Buying your first home can be a tough decision: should you remodel an old home or buy one that’s recently flipped? We weighed in on the options to see what’s worth it and what’s not…
Photo: The Glam Pad
When buying your first house, you should consider whether to buy a “flipped” house or renovate for yourself. A house that has been flipped is one that the owner bought in a debilitated state and refurbished before reselling it. You can also buy such a home before renovations and undertake the work yourself.
Looking at houses in an interior design magazine will give you some wonderful ideas. Moreover, once renovations are complete you will get a good idea of what adds value to the house and what to avoid.
Photo: Copy Cat Chic
Spy on House Flippers
Before you commit to a flipped home, you should visit house flip projects in the area that you want to live in to see the flippers in action. Seeing the flipping process is helpful because some people are attracted to the new house look instead of fixating on its structural issues. If a house is flipped in less than three months, you need to be wary, as the flippers may have glossed over serious issues.
If you want to buy a flipped house, consider bringing an expert to your first house viewing. This person can help you to see the cracks in a seemingly nice façade. You should not be afraid to get on your hands and knees if you want to see what is going on and examining every aspect of the remodel. Do the kitchen cabinets fit well together? Does the front door rub against the frame when you open it?
Photo: Style Caster
BDB Tip: Buying a house with many underlying problems is a waste of money because you will spend a lot more trying to keep it from falling apart. Ask yourself if you would rather pay top dollar for a badly renovated flip or buy an old house and renovate it for yourself. Whatever you decide to do, just know that your investment will be emotional and financial.
Remodelling an Old House
When buying a house to remodel, make sure that it is not more damaged than you can handle. Renovating and later on decorating your home takes time, so you should not choose this option if you are not prepared to wait. Are you a perfectionist? This is even more reason for you to stay away from renovation projects if your finances, time pressures, and finances mean you will never finish.
Remodelling vs. Buying A Flipped House
Although buying a house flip is nothing new and people have been doing it for years, bad house flipping often hits the news of some buyers who end up with uninhabitable houses that only look nice. To make sure that you are not falling into the same trap, you should research house flips in a specific area and research the owners who do them.
Photo: Domino Magazine
Some real estate agents are able to fool buyers into purchasing useless properties, although they may have listed the house in good faith. They might believe that the renovation is well done, which makes it your responsibility to check whether a house is habitable though a housing inspection.
Be Prepared for Costs
Good remodelling is a process that requires expertise and time. If you are doing the renovations yourself, you will be able get a great house that you know is sound.. However, hiring roofing contractors in New Jersey for example and other house renovators is not cheap. You would have to buy building materials such as roofing materials, fixtures such as a traditional bridge faucet, and granite slabs, as well as pay the contractors.
Photo: Hello Sukio
Whatever you decide to do, you should be ready to spend a lot of money. Neither buying a flipped home nor renovating yourself is cheap, as you would need to spend money on uncertain projects. To be on the safe side, you should buy a brand new house or at least one that needs less work.