You’re at home, watching a fixer-upper show that turns outdated properties into stunningly beautiful and modern houses. It’s only natural to think, “Why shouldn’t I be able to do the same thing?”
An investor will make a low offer on a distressed property and do all of the work and resell for a nice profit. I work with a few investors and know first-hand what the initial product is, how much they spend on materials, time and effort that it takes. My investors generally spend between $15,000 – $20,000 just on materials then spend about a month laying tile, flooring, new cabinetry, countertops, painting, landscaping and all of the little details that make the home pop.
For the average person, a recently renovated turnkey home might be a better way to go. Some things to consider is the amount of cash or credit for materials, living expenses outside of the home during the project, contractors you will hire for the work. In Las Vegas, labor costs are high right now due to the amount of home buying, renovations and updating going on.
Why should you consider buying a house someone else has already flipped?
You’ll skip any surprises.
When someone else buys the home and flips it, they get to handle the expensive, unexpected repairs that might crop up. Think of all the time and money you’ll save!
It’s likely still competitively priced.
Because flippers are better at buying at a discount, their selling prices remain relatively constant.
Rent it out faster.
Quick turnaround after buying means you’ll see money coming in sooner than you would with a home that needs work. That will help offset your upfront costs.
But before you make a move to buy a flipped property,
keep these five things in mind:
- Get at least one independent home inspection to ensure that the renovator did all of the work well.
- Ask the seller what they changed and what systems they modernized.
- Get the history of the home from the seller so that you know what it’s been through.
- Ensure that the home flipper obtained the proper permits for the renovations.
- Confirm that the structure passed all building code inspections.
Once you have a plan in place we can get started on finding you a property that meets your needs. Get in touch to talk about what’s on the market.
Stacy Sheeley Homes | Realty One Group | email@example.com | 702.292.9064