3 House Flipper Red Flags When Looking For A Home, House hunting and first dates have a lot in common. You ideally are watching closely and checking off boxes on your mental checklist if their personality suits well with yours.
Much like first dates, it is easy to be distracted by the charm of a home, which can cost you later on!
So how do you spot a red flag when you see one? House flippers have perfected the art of spotting red flags before they cost them later on.
House hunting isn’t a task to take lightly, and a missed red flag can cost you in the long run. We cover 3 house flipper red flags, and how to spot them when you are home shopping.
Any great Realtor can tell you that a home is all about location. Nothing holds like this adage, and having a home in the wrong location is the first red flag.
What makes a bad location, and how can you spot it?
The first location must have, is a safe neighborhood. Many great real estate tools report crimes in the area. Safe neighborhoods with lots of curb appeal and would be ideal to take your dog on a walk-in. You should also keep your eyes peeled for top-rated schools.
You should see how your neighborhood ranks in terms of amenities. No one wants to drive over an hour to get groceries.
A big red flag when home shopping is commute time. Depending on your family needs, a home in the wrong location can add up in gas prices. You can easily use google maps to see the distance to commute to a store, work, and school. Long commute times cut back on time spent with family, friends, and isn’t good for your mental and physical help.
So what is a long commute? The average American is traveling 26 minutes to their jobs. When looking for homes, the ability to find ones with short commutes to and from work can improve your home life.
A great location will be easy to access, be in a low crime area, with lots of amenities, and in a great neighborhood. That means short commutes, with stores, restaurants, and gyms nearby.
Once you find homes in a great location, you can look for these other major red flags.
One of the largest red flags you can spot in a home is cracks. Cracks can be big red flags signaling major foundational problems. New Foundations can easily cost any homeowner thousands of dollars.
When looking at a home you can notice some telltale signs of foundation problems with a walkthrough.
Large Cracks that span the length of a wall, continue on multiple walls, and even span tile floors are tell-tale signs of a bad foundation. Other keys to bad foundations are doors opening, or not being able to easily open and close.
No foundation problem is too small, as the foundation is one of the most critical components of the structure. Small cracks and leaks can be deceptive, as they hide much larger underlying issues.
While foundation issues can sink a budget, it might not be a deal killer if you truly love a home. To understand the full extent of a foundational problem, always get a home inspected if you are truly interested in it.
Water Spots can be one of the most costly, and scariest issues when looking at a home. Homes with water leaks, bad roofs can pose serious home buying risks.
Mold, foundation problems, and water damage can be expensive to repair and may take years to surface. Some issues are even harder to detect as well.
The easiest way to spot water problems is by looking at the ceilings. This Phoenix hard money lender, suggests always looking in attics, and crawl spaces, as this will show if there are roof leaks. If you see water rings that can be a sign that the roof is leaking, and can cause structural problems.
House flippers know that roofs aren’t the only cause of water spots. Leaking pipes can also cause serious issues in a home. Checking appliances, and underneath sinks and crawlspaces to make sure the plumbing is installed correctly.
Tackling mold and water damage repair can easily cost a buyer anywhere between $3,000-$4,000 dollars, and there are legal recursions to those that don’t disclose mold or water damage properly.
House flippers always make sure to get a home inspection and carefully inspect a home for any possible water damage While this may not be a deal-breaker, tackling water damage and mold is something every homeowner should do as soon as they move in.
House Flippers know what red flags to keep an eye out for. Know that you know how to spot these red flags can help you find the house of your dreams, and limit the surprises when buying a home. Make sure you can spot these red flags when looking to buy your home.
What is a red flag you look for in a home?
Catherine Way graduated from Michigan State University with her Bachelor’s of Advertising with a specialization in Graphic Design. She works as a freelance content creator for many facets of real estate, including commercial, residential, and mortgage industries. She Currently Writes for Prime Plus Mortgages, Phoenix Hard Money Loans
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