Flip This House – The Top Deal Killers
Home flipping is undoubtedly a hot real estate trend today. However, this endeavor is not easy as it sounds because it entails hard work, research, money as well as a lot of planning and negotiations. Also, not everyone who ventures in home flipping projects prosper all the time. Some do profit a great deal while others are not lucky enough as they encounter problems which eventually become deal killers.
It’s understandable that home flippers want to earn their desired profits as soon as possible but it is better not to rush things. There are important aspects that need to be taken into consideration when doing a flip to avoid the deal killers. Flippers should keep in mind to go beyond the cosmetic aspects of a home and do a thorough inspection of the entire structure before making any decision on what repairs to do. Check the electrical, mechanical and plumbing systems which are vital parts of a house and therefore, should not be ignored.
Here are some of the most common deal killers that you should look out for when doing your flipping projects. Poor electrical facilities can really turn off a potential buyer so do check those breaker boxes which have been used in homes built between the 1950’s and 1980’s. Common problems with breakers include tripping but still with electricity passing through or the breakers won’t trip which can lead to an over current condition and eventually fires.
Composition wood sidings have also posed a problem in some homes and, in fact, have been involved in class action lawsuits. These sidings like Masonite and LP are made from pressed and glued wood particles. Improper installation of these sidings resulted in rotting as water got into the structure. Companies manufacturing these wood sidings normally pay only once for installing sidings to a home.
A home’s plumbing system should also be looked into by sellers. Polybutylene (PB) plumbing lines, in particular, are not good to use as they burst at the seams. These grayish water supply lines can be pointed out by a professional home inspector who will then recommend a licensed plumber to further check the system.
Another problem that can be real deal killer is the use of aluminum wiring. This type expands and contracts more compared to copper wiring and will eventually loosen overtime causing arcing. If this goes on unchecked for long, it can lead to fires. For this reason, special outlets especially those marked CO/ALR are needed. These specially-marked outlets can work well with either aluminum or copper so it’s safer.
The presence of asbestos may also discourage prospective buyers. Asbestos was previously used in many building materials and this can be found in pipe insulation on older heating pipes, vermiculite insulation, in some paints and roof as well as siding shakes. Asbestos is harmful to a person’s health especially if it’s in its loose state which allows particles to float around.
Be sure to have a professional inspect your home before putting it up for sale. A qualified home inspector will be able to inform you of the potential deal killers which you should give proper attention. So take action then before your buyer backs out of the deal.
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