The idea of buying a flipped home is appealing to many homebuyers. What they might not realize is that the seller might have cut some corners in renovating the home to get it back on the market quickly. It is possible to find a high-quality flipped home, but you need to be careful in your search. Here are some tips to remember if you are planning to buy a flipped home.
Look at the Small Details
During the tour of a flipped home, it can be easy to get wrapped up in the major renovations, such as new appliances. However, it is important that you pay attention to the small details. They can often signal poor workmanship and point toward the potential for major problems later.
For instance, if there are gaps between the bathroom tiles, this could be a sign that the seller rushed through updating the floor. Worse yet, it could indicate that the subflooring is damaged and in need of replacement. If the problem is not uncovered until later, you could be left paying for the repairs.
If you notice any problems with the smaller items while touring the home, make a list. If you do decide to buy the home, talk to the home inspector about the issues you noticed. He or she can help determine if there is cause for concern or if you can proceed with buying the home.
Research the History of the Home
Even though the home has been renovated, you still need to know about the history of the home and neighborhood. Researching the home's history can give you information that can help you determine if it is a good buy.
Research can help you find out how long the seller has been working on the home. If the time spent working on the home seems unusual, inquire about the reason for the extended repair. You could uncover a problem that could have an impact on your homeownership in the future. For instance, did the seller run into problems with getting approval for the renovations from the homeowners' association? If so, you need to know what the issue was so you can be prepared for working with the HOA.
Your real estate agent can help you evaluate flipped homes that you are considering. He or she can use experience to help weed out homes that are not the deal they seem.Share