4. Do some digging on the contractor who worked on the home.
Ask your real estate agent if they can find out what companies performed construction on the home. They may give you the name of the company or companies used (which you can then research), or they will let you know that the owner did the bulk of the work.
If the owner did a lot of the construction themselves, ask if you can see examples of their previous work. The more references, the better. However, if this is the owner’s first attempt at flipping a home, that isn’t necessarily a red flag. Just make sure the proper inspections were performed and everything was done up to code.
5. Rejoice in the convenience of having a fully remodeled home.
Once you tick all of the previous steps off your to-do list, it’s time to look at the perks of purchasing a flipped house. Many people dream ofbuying a fixer-upper homeand refurbishing it to their exact taste and style, but that requires a lot of patience, money, and time. Moving into a properly flipped home can come with several benefits:
- Everything is shiny and new. When buying a home, you often worry about when something is going to succumb to wear and tear and need to be replaced. A flipped house usually means that the owner resolved many of the home’s issues, so you can be comforted by the knowledge that the roof was replaced or the plumbing is updated.
- You can move in, unpack, and be done. No matter how organized you are, packing up your life and moving can be exhausting. Moving into a house that needs a lot of work can make it hard to relax when you’re constantly surrounded by the projects screaming to be done. Buying a remodeled home can be a relief for those who don’t want—or have time—to do house projects.
- You might get a flipped home for a better price. If someone is selling the house they live in, they will most likely wait for the best deal since the sale of their old home will be the primary funding for their new home.On the other hand, if someone is flipping a house, they often want to sell it as quickly as possible so they can invest their profits in the next project. This means they may be more willing to be flexible on the sale price. You may also be able to negotiate with the seller to pay your closing costs or add a home warranty. Though you can alwaysbuy a home warranty after closingon a home, negotiating one into the house purchase can help with your finances.
- You don’t have to wait for a custom build. Building a customized home can be a rewarding process because you can have everything built to your exact tastes. However, building a house from the ground up can often take longer than originally planned; if you’ve sold your current home, you have to find somewhere to stay until the new home is complete. Read more abouthow to build and design your own house.Often, flippers pay close attention to current trends. They make sure to update the home to popular styles so the property will sell quickly. You may be able to find a lot of the stylistic touches you were looking for in a flipped home instead of having to build a new home.
These are just some of the many perks of buying a fully finished and updated home.
Final Thoughts
So, is buying a flipped house bad? The answer is no, as long as you protect yourself and do your research. Many buyers might be hesitant to purchase a flipped home due to videos of flips gone wrong or stories they have heard from other homebuyers. However, buying a flipped house can be a great option for those who don’t want to renovate a property or who have a tight budget. There are many reputable developers and homeowners who take pride in their work and do all they can to make sure the home is of the highest of quality.
Remember to do your research, take the steps needed to make sure it’s a sound investment, and trust your gut. That’s the best way to find your perfect home, flipped or not.
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