6 Things to Watch for in a Flip Home
If you’re planning to buy a home that was flipped, there are six things you need to keep an eye out for as you look at different properties:
1. Make sure that all the systems work. Flip on all the switches, breakers, faucets, etc., just to make sure that they operate like they should. Sometimes, non-professionals end up flipping homes, so it’s possible that mistakes could have been made.
2. Check the kitchen. The kitchen is where people spend a lot of their time cooking, socializing, and entertaining, so make sure that it’s attractive and in good condition. Check around the sink for leaks, make sure drawers and cabinets open, and look to see if the fridge is flush with the wall. If the flippers did the kitchen well, it suggests that the rest of the house was properly attended to.
3. Check the bathroom. Make sure that the plumbing works and isn’t grimy, and that the room’s other features are up to scratch. Like the kitchen, the bathroom is a good gauge for the overall quality of the home.
4. Check the floors. Tile, laminate, and waterproof vinyl flooring are awesome selections, but sometimes people don’t cut them properly, and so they’re not lined up properly with the wall. That’s just not good craftsmanship, and fixing those mistakes can be a hassle for you. If you partner with a great Realtor, though, you can use that as a negotiating tool.
5. Check the finishes. The finishes ought to be done well, the roof should be in good condition, and the water heater should function properly and be accessible to you or any service technician who needs to work on it.
6. Check the seasoning. There needs to be a seasoning for the financing on a flip home if you’re using an FHA loan to finance your purchase; I believe that period is 120 days. In other words, the person who bought it will have to have owned it for 120 days before you could purchase it with an FHA loan. Don’t get your hopes up for something that was flipped only 60 days ago.
Please reach out to us if we can ever help you buy a flip property or any other type of home. We’re always here to add value to your real estate experience.