With fresh paint and brand-new appliances, what’s not to love?
The latest rage is the buying, renovating and selling of houses. Television and the internet provide a fun filled exciting look at renovating a house. But making quick money flipping houses is not something that comes as easily for a layman. We have encountered houses that are cosmetically pleasing but not structural sound. The buyer may be a perspective flipper or the purchaser of a renovated house. Either way, they must be protected.
DON’T SKIP THE HOME INSPECTION PROCESS
“Why bother with an inspection when he plans on tearing kitchens and bathrooms out”. This is a rookie viewpoint and a big mistake. A layman cannot see defects or predict potential issues like a qualified home inspector.
HIRE THE RIGHT INSPECTOR: Your inspector should be licensed, have many years of experience and be familiar with renovation process.
Home inspections are not warranties and we cannot see behind finished areas. But a thorough home inspection is your best bet in avoiding a financial flop.
Here’s a checklist that will help your buyers in this process:
- Who was the flipper? Has he/she flipped previous houses? What is their reputation and credentials?
- Check that all permits were filed for all systems installed and for all major repairs, roofs, etc.
- Is the basement finished? If so, check for permits.
- Who were the contractors that worked on this flip? What is their reputation and credentials including proper licensing?
- Gather all receipts and warranties for all major work completed.
- Hire the best qualified home inspector. Accompany him on the inspection and thoroughly review the report provided. Make sure he can identify and communicate why really matters in your deal.
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