Property flips can give great returns but how do you know if your chosen property will be a complete flop?
Here’s 5 deal killers to look out for on your property flip journey -
Large Foundation Cracks
Especially keep an out for horizontal cracks in masonry block walls. These can mean a repair charge in the thousands as the property may require reconstruction.
Any type of chimney repair is going to be costly purely because the risk of doing it wrong could lead to absolute disaster. Some chimney repairs are minor surface fixes, but if the entire structure is separating from the house and leaning, it may need to be completely rebuilt and requiring big equipment like lifts or cranes adds to the cost.
Worn Electrical Wiring
Any house with a fuse box is woefully in need of an upgrade. It will probably not have any modern wiring that can support today’s power needs and likely not in a good condition so make sure you have a professional take a look, you don’t want to be responsible to having too many lights or outlets on a single circuit. From new wiring to new switches. It all adds up.
I know what you’re thinking, you’ll just change the flooring if it’s not up to standard. That’s great, but poor workmanship on flooring can often be a huge clue to inadequate plumbing or electrical work.
If it just doesn’t look right, particularly at the edges, certainly explore further.
Do you look at the doors when looking round a property or are you busy knocking on walls and checking for damp? It’s something a lot of us miss however just an important area to look at.
Doors should both close smoothly and secure properly. Look out for doors that open or close by themselves. The same can be applied to windows.
Good luck on your property flip journey!