For the first time homebuyer, it can be difficult to know what to look out for when making this investment. If you’re planning on flipping a home, it can seem excusable to overlook various issues, since you’re planning on repairing it anyway. However, you need to know what issues in a home lead to a deal-breaker. Flipping homes means you’ll work with houses that are damaged, but you want to avoid purchasing a money pit that takes far too much effort to bring it up to standard and then you’ll never get the right ROI. Learn about the issues you need to keep an eye out for that can turn a fixer-upper into a no-go.
First and foremost, you want to look out for structural issues. The rest of the house could be in great shape, but if you notice cracking in the foundation, which you can often see in a basement, this issue is a major red flag. If the home you’re viewing has a finished basement or none at all, take a look at the door frame. If it’s warped, this change can be an indication that the foundation isn’t sturdy.
While minor issues aren’t a big deal, like a couple burned out lightbulbs, if all the light switches seem to have issues or the outlets don’t work, that could also be a red flag. Make sure you test the light switches as you walk around the home and see whether or not multiple lights are continuously flickering.
State of the roof
Roof repairs can be some of the most costly, so you want your home’s roof to be in decent shape. Pay attention to the type of material the roof is made of; wooden shingles can be costly to repair and if they aren’t in good shape, you may be paying to have it done. Look closely to see if the shingles are warped or cracking, which are signs they may have to replaced soon.
When touring a house, keep an eye out for possible water damage from faulty plumbing, which usually consists of stains on the walls or ceilings. Another warning sign is if you detect fresh paint in specific areas; it could mean stains were painted over without the actual problem being fixed. Go ahead and ask why an area was painted and see what the reason was. Catching water damage is particularly important because it’s costly to fix and can lead to mold, which is hard to get rid of and can cause health issues.
As you’re looking at the home, keep an eye out for signs of pests. You might notice a wasp nest outside, which is relatively easy to get rid of. However, if the home you’re looking at has pieces made of wood, make sure you look for holes from termites or carpenter bees. Some pests can be difficult to remove, so keep an eye out for them.
When you’re looking for a home to purchase, there are various details you need to be on the look out for, so do not feel pressured to make a purchase if you’re unsure about the condition the house is in or whether it’s worth fixing up. The last scenario you want is to be stuck with a home you have to invest thousands of dollars in just to get it off your hands without making a profit. Take your time purchasing a house to flip, especially if you’re a beginner.