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Shopping To Flip!

By: Bidmyreno Admin | May 18, 2016

Real Estate


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Are you shopping for a property to flip? Don’t forget your checklist!

When we are walking through a home for sale, we don’t always see past the paint or staging.  Many times, critical issues look very minor on the surface. A home flipper must have a keen eye and know what is most costly to repair or upgrade.  Budget is an investor’s greatest priority, and weeding out surprises and identifying savings is the best way to keep things on track.

 

Check off the following on your list of “need-to-knows”:

  • What will be required to bring the home up to code? Solicit the help of a handyman or inspector.
  • Look for easy and cost effective ways to create curb appeal – can you paint the trims? Change exterior lighting? Spruce up the front door to create a welcoming entry?  Are easy landscaping fixes and upgrades possible?
  • What’s behind those walls?  Lathe and plaster usually mean knob and tube wiring. Electrical upgrades will likely be needed, which also means complete drywall replacement.
  • How old are the windows? Will they need to be replaced?
  • Heating - look for baseboard heating, as this will likely need to be replaced which will require duct work.
  • Look for mould and leaks in ceilings, walls, and foundation as this may require foundation repairs or roof replacement. 
  • Do walls need to be removed to create better flow? If so, are they supporting?

 

Do you have a home to renovate?  Post your project on www.bidmyreno.com