04/13/2019
Home Inspector PSA:
We all love a good flip. The charm of an older style home combined with all the modern cosmetic touches and vibes... just delightful. It's about reinventing, reimagining and tapping into hidden potential; What's not to love? The sheer number of television shows about flipping and home makeovers makes this all too evident. It gets the creative interior design juices flowing and makes everyone want to try their hand as the next Joanna & Chip. With that being said, all flips are NOT equal.
There are some fantastic flips out there that we've had the pleasure of inspecting, so it's not all bad news. But there is a "by the numbers" business aspect to flips that can financially reward flippers for taking shortcuts in the construction process. Be on the lookout for the short term/ maximum profit minded flipper, newbie flippers who haven't calculated for anything but the cosmetics, and fly by night operations. Due diligence, and a home inspection will go a long way to prevent buying a money pit with a lot of unforeseen headaches, or might even save you a heap of cash on negotiations. Some things to check for when buying a flip that we commonly see are:
1) Electrical - There can be various problems associated with panels and wiring that come with older homes that can be overlooked altogether in a flip. Some of these problems may include:
a) Defective panels with a track record of failure, more info here - https://www.facebook.com/BTMInspections/posts/1886173624821167
b) Aluminum branch circuit wiring vs. copper wiring.
c) Lack of electrical grounding/ GFCI protection.
2) Plumbing - Common issues may include:
a) Rusted/ leaking cast iron drain lines (pier and beam homes)
b) Poor connections and improper configuration in plumbing fixtures
c) Old water heaters, likely needing replacement
3) Insulation & Windows -
a) Some flip homes date back to the 1950s and '60s. Attic insulation will diminish and compact over time. In many cases, insulation is almost completely flat, or missing altogether, which means it's going to take a toll on the bill having to heat and cool that cosmetically beautiful flip home
b) Windows; Same story. Older, single pane windows can impact heating and cooling efficiency
The article below helps give some perspective when buying your flip. Happy hunting
Look beyond the fresh paint and new finishes.