Estimated reading time: 3 minutes, 59 seconds
Flipping a house means that someone bought the house with the intention of adding value to resell for a profit. Sadly, this practice has been abused, it used to be a noble profession.
Heck I did it all over my neighborhood for years before I became a business. Sadly, flipping has been bastardized into a get rich quick group of unscrupulous contractors, wanna be remodelers, realtors, and DIY’ers. Perhaps 1/10th of 1% of people do it right but how you going to know which ones they are? Thanks, Cable fix it shows. To that end I have created my DI-WHY? page.
Levco is often asked to be the contractor for someone considering flipping a home. I decline graciously. We have discovered that we do our best work for folks that live in their homes and want to make them work better for years to come.
Do You Really Want a Flipped House?
I have no idea about these guys in particular, but it is the mentality that worries me. If you are desperate to sell a home that has been abused or neglected there are all sorts of folks, some are well funded, that will run to your rescue and help avoid bankruptcy or forfeiting the home. So, for the seller it may be a great deal, it’s the next buyer that needs to be super cautious.
Here is What You May Be Buying
If you are thinking of buying a flipped house here is what you may be getting yourself into. Coverups and disguises that are smoke and mirrors. Un-permitted work done by hacks and DIY folks, that is frighteningly poor and wrong. There is no end to what I see used to cover up problems and fast patches that all add value if you are buying with your eyes instead of your brain.
I recently was in a home that the client believed was a money pit based upon his experiences over the past several months by discovering two separate basement foundation problems. There is no lemon law for homes.
- Fractured concrete floors covered with carpeting
- Foam formed post caps on rotten posts
- Patching done with filler to impersonate wood
- Leaking plumbing into the crawl and vented bathroom into the attic
- LVP flooring over rotten vinyl flooring
My Advice to You. Run Away Screaming!
Buy a house that is original and has not been flipped whenever you can. The what you see is what you think you are getting but what if what you see is hiding the problem? How the heck are you going to know until the problem ultimately resurfaces. Now it is your problem and you own it.
I just toured a home after it was put back on the market quickly. I was suspicious of a flipper and sure enough. The new home inspection found all of the same issues the previous inspection found. 28K had been spent dolling it up. NONE of the problems were addressed.
The flipper is long gone when it comes to warranting anything.
Have Us Evaluate the Home Inspection
Evaluating the home inspection can help read between the lines to determine if you are getting a good value. We bring the perspective you need to be the devils advocate. A fresh coat of paint, quartz countertops, and some landscaping may be the tip of the iceberg when it comes to purchasing. How do you even know if your dream house has been flipped?
- How long did the previous owner have the home? Just long enough to cover up all the problems?
- Anything under a year is suspicious.
- What is the difference in price from the previous sale?
- How many layers of flooring are there?
- What did the home inspection reveal?
- Who was the previous owner and how long did they own it? Call them.
These are some of the key questions we ask that you could ask too. If it is too good to be true, odds are that it is. As a trusted contractor we are available to help you make good decisions about your potential purchase for a fee.
Your comments are welcome. To ask questions or get more information about remodeling, click here to email me directly, or call 208-947-7261
If you or someone you know is considering remodeling or just wants to speak to a trustworthy remodeling contractor, please contact me. You’ll be glad you did.