There is money to be made in real estate, no question about it! However, if you are looking to buy homes to quickly renovate so that you can flip them just as quickly, there are some potential problems you may encounter when the work begins. Whether you are new to real estate investments of this type or have been dabbling in quick sale properties for years, you could save yourself a lot of time, money and frustrations if you know what to look for before making an offer.
Asbestos Is a Killer!
If you are looking for quick sale properties, it’s vital that you add ‘asbestos’ to your checkpoints when inspecting properties. Since March 1977, the use of asbestos for insulation and fireproofing was outlawed in the United States. How frustrating would it be to renovate a home for a quick sale, never knowing that the hidden asbestos in the walls or ceilings could prevent the home from passing pre-sale inspection? If you are going to buy properties to flip quickly, always check for asbestos. Government-backed loans would be denied if asbestos was found during appraisal!
Structural Integrity of Windows and Doors
Another thing you may wish to consider would be the structural integrity of all windows and doors. Yes, you’ll have had the home inspected for termites, but those aren’t the only reasons for damage to the frames around doors or windows. Time and weather can cause wood to rot, as we all know, and a homebuyer looking for a home priced for quick sale is not usually in a financial position to replace those rotten frames. However, if all is in order, you can always quickly install window coverings because they are not expensive and a hot seller. Check out Next Day Blinds to see just how fast you can measure and get window coverings to meet your ‘Quick Sale’ needs.
The extent of Roof Repairs Needed
If you are relying on loans to buy homes to renovate for a Quick Sale, you probably know that the roof is one of the most vital checkpoints in an appraisal by the lender. However, if you are funding these homes with your own investment capital, do check out the extent of any damage to the roof. If it is extensive and has remained so for any length of time, there very well may be damage to the structural integrity of the foundation. Even if there is no damage to the foundation, how long would a total roofing job take and how expensive would it be? Minor patches to missing tiles are acceptable, but a total re-roofing job would eat into any profits you hope to make.
While flipping homes for Quick Sale is a huge industry, there are several areas which can actually result in a loss rather than a profit from your investment. Always make sure the renovations or repairs you need to make are not costly and time-consuming. You are, after all, in this to flip homes efficiently and quickly. That’s where your profit lies. Take the extra time to inspect carefully before making an offer you’ll later regret.