Buying a flipped house? Ask these 6 questions first

new metro city gujar khan

Have you ever wanted to flip a house? It’s a dream that many of us have, but it can be hard to know how much work you’re going to have on your hands when buying a flipped house. 

However, if you do decide to buy a new one, then consider New Metro City Gujar Khan.

Questions to ask first before buying a flipped house

Here are 6 questions you should ask before you buy a flipped house

1. How much do the owners pay for the house?

How much did the owners pay for the house? What is their purchase price per square foot? How much did they pay for the land and lot to build on? Are there any taxes owed on this property?

Who is the owner of the house now and previously?

2. How long have the owners owned it?

One of the questions you’ll want to ask your real estate agent is how long the owners have owned the house. This can help you determine if they’re trustworthy, and it will give you some idea of what kind of improvements they’ve made.

You should also find out how much they paid for it and how much they’ve spent on renovations or new construction since purchasing it. If an owner has been flipping houses for over ten years, chances are good that their renovation efforts aren’t going to be detrimental to your purchase price.

3. How long was the house vacant?

The longer a house has been vacant, the more likely it is to have problems. It may also be more difficult for you to sell because of all its problems. 

If a flipper bought and renovated your home in less than 60 days (or less), then there may not be any damage from water or pests that need fixing before you move in; but if they waited over six months, then those issues will most likely still be present.

4. What renovations were made?

When you’re looking at a flipped house, it’s important to ask yourself if the renovations were done properly. If there are any problems with the house that are not visible or obvious, then you should find out about them before buying a flipped home.

For example: if there was a leak in the basement and that had been repaired, but no one told you about it or allowed for access to check out what was going on down there, then this could be something worth mentioning during contract negotiations later.

5. Experience of renovation company and  were permits issued?

The longer the renovation company has been in business and the more permits it has issued, the better. This is because this shows that they have brought their knowledge to bear on houses before and have a good track record of delivering quality work on time.

The last thing you want to do is hire someone who has never renovated a house before or doesn’t know how to get permits for renovations.

6. Have they had an inspection done on the flipped house?

This is one of the most important questions you can ask, because if a home has been flipped before and isn’t properly maintained, it could be a rip-off for you. The seller or their agent should have taken care of any problems that were found during this inspection. 

By asking about this beforehand, you’ll know what to look out for when touring potential homes with your realtor.

Conclusion

It’s important to be aware of any renovations that may have been done to a house before you buy it. This information should be easily accessible on a home inspection report and through previous homeowners. 

The best way to ensure about a flipped house is by asking the questions before you buy it, this will protect you from the costs you can face later.

Leave a Reply

Your email address will not be published. Required fields are marked *