A flipped home is usually one that has been remodeled and updated to make it more attractive or, at it's most basic, more habitable. These homes are nothing new and, in fact, a newly remodeled home has always been a plus for buyers in the market for a home. While you might find a great home with a flipped home, the popularity of these real estate offerings might mean using more caution. Read on for some considerations about identifying and evaluating flipped houses for sale.
Identifying a Flipped Home
Flippers tend to work quickly when redoing homes and they often face a tight time-line. They don't want to make many mortgage payments on the property before they flip it to the next buyer. If you are unsure of whether or not you are looking at a flipped home, there are certain signs to look for. With that in mind, you can look at the sales history to learn how long the home has been owned by the current owner. If they purchased the home only a few months ago, you are right to ask your real estate agent why it's being sold so soon after the sale. Even if it's not a flipped home, it's unusual for a seller to buy and sell within a few months and you will need to know about any issues spurring the sale. You can ask your agent about the sales history or access the public version of the multiple listing service (MLS) online.
Don't Be Fooled By Staging
Staging is used in many cases to enhance the look of an otherwise empty home. Staging alone doesn't necessarily mean a flipped home but it can distract buyers from what's important. Most, if not all, of those furnishings will disappear and you will be left with a home that may have small, dark rooms or an awkward traffic pattern. Be sure to look beyond the distractions to the bare bones of the home itself when making buying decisions. Make it a point to look at room sizes, light, traffic patterns, and usability.
Quick Work Might Mean Shoddy Work
In their haste to get the home on the market, some flippers cut corners where they can. A home inspection is always a must-have but you should also pay close attention to things like cheap doors and trim, cheap cabinetry, low-cost bathroom fittings, and more.
Flipped homes are not necessarily bad homes but you should always enter into a sales contract for a home with as much knowledge as possible. Speak to your real estate agent to find out more.