Flipping homes is a growing trend across the country. With its high-earning potential, getting into this lucrative field can be very tempting. Before getting started, follow this guide to help you identify three common spots that can eat away at any potential profit if not found quickly.
Picture this you purchase a house ready to flip it only to find that the very structure of the house is flawed. When shopping for homes, take the time to inspect the house foundation, preferably with a professional, to check for any potentially expensive repairs. As you walk through the house, look for signs of cracks or bulges that may indicate a larger issue. If you bring a professional, they can help you recognize concerns and explain your potential costs if you buy the home. Foundation issues can be costly if not caught and can eat away at your profits moving forward. Catch these problems early, and save yourself the headache.
A new roof runs about $7,000 to $12,000, which can be a huge chunk of any budget. As you start to look at a new home to purchase, you need to check the roof. Knowing what to look for will help you see if this house is more expensive than it is worth. You can start your inspection looking in the attic. Here you will check for light or other signs that there are holes in the roof. Then, make your way outside to check for any signs of loose or missing shingles, damage or other indicators of flaws. When flipping your first house, staying on top of your expenses will help ensure you turn a profit.
One of the more difficult areas to inspect on any home are the pipes. These are tucked in the walls and, unless leaking, shows little hint of any issues. When looking for any plumbing problems, check for both the obvious and the silent ones. Start doing a quick visual check for any indications that there are leaks or cracks. These indicators may include discolorations or leaking faucets. Next, check the water flow and look for smells as these are signs that there are potential issues. Once you have identified any problems, you can look at your flip budget to decide if this house is worth the investment. Good luck with your new venture! You are going to love helping people find forever homes in your newly designed homes.