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House Flippers
Pre-Purchase Inspections – Don't Let Your Flip, Flop
Free Estimate
The house-flipping industry is filled with potential for those with killer instincts, creative vision, and perseverance. According to
Forbes, there is a misconception that the average return on a flipped house is $60,000. These numbers are misleading because the average is calculated without considering the costs of extensive repairs and other issues. While house-flipping is still a lucrative business, it is crucial to consider these costs when deciding on a house in which to invest.
Expensive Problems You Might Miss
Pre-purchase walk-throughs can reveal a lot about the state of a house. Expensive problems like broken windows and damaged floors are easy to spot, but there are even more significant issues that might be hard to spot. One
big-ticket issue
you might miss is foundation damage. Even a single crack in the foundation should not be dismissed as the fix can cost upwards of $6,000.
We know that roof repairs are costly, but not all roof damage is easy to spot. This means a potential issue might pop up down the line that can run you thousands of dollars and weeks of time to repair. Other hidden red flags include mold, HVAC issues, grading issues, septic problems, and more.
The most
common reason for house flipping failure
is a lack of appropriate budget, which is why it is so detrimental to not account for issues that pop up in the middle of your renovation. These problems not only drain your budget, but they derail your timeline and your entire business plan.
When Problems Are A Good Thing
Depending on the location, there is potential for outstanding profits by intentionally choosing a heavily damaged home and flipping it into something exceptional. Typically, these
types of flips boast the best results
when you know which kind of problems are "good." Ugly paint, overgrown landscaping, outdated fixtures, damaged non-structural elements, and similar issues can lower a home's value and offer an excellent opening for you to make a lot of money quickly. However, don't make the mistake of buying a home because it is an excellent price without checking it for expensive or irreparable flaws.
Arm Yourself With Knowledge
Being a successful home flipper is so much more profitable when you take the time to assess your purchases and make a plan that won't be uprooted by unseen concerns. At ProPrecise Home Inspections, we are certified professional inspectors who have the experience it takes to find even the most well-hidden property damage. We believe that a home buyer, and especially a home flipper, should have access to the knowledge to help them make the best purchasing decisions.
We offer flexible, seven-day-a-week scheduling, and fair pricing as well as a-la-carte inspection services like pest, air quality, radon, and more.
If you want to get the inside scoop on your potential property purchase, call ProPrecise Property Inspections to schedule your inspection today.
