How Do I Avoid a Disaster When Flipping a Home?

How Do I Avoid a Disaster When Flipping a Home?

Contrary to popular belief, flipping a house can be an arduous process filled with a rollercoaster of emotions along the way. As a buyer of a potential flip, you need to ensure that you do a thorough inspection with a professional home inspector or contractor when previewing the property prior to purchase. When a buyer does the initial walkthrough in a home, there 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 issues are present and disaster may happen.

1. Structural Flaws

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 outside 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 when ready to flip.

Be sure to have a structural engineer come and certify the property is structurally sound. Things to look for:

  • A slanting floor 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 chunk of your budget.
  • A roof can be a costly repair, so ensure it is inspected to make sure it will pass a future inspection when under contract once renovation is complete.

2. Plumbing and Water Damage Issues

Most plumbing and water damage is easily overlooked, 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. These projects are not only expensive to fix, but can also be extremely time-consuming.

3. Recurring Toxin Issues

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

Vermin can be extremely destructive both externally and internally. Such vermin 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 on how to achieve a successful flip, reach out to me today!

Powered by HomeActions for Laura Schein Rossinow, Broker Associate, Keller Williams Realty, Newton, MA