Flip Flop

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.