Although house flippers might not care about the condition of a property they intend to sell quickly for the potential profit, a thorough inspection of the house can be one of the most important parts of the buying process. This is especially true if the house flipping buyers plan to renovate the property before selling. In any event, buying a house no one wants to buy will make turning a profit difficult.
If for no other reason, a good inspection of the property to be purchased will eliminate any surprises later. Even houses bought at an extreme discount can be money pits if there are major problems with the foundation or other big dollar basics. While there are professional inspectors and appraisers that can be hired, even non-real estate professionals can benefit from an inspection of the property.
For those looking for a property to renovate and flip, a thorough house inspection is critical. For instance, not noticing that the floor in one room seems to slope a bit can mean overlooking a crack in the foundation and an added $5,000 expense for repairs. Other than major problems, the inspection also will serve as a checklist for the buyers to know what work they are going to have do and tell them if they have the skills to accomplish it.
Potential renovators also should take the time to go to open house showings of other nearby houses that are on the market. By looking at a house that is in good shape, they can get an impression of what they will have to do to get the house to be flipped into shape to sell. This also will give a good indication of what price they can expect to get for a similar house in a similar location.
Any good inspection will include both the interior and the exterior. Standing water in the yard or basement is an indication of trouble either with the septic system or the foundation. As mentioned earlier, a sloping floor also can be an indication of foundation problems, as can some cracks in the mortar of brick houses.
Aside from the foundation, it also is wise to inspect those hard-to-get-to places such as the attic or crawl space. Problems with the roof can be expensive and time consuming to correct. Another important aspect to check is the heating and air conditioning system. Again, replacing an aging furnace can be costly – and a faulty heating system can be dangerous for those living there.