you drive up to a house. During the first walk-around of the exterior of the home, be sure to check if there are any cracks in the foundation. This can be a sign of trouble to come. If structural issues are not taken care of properly, it can prohibit a buyer from reselling the property or cost a lot of money to repair.

Be sure to hire a qualified engineer to certify that the property is structurally sound:

  • A floor that is not level can also be a telltale sign of foundational issues.

  • Some slants, if not major, can be remedied easily and won't take up a big portion of your rehab budget.

  • A roof can be a costly repair, so make sure a roofer inspects it to make sure it will pass inspection when under contract and that there is not any rot in the plywood.

  1. Plumbing and Water Damage Issues

Most plumbing and water damage are difficult to detect, however, if repairs are needed, these can eat up a significant portion of your flipping budget. To avoid plumbing and water damage, check for spots on the walls that look discolored and feel the walls to see if they’re soft or mushy or use a humidity detector to be sure. If you see any of these issues, call an experienced inspector immediately to check if there is any invisible further damage. These projects are not only expensive to fix but can also be extremely time-consuming. 

  1. Toxin Issues

Upon the initial walkthrough, you should be able to see signs of any toxin issues. Toxin issues can be anything from old houses with asbestos in the walls, mold from water damage to a vermin issue. All these pose serious threats to a buyer because correcting them is expensive.

Vermin issues can be extremely destructive both externally and internally. Such vermin’s include mice, rats or termites.

Be sure to look long and hard at a property before investing. If any of these warning signs pop up, you know to be cautious.

If you want more tips to a successful flip, reach out to me today!

Venture One Realty has recognized that Connecticut Homeowners need and want a way to keep more of their hard-earned equity when selling their home. Our Clients save Thousands of Dollars without sacrificing the services that are critical to maximizing the sale price of their home. We offer all the same MLS exposure, marketing tools, technology, quality of service, expertise, and personal attention as the Other Realty Companies but without the costly Real Estate Commission. You pay only 1%.

We are a full-service Real Estate Agency that will manage the entire home selling process from listing to closing. You get everything you would expect from a traditional Real Estate Agent but with the added benefit of working with a technology enabled and customer focused team of Agents. Our results speak for themselves.

Comments

Post a Comment

Popular posts from this blog

Guiden för dig som vill komma igång med Fortissio

 Är du intresserad av valutahandel men vet inte riktigt var du ska vända dig? Då kan vi rekommendera nätmäklaren Fortissio. För att du ska kunna komma igång snabbt och enkelt har vi satt ihop en sammanfattad guide om allt som berör Fortissio, där vi går igenom allt du bör veta om vad det är, vad det innebär och hur du använder det med framgång. Innan vi sätter igång vill vi bara vara tydliga med att poängtera att i och med att det rör sig om valutahandel så finns det alltid en viss risk för dig som användare. Detta gäller även då med nätmäklaren Fortissio. Samtidigt finns det lika många fördelar med Fortissio som det finns med andra liknande nätmäklare och plattformar, så länge du är medveten om vad det innebär och vilka risker som finns. Förhoppningsvis kan denna guide göra det hela lite tryggare! Vad är Fortissio? Fortissio är, som tidigare nämnt, en nätmäklare där du som användare kan ägna dig åt olika typer av valutahandel. Närmare bestämt erbjuder de dig att syssla med vad de ...
Read more

Desktop As a Service - Beneficial

Image
 Have you ever heard of Desktop as a Service, or otherwise known as the acronym DaaS? Many of us would be unaware that isn't a foreign word but instead an abbreviation. So, if you are not aware of what it means, how can you know accurately what it actually does. Some people will be aware of what this is and what it means and so on, but for the rest of you, you are probably looking blankly at your computer screen. This service is more than you could think, basically it provides for people to stay connected remotely. This may not seem like a big deal but trust me it is, enabling co-workers and businesses to access work and stay in contact literally anywhere they go. One of the best additives for any company in this system. How could the ability to access your work from anywhere on the globe, as long as you have an internet connection, be a bad thing? This allows so much extra certainty and flexibility. Many of us do not wish to work constantly, but when you can take your work with yo...
Read more

best business Online News

  Online news is an essential part of any business. By keeping up to date with the latest industry news, you can stay ahead of your competition and maintain a respectable image. In this article, we'll show you how to find the best online news sources for your business and how to use them to your advantage. What is online news? Online news is a form of journalism done through blogs, websites, or other online platforms. It is a way to disseminate information quickly and widely, without a traditional printing or broadcasting process. Online news sources can be either   douglas wright hklaw traditional media organizations, such as newspapers and broadcast networks, or independent sources. The history of online news When was the first online news website created? The first online news website was created in 1993. It was called The World Wide Web, created by Tim Berners-Lee. Types of Online News There are three types of online news: general, business, and technology.  Gene...
Read more