If you’ve been thinking about flipping a house, you may be wondering if it is really worth it. Some people find the process to be time-consuming and expensive. Others enjoy the experience of turning an old house into a new one. If you are considering flipping a home, there are certain steps that should always be taken before going through with it. That said, in this article, you’ll learn what you need to do before you start your home flip project.
- Find out your level of competition
Before deciding on a price for your flipped house, consider all the areas in which potential buyers may be able to purchase a house. What is your competition? What are they selling for, and what will you need to compete with those houses on the market? In some cases, you may have little or no competition as it comes to reaching the sale price. If this is the case, be sure that you’re competitive in other areas such as speed of sale, terms, and conditions.
- Review the local market
It’s not just about what other houses are selling for in your neighborhood. It is also important to know what is selling, the average time on the market, and how much the average home sells. This information will help you price your house accordingly and give you a good idea of what to expect.
- Take an inventory
The first thing you will need to do before flipping and inspecting a home is to take an inventory of all the contents inside so that you can set your asking price accordingly. This process can be done by either going through each room with a pad of paper or by taking photos as you go along. You will need to list the items that are in each room including pieces of furniture, appliances, and decor.
Take into account any sentimental value or history associated with certain pieces that will affect how you price your home. If there is something valuable like an heirloom piece of furniture, for example, you will want to base your asking price on replacing it rather than the cost to buy it outright.
- Examine the roof and exterior of the home
Next, look for structural issues—anything from plumbing to electrical problems that could affect the cost of fixing up the property. Don’t be afraid to pull back some shingles or lift up an area rug. By removing floorboards or digging in the garden, you may find problems that are not visible on the surface.
- Look for cracks and drafts
As you inspect the interior, look for cracks or drafts that may allow cold air or hot air inside. These cracks and drafts can cause the property to lose energy each month. When the time comes to show off your newly remodeled home, you don’t want potential buyers to feel a draft.
- Inspect the foundation and basement
If there is any evidence of water or mold in your home’s foundation or basement, it could be indicative of larger structural issues that will need to be addressed before you can fix up your home. To make sure if there are any growths in the foundation and basement, you’ll need mold testing experts to check the situation.
Suppose the issues have affected the overall structure of the foundation, you will need to hire a contractor who specializes in house leveling since they will be able to fix the issues or rebuild a new foundation.
- Check for asbestos and lead hazards
If you find any evidence of asbestos in the property you’re looking to buy, such as an old heating system, roof shingles, or floor tiles, it’s best to hire professional removal services to handle it. Asbestos is very hazardous and difficult to remove on your own. In addition, if you find that your house contains lead paint or any other hazardous materials, you will need to have it professionally removed as well.
- Check the electrical and plumbing
These are two of the most important systems, so it is important that you check them both for potential problems. Make sure all outlets work, that all faucets have water pressure, and that there are no cracks in the pipes themselves.
Furthermore, if there is water damage in the home such as mold or a bad smell, this could indicate that there are problems with the drain. If you find any issues like these, it’s best to hire professionals to do repairs before moving forward with your plans for renovation and sale.
A home flipping project can be a tiring yet rewarding project. But make sure to cover all your bases so you don’t end up with a property not many people will buy. By following these tips, you’ll be ready before you start breaking down those walls.