Here are three helpful tips for purchasing a flipped home.
Flipped houses are all the buzz right now, but what are they, and how do they affect you as a buyer?
A flipped house is a property that is purchased, renovated, and sold for profit. Most of the time, these homes are move-in ready, which sounds wonderful. However, the quality of the work and the experience of the flipper can vary widely. Here are a few things to consider before buying a flipped house:
1. Be wary of poor repairs. Are there crooked cabinets, broken tiles, or water spots? If something looks like it’s been painted over, it should raise a red flag. Make a note to yourself if you see something fishy.
2. Look for experienced flippers. A pro flipper is awesome. They’re not out for a single transaction; they want to make a business. They know the key factors that will affect your financing, and their work is consistently high-quality. It’s what they do for a living, so bad repairs would only hurt their reputation.
“Bad repairs should be a big red flag.”
3. Ask questions. Ask anything that comes to mind. Your agent is there to answer them for you. Have multiple inspections, speak with a service professional, and don’t let the shiny newness blind you to potential problems.
If you have any questions about buying a flipped house, selling a home, or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.