Sunday, 29 November, 2020

The Art Of The House Flip – How To Flip A House


Whether you’re buying or selling a home, that home needs to be inspected by a professional home inspector. It’s his job to find problems that need to be dealt with. Whether they’re safety and health hazards or just annoyances, if he doesn’t find them, somebody else will, and there will be trouble down the road later. Many times the problems found can be solved easily before they become major.

The number one problem faced by new homeowners is mold. You read about it in the news. Every week I get a call from an attorney gathering info for a lawsuit against a home seller and their real estate agent. The topic is always mold.

These vents are designed to let air flow through crawlspaces. This house may not have a crawlspace. But if it does, check the vents. Do they open and close? Some builders slop concrete on them and they are permanently open or closed. Potential mold and wood rot problems can result.

You should not repair houses without proper inspection. Let’s say you found a property for $50,000 and the owner is willing to slash a few more G’s from that price if you purchase the house within the week. You rush to get the cash ready and pay that owner his $45,000. After all, you’ve seen the property and think it only needs a new coat of paint. You are then surprised to find that the house needs major repairs in the foundation as discovered by your contractor, who of course has more experience in construction than you. Always remembers, hire a professional Palm Springs home inspector or at least someone who has experience when checking out a property.

Plumbing – Plumbing problems can always lead to bigger plumbing problems and possible damage to the home’s structure from past leaks. Though it is generally relatively in-expensive to get minor plumbing repairs done to a home a fully functioning plumbing system is a “must have” for pre owned home purchases.

Affordability — Before you take the first step in the direction of buying a new home, it is important to know regardless of whether you can afford it, and if the answer is yes then what is your budget range. Setting a price range helps you streamline your research, so you can look at homes within your budget.

When rehabbing a house, you must also survey the neighborhood where your project is located in. This will help you determine the ARV, or after repair value of your property. Check out similar properties rehabbed in that area and ask how much they were sold. Surveying the area will also give you more ideas on the repairs and improvements you are doing. What paint color will suit the architectural style of that house? How many rooms and baths do houses in that area usually have?