We’ve seen it a million times:  Buyers who want the charm of an older home, but the amenities of a new build.  The answer?  Buy a flipped house.  You get the good bones AND modern updates.  What could be better?

 

These flips may be a great option, but before you buy, make sure to take a good look at the quality of the work.  Because those glossy finishes and shiny appliances may be covering up some hidden problems.

 

What to look for in a flip:

 

– Work done quickly and poorly:  In general, flippers operate on the maxim that ‘time is money:’ the more time they own the house and all its carrying costs, the more money it costs them.  As a result, it’s in their interest to do the work very quickly, and sometimes that means they don’t put in the time and effort you would for a proper renovation. Tell-tale signs of a rush job?  Take a close look at the details.  Are baseboards and trim painted and installed properly?  Is tile work even and neatly installed?  Is the paint applied cleanly?  The bottom line, if the small details are done well, what does that say about how they did the bigger projects?

 

– Lipstick on a pig?  Flips are designed to dazzle the buyer with pretty, shiny finishes that make it look like an all-new home.  But behind the glitzy surface is an older home, and the new stuff may be covering up its existing issues.  Make sure you bring in a great home inspector who can play detective for signs of major problems, like water damage or structural issues.   A good inspector can also identify if and where the builder has made mistakes that might come back to haunt you once you purchase the home.

 

– Keep in mind the flipper’s ROI (return on investment):  In order to make a profit, flippers generally focus on the lowest cost improvements to the home.  Often, these are the aesthetic touches – the latest trends in materials and design.  But they may ignore some of the bigger items that aren’t so evident, like the roof or insulation.  Make sure your inspector really looks at these parts of the home so that you don’t get saddled with the work the flipper ignored.

 

– Too trendy?  While the style and design of the home’s gorgeous kitchen and bath may look fantastic today, look at whether the choices will quickly date the home.  After all, remember that at some point avocado green appliances were the rage!

 

– Permits and taxes:  If you have your eye on a home that has been flipped, check in with the town to see that all of the work has been permitted and approved.  Also, be aware that that the listed taxes may not reflect the updates and that they may very well go up (sometimes significantly) the next tax year.

 

Bottom line – your realtor can help you figure out whether that flip you want to buy is both pretty on the outside and well-built on the inside!