If there is one particular fast method of getting rich quick legally, it would be flipping property. Flipping property involves purchasing a house or apartment with the hope that the price of said property will increase by a substantial amount in the near future, allowing you to make a killing in the process. Flipping property normally works best in a boom economy, but there are some tips that should be taken into consideration before one proceeds with purchasing a flipped house.
A little bit of legwork and research might save you a whole lot of financial trouble in the future. Do be on caution when you are dealing with a serial property flipper. Such a person could actually be nonchalant in ensuring that the property in their possession is not fixed up properly, with hopes that they can garner a larger amount of profit. The lack of exterior renovation or poorly done, patched up work might result in you forking out more money eventually to hire a home improvement contractor to fix things up.
It makes perfect sense to comb through the flipped house from top to bottom in order to be in a position where you are able to make a better purchase decision. For instance, do the windows need replacing? How about the gutter – is it broken or all clogged up, requiring a total overhaul? Should the roof exhibit signs of serious damage, it is also prudent to factor in the cost of replacement, and with that, the type of roof which you should settle for. All of these do require plenty of time and effort, so hiring a professional home improvement contractor to get the job done will save you a whole lot of time and potential heartache down the road.
Talk is cheap these days. Obtain a list of renovations which were done on the flipped house from the seller as well as the contacts of contractors used. Due diligence in researching those leads is important in establishing whether they are licensed and are backed up by satisfied customer testimonials. Should you notice that unlicensed contractors have been used, it would most probably translate to cost cutting measures in lieu of quality work and perhaps even safety.
We cannot stress the importance of making sure that the flipped house’s structural integrity is not compromised in any way. While all the exterior renovation might add a layer of gloss and shine, it is crucial that any house older than 75 years ought to have a structural engineer perform a once-over. A poor foundation is going to burn a huge hole in your pocket to have it restored and repaired, wiping out any possibility of a profit if you decide to flip the house in return. What’s more, it could prove dangerous to live in if there are no repairs done to the rickety foundation.
Owen Enterprises has a long history in helping ordinary folks turn their houses into homes. We are experienced to know which is the best way to spruce up a home while helping you save money during the renovation process. Do give us a call today and request for a free estimate. We would be more than happy to drop by your potential flipped house and assess what kind of work is required to make it hospitable and safe for your family.
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