As you begin your home search, there’s a chance that you’ll come across some recently flipped properties. At first glance, as you peruse the online listing photos, these properties may seem like your dream home. While they may be, scrutinizing these properties is essential so you can be confident that the construction was completed safely and soundly. If you are considering buying a flipped property, read on for what to look for.
Determine If the Home was Flipped
A home that was sold and then relisted within six to 12 months, and the listing photos appear to show new construction; it was probably flipped. Property records also indicate the previous owners, so if the property is owned by a business or LLC, it’s likely a flipped property.
Find Out the Original Purchase Price
You can check the property records for the last purchase price. If the current listing price seems too close to the original price, it may indicate poor quality of materials and craftsmanship. Also, if the property was bought and relisted in an unreasonably short timeframe, the construction may not be of the highest quality.
Learn What Construction Work was Completed
If you learn that the property you’re looking at was recently flipped, you can talk to the village or township to find out if permits were pulled for the work and if the work passed inspection. If permits weren’t pulled or the construction work didn’t pass inspection, this will become your problem when it’s time to sell the home. Also, look into the credentials of the construction company or individual who completed the work to ensure they are licensed and qualified.
Look for Visible Flaws
You don’t have to have a construction background to see if mistakes were made during the construction process. You can look for gaps in the doors, tile that doesn’t align, sloppy painting, cracks, water stains, uneven flooring, loose outlets or fixtures, crooked cabinets, messy grout lines, and other aesthetic blunders. As you tour the home, turn on all the faucets to determine if there are any leaks, which could indicate plumbing issues. These visible mistakes could signal that the work you can’t see was also completed poorly.
Complete a Thorough Home Inspection
During any homebuying process, the home inspection should be taken seriously. If you’re buying a flipped property, communicate this to the home inspector and ensure they do a careful inspection of the electrical and plumbing work. It’s also worth bringing in a specialty inspector in any areas with red flags to ensure the house doesn’t pose any safety issues.
As with any property, a flipped house can have pros and cons. The pro is that you’re buying a brand-new home without having to invest the time into doing the construction work on your own. Alternatively, you don’t know who completed this work and the quality of their work.
