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Flipping houses has become a popular investment strategy in recent years. Flipping involves buying a run-down property, fixing it up, and then selling it for a profit. While some flipped houses can be a great investment, others can be a money pit. If you're planning to buy a flipped house, here's what you should know.
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Do Your Homework
Before buying a flipped house, do your homework. Research the property and the neighborhood to ensure that you're getting a good deal. Look at comparable sales in the area to see if the asking price is fair. Also, research the flipper to ensure that they have a good track record of successful flips.
Inspect the Property
Before buying a flipped house, make sure to have it inspected by a professional home inspector. Flippers often cover up problems with cosmetic fixes, so it's important to have a thorough inspection to identify any potential issues. Look for signs of water damage, mold, and structural issues.
Check for Permits
Flippers often make changes to the property without getting the necessary permits. This can cause issues with the local building department and can result in expensive fines. Before buying a flipped house, make sure that all of the necessary permits were obtained for any renovations made to the property.
Get a Home Warranty
When buying a flipped house, it's important to get a home warranty. This can protect you from any issues that may arise after the purchase. A home warranty can cover the cost of repairs for major systems in the house, such as the HVAC system, electrical system, and plumbing.
Get a Disclosure Statement
When buying a flipped house, it's important to get a disclosure statement from the flipper. This will provide you with information about any renovations that were made to the property and any issues that were discovered during the renovation process. This can help you make an informed decision about whether or not to buy the property.
Be Prepared for Potential Issues
When buying a flipped house, it's important to be prepared for potential issues. Flippers often make cosmetic fixes to the property, but they may not address underlying issues. Be prepared to address any issues that arise after the purchase, such as plumbing or electrical issues.
In conclusion, buying a flipped house can be a great investment, but it's important to do your homework and take precautions to ensure that you're getting a good deal. By inspecting the property, checking for permits, getting a home warranty, and getting a disclosure statement, you can minimize the potential risks associated with buying a flipped house.
If you need help with installing/setting up a home/office Smart Security Alarm system, please feel free to get in touch with us! QuickGenie can get the job done quickly and efficiently. Our highly-trained and professional technicians are here to help you with all our customers' tech needs. We also provide Exceptional Handyman & Tech Services delivered to Your Doorstep in San Jose, California. For more details, please click on this link: https://quickgenie.store or call us at +1-408 839 9298.