Flat design.
With the current increase in home prices there have been an influx of “investors” (corporations, many with real estate connections) buying up properties to make a quick profit! Flipping homes is a popular practice- and, when done right, buying a flipped home can be a good investment.
But not all flipped homes are created equal- and if you want your home purchase to be a good investment, you need to avoid cheap, poorly done flips.
So how, exactly, do you do that?
A recent article from realtor.com outlined telltale signs of a cheap flip, including:
- No building permits. Without permits, there’s no way to tell whether the work that’s been done to a property is done well and to the proper standards- and is a major red flag that you could be dealing with a cheap, poorly done flip.
- Flooring issues. Another sign of a cheap flip? Flooring issues- like flooring that’s different heights in different areas of the home or refinished hardwoods with bubbling or discoloration.
- Improperly installed windows and/or doors. New doors and windows can add value to a home- but only if they’re installed properly. If you notice that there are issues with closing and/or opening the doors and windows in a home, it could be a sign of a shoddy flip job.
THE TAKEAWAY:
Buying a flipped home that wasn’t property done can end up costing you significant time, money and frustration- so when you’re looking at potential homes, make sure to be on the lookout for these signs of a cheap flip.
